Iberdrola has acquired the Tungkillo battery storage project in South Australia from RES Australia for €275m.
The project will have an installed capacity of 270MW and storage capacity of 1080MWh.
It has secured all key approvals, advanced connection rights and land access, with commissioning expected in 2028.
Located in southern Australia, the site will support grid flexibility and integrate new renewable capacity into the national system.
Iberdrola said the acquisition accelerates its battery storage business in Australia, where it plans to invest €1bn by 2028.
The company is also constructing the Smithfield battery in New South Wales and the Broadsound facility in Queensland, which will both enter operation in 2026.
Iberdrola said the purchase aligns with its 2025–2028 plan, which includes €58bn of total investment.
Of this, 85% will be directed to countries with strong regulatory frameworks, including €5bn for projects in other EU nations and Australia.