Octopus Australia has acquired a 1GWh Queensland battery development project from BESS developer Firm Power.
The Blackstone project is strategically located only 30km from Brisbane and connects into the 275kV high voltage transmission network.
Additionally, the project will complement Octopus Australia’s recent acquisitions in Queensland, including the 220MWh Ardandra Solar and BESS, and the 180MW Dulacca Wind Farm which is progressing through pre-commissioning.
Octopus is now working with Powerlink, Ipswich City Council and Firm Power to complete development and expects to reach a final investment decision in the second half of 2025.
With a combination of wind, solar and storage in Queensland, Octopus Australia intends to offer PPAs providing firmed blocks of energy.
The new storage capacity will allow Octopus to shift generation between its operational assets, all of which are 100% owned by the fund manager.
Once constructed, Blackstone will store and dispatch 1GWh hour of stored electricity during times of peak demand or non-generation, offering the ability to power up to 70,000 homes for one day.
The project will make a significant contribution to the Queensland Government’s commitment to achieving 80% renewable energy by 2035 and reduce intermittency.
Sonia Teitel, co-head of investment and development at Octopus Australia, said: “The acquisition of Project Blackstone is a landmark transaction for Octopus Australia which advances our portfolio strategy.
“Once developed the project will enable innovative offtake products to be structured.
“Additionally, the acquisition underlines our commitment to the growing Queensland energy market.
“Octopus looks forward to working with our partners at Firm Power to complete development over the next two years.”
Nick Rose, general manager at Firm Power, said: “As the largest battery proposed in Queensland, the Blackstone Project is well located to provide system strength and reliability to the electricity network in the high-load, high-growth corridor of South-East Queensland.
“The Firm Power team is excited to work with a conviction investor such as Octopus Australia, who understands the importance of founding a renewables platform on a firmed portfolio of dispatchable battery assets.”