AMPYR Australia, a part of AMPYR Energy, a renewable energy group, announced the financial closure of the 300 MW/600 MWh Wellington Stage 1 battery energy storage project located in New South Wales.
Commonwealth Bank of Australia, Bank of China, Hongkong and Shanghai Banking Corporation, Rabobank, Société Générale, and United Overseas Bank provided more than AU$340 million (~$221 million) in financing for the project.
The company has signed a 10-year virtual offtake agreement with Zen Energy Retail for 150 MW of the Wellington Stage 1 BESS capacity. Fluence Energy is supplying the battery storage systems and has entered into a 20-year operational service contract to service and maintain the project.
Azure Capital acted as the financial advisor and Ashurst as the legal advisor for AMPYR, while Herbert Smith Freehills Kramer acted as the lenders’ counsel.
Alex Wonhas, AMPYR Australia CEO, commented, “Reaching the financial close of our first grid-scale BESS project in Australia marks a significant milestone in the acceleration of Australia’s energy transition. Supported by our high-calibre partners, ZEN Energy and Fluence, the Wellington Stage 1 BESS will play a critical role in an increasingly renewable grid whilst boosting Australia’s energy storage capacity and supporting the delivery of low-cost energy to major users.”
AMPYR plans to deliver over 6 GWh of energy storage projects by 2030, including the Wellington Stage 1 project and an additional 100 MW/400 MWh in Stage 2, providing a total of 1 GWh of energy storage capacity in the region by 2027.
Last year, AMPYR Solar Europe announced the closing of a project finance facility of up to £200 million (~$253.33 million) with NORD/LB, a German-based commercial bank, to develop and construct a 400 MW solar project in the U.K.
According to Mercom’s Q1 2025 Funding and M&A Report for Energy Storage and Smart Grid, announced Energy Storage project funding increased 142% year-over-year in 2025.
In June, GIGA Storage, a developer, investor, and operator of large-scale energy storage projects, closed a €300 million (~$340 million) project financing package and commenced construction of the 300 MW/1,200 MWh GIGA Leopard Energy Storage project.
