AMPYR Australia has secured funding above A$340m ($221m) for its 300MW/600 megawatt hours (MWh) Wellington Stage 1 battery energy storage system (BESS) project in regional New South Wales (NSW), Australia.
Scheduled to be operational by 2026, the project will boost the supply of dependable renewable energy across Australia while reducing electricity costs for emerging industries.
Go deeper with GlobalData
The financing package is supported by banking institutions the Bank of China, the Commonwealth Bank of Australia, HSBC, Rabobank, Société Générale and the United Overseas Bank.
AMPYR is also engaging with local Aboriginal communities around Wellington, offering investment opportunities in parallel with their ventures into sustainable projects.
AMPYR aims to deliver more than 6 gigawatt hours (GWh) of energy storage projects by the end of 2030. This goal includes both stages of the Wellington project, with stage 2 adding a further 100MW/400MWh to reach a combined 1GWh capacity in the region by 2027.
Supporting this development is a ten-year virtual power purchase agreement (PPA) between AMPYR and ZEN Energy Retail for 150MW of the projects’ output.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThis arrangement offers AMPYR flexibility in managing its capacity contracts while allowing ZEN Energy to secure its commitments to sustainability-focused clientele.
Fluence Energy will furnish and maintain the Wellington Stage 1 BESS project under a 20-year operational service contract using their advanced Gridstack technology and software solutions Mosaic and Nispera for revenue optimisation and asset performance management respectively.
Lumea will facilitate connectivity with Transgrid’s 330kV network at Wellington.
Fluence APAC senior vice-president and president Jan Teichmann 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.”
Backed by AGP, an independent global investor, AMPYR Australia continues to make progress in sustainable asset development across sectors including energy transition.
AMPYR Australia CEO Alex Wonhas stated: “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 during financing were provided by Azure Capital as financial adviser and Ashurst as borrower’s counsel. Herbert Smith Freehills Kramer acted on behalf of lenders.
Corrs Chambers Westgarth advised on virtual toll agreements with ZEN Energy alongside diligence advisers from Ashurst (legal), Aurora (market), BMS (insurance), KPMG (tax), Mazars (model audit) and Worley (technical).
In February 2025, AMPYR Solar Europe entered a PPA with ROCKWOOL to supply 50GWh of clean energy, to be sourced from AMPYR’s new 96 megawatts peak solar facility in Noordoostpolder, the Netherlands.
