Octopus Australia acquires 100 MW Coleambally battery project

British-owned developer Octopus Australia has acquired the 100 MW Coleambally battery project, in NSW, from Risen Energy.

Announcing the deal yesterday – without revealing a transaction figure – Octopus said the project, which is in a late stage of development, would firm up electricity from its operational AUD 450 million ($293 million), 275 MW Darlington Point solar farm. Chinese solar and battery developer Risen Energy, originally launched the project in 2023.

Octopus Australia – backed by London-based energy-to-real-estate asset manager Octopus Group – said it was able to make the acquisition after signing a “billion-dollar partnership” with investor APG Asset Management. That deal, announced in July, saw the Dutch pension fund investor commit more than AUD 1 billion to Octopus’ pipeline of Australian battery, solar, and wind projects.

Octopus said the Coleambally battery has development and grid connection approvals in place and the company will perform final development activity, including procurement and finance. The 100 MW project was described as having “up to” four hours’ energy storage capacity.

Coleambally – in the Murrumbidgee region of southern NSW, west of Wagga Wagga – will support the state’s aim of adding 2 GW of energy storage capacity by 2030, Octopus said.

Octopus Australia Senior Investment Manager Kian Nam Loke said the project will be “strategically located in one of the state’s strongest renewable [energy] corridors, Coleambally allows us to capture solar generation during the day and shift it to when it’s needed most. Investors and customers want certainty and by building storage alongside generation we can create products that deliver stability in price and supply. That’s what unlocks confidence for households, businesses, and investors, and that’s where the long-term value lies.”

Risne’s country manager Qiao Nan Han said Risen can”develop and deliver the complex, grid-scale assets that the Australian energy market needs.”

The purchase may well be just the first of many considering the scope of funding for Octopus Australia’s pipeline.