Octopus Australia is cementing its reputation as one of the most active investors in Australia’s renewable energy sector, today announcing an additional two new development projects including the largest planned battery project in the nation.
Accelerating its plan to directly replace retiring coal fired power plants with a reliable and strategic portfolio of renewable energy sources, Octopus Australia has acquired the Hanworth Battery Energy Storage System in New South Wales, as well as the Dunmore Solar Farm and Battery project in Queensland.
At full scale, the 1.2 GW / 4.8 GWh Hanworth Battery, located near Bannaby, west of Bowral in NSW, will be capable of storing and delivering enough electricity to power more than half a million homes during the evening peak, when demand is highest and solar generation drops off.
The solar-battery development at Dunmore in Queensland will act like a hybrid engine, combining a 300 MW solar farm with a 150 MW / 300 MWh battery system, soaking up surplus energy generated through the day and releasing it in the evening, when demand surges.
With around 75 per cent of Australia’s coal-fired power stations due to retire within the next nine years, the task of delivering large-scale replacement supply has become a national priority. Octopus Australia’s investment strategy reflects the International Energy Agency’s assessment that power systems will only remain reliable if clean generation is backed by assets that are flexible and can respond quickly and stabilise the grid. In line with the IEA’s World Energy Outlook 2025, Octopus Australia is investing in firmed renewable capacity – including large-scale batteries, hybrid solar and storage projects, flexible generation and community-integrated infrastructure – to turn low-cost renewable power into dependable electricity customers can rely on. That is the shift now underway in energy markets, and it is exactly where Octopus is positioning its capital – in the infrastructure that makes clean energy work in practice.
The Hanworth project has been acquired from Australian energy developer Enervest, connecting into Transgrid’s Bannaby Terminal Station. It will support long-term electricity supply contracts for large customers seeking firmed renewables, helping to facilitate the provision of low-emissions power at stable prices.
The Dunmore Solar and Battery project near Toowoomba in Queensland has been acquired from Samsung C&T Renewable Energy Australia (SREA) in the company’s first renewable energy transaction in Australia, marking an important industry milestone. The transaction reinforces Octopus Australia’s reputation as a partner of choice for global energy companies and builds upon a growing portfolio in Queensland which includes a host of solar and battery projects across the state.
The acquisitions come at a time when new renewable energy investment across Australia has slowed. Octopus Australia is one of the few major players defying the trend, continuing to build at scale, supported by the success of its portfolio model. Unlike single projects that depend on one weather condition, Octopus Australia combines solar, wind and batteries across multiple sites so energy can be shifted to where and when it is needed. Octopus Australia owns 100% of these assets, making it uniquely agile in its ability to match supply with energy demand and doing so without the commercial friction that impedes others in the market where assets have multiple direct owners.
This approach allows Octopus Australia to supply customers with firm, predictable power, while reducing exposure to price spikes in the wholesale electricity market. Octopus Australia counts some of the largest and most sophisticated institutions among its investors base, including the Australian Government (the Clean Energy Finance Corporation and state government entities), APG pension fund (largest pension manager in Europe), large Australian superannuation funds (Rest and Hostplus – both with $100 billion of assets under management) and wealth managers (Westpac Private Bank).
Octopus Australia CEO Sam Reynolds said the company’s continued investment demonstrated confidence in Australia’s energy sector at a time when many others were hesitating.
“While some investors are stepping back, we’re stepping forward,” Mr Reynolds said.
“Australia still needs new power stations to replace ageing coal plants. The difference is that today we can build them using a mix of solar, wind and batteries instead of smokestacks.”
“By owning and operating our projects as one portfolio, we can deliver reliable power every day of the year – not just when the sun shines or the wind blows. This is about replacing coal with clean energy that works in the real world.”
Enervest CEO, Ross Warby, said the sale of the Hanworth Battery Project marked an important milestone for the project.
“This transaction with Octopus Australia represents a landmark outcome for Enervest, reflecting both the strength of our development portfolio and the significant investment and work completed to date. Partnering with a reputable, long-term partner like Octopus enables us to realise value from Hanworth while sharpening our focus on Enervest’s own-and-operate strategy. We believe Octopus is well-placed to accelerate this asset to meet growing demand, and we look forward to seeing the benefits it will bring to the local community, the grid, and the broader energy transition.”
SREA Managing Director Jung Park said the transaction reflected the quality of the Dunmore project and strong market demand.
“Dunmore is a high-quality project in a strong location, and we’re proud of the progress and outcomes delivered so far,” a SREA spokesperson said. “Following the progress achieved to date, the project is set to move into its next phase under Octopus Australia, a long-term investor with the capability to deliver it, and we look forward to seeing it contribute to Australia’s future energy supply.”
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About Octopus Australia
Octopus Australia is an energy fund manager and developer harnessing capital and expertise to accelerate the energy transition, with a portfolio and pipeline of over $16 billion across wind, solar and battery storage projects.
Octopus Australia is more than just an energy infrastructure player: we take an AI data and technology driven approach to constructing an energy portfolio where we ‘stack’ wind, solar and large batteries into the one energy generation portfolio.
The term “stacking” refers to the integration of multiple renewable energy sources along with batteries to create a reliable, efficient and sustainable generation system.
The complementary energy generation profiles of wind, solar and battery storage provide a supply of energy that competes with baseload coal and gas in Australia. This maximises grid usage and providing upside returns, while improving grid resilience by reducing intermittency.
Our stacked portfolio of assets has other benefits such as cost synergies and a streamlined permitting process, especially in Australia where there are favourable regulatory framework and political settings.
Our team of over 65 highly skilled professionals across Melbourne and Sydney have a unique blend of skills and deep industry expertise across investment, energy markets, development, construction, grid, engineering, stakeholder and community engagement, and legal. This allows us to manage projects across their entire lifecycle and to construct and operate a large integrated energy portfolio.
