Palisade inks deal to buy 100% tolled Australian big battery project

Palisade Investment Partners announced it has reached agreement to acquire the under-construction Summerfield battery from Danish renewables giant Copenhagen Infrastructure Partners (CIP) through its clean energy investment platform Intera Renewables.

The 240 MW / 960 MWh Summerfield battery energy storage system is being built alongside the planned 275 kV South East transmission line upgrade near Mannum, about 50 kilometers east of Adelaide, geographically located in Australia’s central south.

CIP said construction of the project, that utilizes Canadian Solar subsidiary e-Storage’s Solbank lithium-iron-phosphate (LFP) technology, is materially complete with energization expected next month and commercial operations scheduled for later this year. An offtake agreement is already in place with electricity generator and retailer Origin Energy having signed a 10-year power purchase agreement to buy 100% of the output.

Once operational, CIP said the Summerfield battery will support South Australia’s grid stability and energy storage needs and support the government’s target of 100% net renewable energy by 2027.

For Palisade, Summerfield represents its second investment in large-scale energy storage, an investment that partner Simon Parbery said provides attractive risk-adjusted returns, as well as long-term strategic value for the Intera platform.

“We are excited to be working with Pacific Green on this significant project for both our investors, and Australia’s broader clean energy transition goals,” Parbery said on Friday.

With the Summerfield acquisition, the renewable energy portfolio of the Intera platform, which also counts the Clean Energy Finance Corporation (CEFC) and superannuation heavyweights Aware Super and HESTA as backers, will reach about 2.5 GW.

Jeff Brunton, Head of Portfolio Management at HESTA, said the Summerfield deal highlights the compelling opportunity the organisation sees in large‑scale renewable infrastructure assets that support Australia’s energy transition.

“Summerfield BESS is the type of large-scale, long-term infrastructure that supports Australia’s energy transition and can deliver strong risk-adjusted returns for our members,” he said. “Battery storage is a critical piece of the energy transition.”

Palisade said Denmark-headquartered consultancy Blue Power Partners will be retained to manage the construction of the Summerfield battery through to commercial operations, with its operational management services arm, Palisade Integrated Management Services to then carry out asset management activities.

CIP Partner and APAC Lead Thomas Wibe Poulsen said the Summerfield battery showcases the company’s capability to deliver large-scale energy infrastructure in this “important market.”

“CIP has successfully de-risked this large-scale battery project throughout development and construction, demonstrating our ability to manage risk and deliver value to our investors,” he said, adding that the company “is actively developing other large-scale projects in South Australia and across Australia more broadly.”