The Blackstone project will now be under the ownership of Octopus Investments Australia
Pinsent Masons has advised Australian energy company Firm Power on the sale of what it claimed is the largest proposed standalone battery energy storage system (BESS) project in Queensland.
The 500MNW/1GWh Blackstone project will now be under the ownership of Octopus Investments Australia. According to an Octopus media release, the acquisition enhances its multi-technology renewable energy development portfolio.
The project is set to “store and dispatch 1 gigawatt-hour of stored electricity during times of peak demand or non-generation,” Octopus said. The project also links into the 275kV high voltage transmission network.
Upon completion, the project will have the ability to power 70,000 homes for 24 hours. After the sale, Firm Power will continue to assist Octopus with the project’s development over the next two years, according to Sonia Teitel, co-head of investment and development at Octopus Australia.
“Once developed, the project will enable innovative offtake products to be structured. Additionally, the acquisition underlines our commitment to the growing Queensland energy market,” Teitel added.
Octopus noted that battery storage has been identified as being key to its future energy plan, as per a 2022 statement from the Department of Energy and Public Works.
“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,” Firm Power general manager Nick Rose explained. “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.”
Pinsent Masons corporate partner Joni Henry added that there was “real momentum in Australia when it comes to the energy transition to renewables, and battery storage projects, such as Blackstone, play a vital role in this transition as more renewable energy comes online.”
Sydney-based Henry led the Pinsent Masons team, working alongside special counsel Hannah Syme and associates Jonathan Duff and Harry Grewal. Finance partner Jim Hunwick and associate Jesse McNaughton provided additional assistance.
Firm Power has been operational since 2019 and focuses on large-scale BESS projects. The Blackstone project is situated 30km from Brisbane.
