Quinbrook Infrastructure Partners, an investment manager focused on renewables, announced the closing of AUD$722 million (~$449.98 million) in new debt financing for Stages 1 and 2 of its Supernode battery storage project in Queensland, which have a combined capacity of 520 MW/1,856 MWh. Origin Energy has signed a long-term offtake agreement with Quinbrook for the project.
A consortium of banks provided the funding, including Bank of America, Commonwealth Bank of Australia, Deutsche Bank, Mizuho Bank, and MUFG Bank.
The company has plans to add stage 3 to the project, further expanding the nameplate capacity to 760 MW/3,096 MWh.
The Supernode project is strategically located closer to the central node of the electricity network in Queensland. With the addition of stage 3, it will be the largest BESS project under construction worldwide, according to Quinbrook.
Norton Rose Fulbright served as the legal counsel, Aurecon as the technical advisor, and ICA Partners as the finance advisor on the transaction. Allens, RINA, Lockton Companies Australia, KPMG, and Aurora Energy Research advised the lenders on the transaction.
“We are very pleased with the successful close of this financing which reflects the robust qualities of the Supernode project as structured by our team, especially the offtake partnership we have agreed with Origin Energy. We are grateful for the strong support received from both our existing and new financing partners who recognize the critical role that large-scale storage investments provide in supporting Queensland and the wider National Electricity Market as the energy transition accelerates,” said Brian Restall, Managing Director and Regional Leader Australia for Quinbrook.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid announced Energy Storage project funding in 2024 was the highest raised to date, increasing 53% YoY for a total of $15.1 billion in 54 project funding deals compared to $9.9 billion raised in 38 deals in 2023.
Earlier this month, Aypa Power, a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, announced the closing of a $190 million financing facility for the 200 MW/400 MWh Bypass battery energy storage system project located in Fort Bend County, near Houston, Texas.
