Vena Group has finalised a long-term agreement worth A$200m ($141.7m) with InCommodities, a Danish energy trading company, for the Bellambi Heights battery energy storage system (BESS) in central-west New South Wales (NSW), Australia.
The revenue share agreement involves InCommodities providing revenue certainty for Vena Group's development of a 204MW BESS.
This initiative aims to bolster grid stability as renewable energy generation expands throughout NSW.
The construction of the battery is advancing, with plans for initial energisation by late 2026 and full commercial operations by mid-2027.
When operational, the Bellambi Heights BESS will utilise surplus solar power generated during the day, discharging electricity during peak demand periods to power approximately 280,000 homes for around two and a half hours.
Positioned in a region with considerable existing and planned solar generation, the project will offer essential firming capacity to the grid.
Vena Energy Australia head Owen Sela said: “We are pleased to be working with InCommodities on this long-term partnership.
“This agreement represents a significant vote of confidence in Australia's clean energy transition and demonstrates the crucial role that international investment plays in building the grid infrastructure we need for the future.
“The Bellambi Heights BESS will provide critical grid stability in NSW, helping to balance supply and demand as renewable generation continues to scale across the region.
“Projects like this are essential to ensuring we can integrate more renewable energy into the network while maintaining the reliability that households and businesses depend on.”
Since 2024, InCommodities has prioritised long-term power purchase agreements to support renewable generation growth and firming assets in Australia.
The company draws on its experience from European power markets, which are known for their high renewable energy presence and volatility.
Large-scale batteries and long-term offtake structures are crucial for maintaining grid stability in these markets.
InCommodities Australia and New Zealand power trading head Andrew Koscharsky said: “This deal with Vena Group brings InCommodities' total Australian investment commitment to nearly $500m and reflects our long-term commitment to the Australian energy market.
“Since entering Australia in 2024, we have focused on providing bankable offtake and risk-management solutions across nearly 700MW of solar, wind and battery assets.
“Announcing this agreement during the Danish State Visit underscores the growing alignment between Australia and Denmark on renewable investment and critical grid infrastructure.”
Earlier this month, Vena Group signed a memorandum of understanding (MoU) worth Won1tn ($674m) with Chungcheongnam-do and Taean-gun to facilitate the development of large-scale green energy projects in South Korea, focusing on Taean-gun.
