The financial package exceeding A$340m ($221m) is supported by several banking institutions.
The financing is supported by Bank of China, Commonwealth Bank of Australia, HSBC, Rabobank, Société Générale, and United Overseas Bank. AMPYR is also collaborating with local Aboriginal communities in Wellington, offering investment opportunities alongside sustainable initiatives.
The Wellington project aligns with AMPYR’s goal to deliver over 6GWh of energy storage by 2030. Stage 2 will add 100MW/400MWh, bringing the region’s total capacity to 1GWh by 2027. A ten-year virtual power purchase agreement (PPA) with ZEN Energy Retail covers 150MW of the project’s output, providing AMPYR flexibility in capacity management while enabling ZEN Energy to serve sustainability-focused clients.
Fluence Energy will supply and maintain the Wellington Stage 1 BESS under a 20-year contract, utilizing its Gridstack technology and Mosaic and Nispera software for revenue optimization and asset performance. Lumea will connect the project to Transgrid’s 330kV network at Wellington.
Jan Teichmann, Fluence APAC Senior Vice-President and President, stated: “We are thrilled to be partnering with AMPYR on the Wellington Stage 1 BESS, marking another step forward in strengthening Australia’s transition to a more sustainable energy future. The full suite of Fluence’s innovative storage products and operational services will allow AMPYR to extract the most value out of the Wellington Stage 1 BESS.”
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.”
Advisory services were provided by Azure Capital (financial), Ashurst (borrower’s counsel), and Herbert Smith Freehills Kramer (lenders). Corrs Chambers Westgarth advised on the PPA with ZEN Energy, supported by Ashurst, Aurora, BMS, KPMG, Mazars, and Worley.
The project strengthens Australia’s renewable energy infrastructure, supporting grid stability and sustainable economic growth in New South Wales.
