Octopus Australia, a renewable energy project developer and fund manager, has reached financial close on the 80 MW Fulham Solar Project and its co-located 128 MWh battery energy storage system, with a total value exceeding AUD 300 million (~$180.5 million). The company has also announced that construction of the project is now underway.
Equity capital financing was supported through Octopus’ managed funds from investors, including Rest, the Clean Energy Finance Corporation (CEFC), and clients of Westpac Private Bank.
A power purchase agreement from the Victorian State Government backs the project.
According to the company, the project will utilize locally manufactured materials, which is expected to reach commercial operation in 2027.
GRS is the engineering, procurement, and construction contractor, and Wärtsilä will supply the project’s battery energy storage system.
“The successful close of Fulham Solar Farm and Battery marks a major step forward in our mission to accelerate Australia’s energy transition. This project demonstrates our ability to bring together institutional capital, government support, and leading-edge technology to create renewable assets that provide long-term benefits to our communities and investors. I’m incredibly proud of our team’s efforts in bringing the project through development, and we look forward to beginning construction,” said Sonia Teitel, Co-Managing Director of Renewables Australia.
Following the Fulham solar and battery project, the company plans to progress the Blind Creek solar and battery project in New South Wales and the standalone Blackstone Battery project in Queensland into construction in 2025.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, large-scale project funding in 2024 increased 21% year-over-year.
This week, Sunraycer Renewables, a developer, owner, and operator of clean energy power sites, secured a $475 million project financing facility from MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale for the development and construction of Gaia and Midpoint solar and battery energy storage projects in Texas.
