Octopus Acquires Major Battery and Solar Projects in Australia

Octopus Investments, a UK-based firm, is making headlines with its recent agreements to acquire two significant battery projects in Australia. One of these is a colossal facility in New South Wales that promises an impressive capacity of up to 4.8 gigawatt-hours, while the second is a smaller solar-battery hybrid initiative located in Queensland.

The first project involves the Hanworth battery site, situated near Bannaby, to the west of Bowral. This facility, which Octopus is purchasing from development company Enervest, is expected to have a storage capacity of 4.8 gigawatts (GW) and, if constructed today, would become the largest of its kind in Australia.

Dunmore Hybrid Project Announcement

In addition to the Hanworth project, Octopus is also acquiring the Dunmore hybrid project in Queensland from the South Korean conglomerate Samsung. This project will consist of a 300 megawatt (MW) solar power plant paired with a 150 MW battery that offers 300 MWh of storage. When completed, these projects will amount to over $3 billion in total investment.

Renewable Energy Commitment

Sam Reynolds, Managing Director of Octopus Australia, expressed the need for new power stations to replace the ageing coal facilities, emphasising the shift towards renewable energy sources. “The beauty of this era is that we can now construct these stations using solar, wind, and battery technologies instead of traditional fossil fuels,” he stated.

Reynolds further explained, “By integrating our projects into a single portfolio, we can ensure consistent power supply throughout the year – not limited to sunny days or windy conditions. Our aim is to transition from coal power to dependable clean energy.”

With this strategic move, Octopus is establishing itself as one of Australia’s leading investors in clean energy. The firm already owns several operational assets and has a range of new projects under development, primarily focusing on storage capabilities.