Octopus Australia has acquired the Coleambally Battery, a 100 MW / up to 4-hour standalone battery project located in southern New South Wales, west of Wagga Wagga. The acquisition was announced on October 15, 2025, marking another expansion of the company's renewable energy portfolio in the state.

Project Development Status and Next Steps

The Coleambally project has secured both Development and grid connection approvals, placing it at an advanced stage of development. Following the acquisition from Risen Energy, Octopus will now lead the project through the final development phase, including procurement and financing. Octopus Australia manages projects end-to-end, from raising the first dollar of capital, through approvals, procurement, and construction, all the way to delivering electrons into Australian homes and businesses.

The company operates with a team of over 55 highly skilled professionals across Melbourne and Sydney, with expertise covering all facets of the renewable energy industry.

Strategic Location and Grid Integration

Located in the Murrumbidgee region, the Coleambally battery complements Octopus' Darlington Point Solar Farm. By combining storage with generation, the project will provide the flexibility to shift renewable output into periods of peak demand and strengthen overall grid reliability. In a state with some of the highest volumes of solar generation, Coleambally will capture energy produced during the day and redistribute it in the evening, helping to meet consumer demand and support New South Wales' 2 GW storage target by 2030.

When operational, the Coleambally battery will work alongside Octopus' existing solar projects in New South Wales, creating the flexibility to move power across assets, smooth out variability in generation, and deliver a more reliable supply into the grid.

Market Impact and Business Strategy

Projects like Coleambally create the ability to package renewables into firmed capacity, enabling long-term power purchase agreements that deliver stability in price and supply for investors and customers. This acquisition follows Octopus Australia's billion-dollar partnership with Dutch pension investor APG to accelerate the build-out of renewable energy projects across the country.

Kian Nam Loke, Senior Investment Manager at Octopus Australia, said: “What excites us about Coleambally is not just the project itself, but how it fits into the bigger picture. It's a major step toward meeting New South Wales' long-term storage targets and reliably firming renewable energy. It is strategically located in one of the state's strongest renewable corridors, Coleambally allows us to capture solar generation during the day and shift it to when it's needed most.”

Loke added: “Investors and customers want certainty, and by building storage alongside generation, we can create products that deliver stability in price and supply. That's what unlocks confidence for households, businesses, and investors, and that's where the long-term value lies.”

Seller's Perspective and Market Expansion

Qiao Nan Han, Country Manager at Risen Energy Australia, commented on the transaction: “The successful sale of the Coleambally BESS project is a proud moment for our team and a validation of our strategy to be a leading, integrated energy solutions provider in Australia.” Han explained Risen Energy's market evolution: “When we first entered the market, we laid a foundation with high-quality solar manufacturing and development.

Today, we have successfully expanded our expertise into the critical storage sector, proving we can develop and deliver the complex, grid-scale assets that the Australian energy market needs. We are delighted to partner with Octopus Australia, whose expertise and capital will bring this important project to life.” Octopus Australia operates as a renewable energy fund manager and developer, harnessing capital and expertise to accelerate the energy transition, with an operating and development portfolio of over USD 11 billion across wind, solar, and battery storage.

The company describes itself as more than just an investment manager, taking a data and technology-driven approach to constructing an energy portfolio designed for Australia's clean energy future. This approach allows the company to manage projects across their entire lifecycle and create an integrated portfolio of renewable energy and storage assets.

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