Octopus Australia has today announced the successful financial close and commencement of construction of its 80MW Fulham Solar Farm and 128MWh Battery project, valued at over $300m. The project is supported by equity capital contributions through Octopus’ managed funds from key investors, including Rest, the Clean Energy Finance Corporation (CEFC), and clients of Westpac Private Bank. Backed by a power purchase agreement from the Victorian State Government, the project utilises market leading technology and will be one of the first DC-coupled solar and battery hybrid assets in Australia, which is expected to provide strong risk-adjusted returns for investors.
To mark the significance of this milestone, Octopus Australia today hosted a Sod Turning event at the Fulham Solar Farm and Battery site, attended by The Honourable Lily D’Ambrosio MP, Minister for Energy and Resources and Minister for the State Electricity Commission, along with other key project stakeholders. The event celebrated the commencement of construction and showcased the project’s innovative hybrid solar and battery storage design which will enhance local grid reliability while supporting Victoria’s clean energy transition.
This latest achievement builds on Octopus’ growing renewables portfolio, strategically located across Australia’s major east-coast energy markets, with an operating and development portfolio of wind, battery storage, and solar assets exceeding $11 billion.
The Fulham project was developed by Octopus in-house, highlighting the team’s unique position in the energy sector as a developer, owner and long-term operator of its assets. Following Fulham Solar Farm and Battery, Octopus is due to progress the $850m Blind Creek Solar Farm and Battery in New South Wales and the $800m standalone Blackstone Battery in Queensland, into construction in 2025, positioning the company as one of most active energy players in Australia.
Octopus is committed to maximising the use of local businesses, tradespeople and apprentices during the construction phase, ensuring the project delivers significant benefits to the local community. The project will also utilise locally manufactured materials throughout construction and is expected to be fully operational in 2027.
Top tier contractors have been selected to progress the project through construction, with GRS appointed as the Engineering, Procurement and Construction (EPC) contractor and Wärtsilä supplying their integrated energy storage solution for the Fulham Battery.
“The successful close of Fulham Solar Farm and Battery marks a major step forward in our mission to accelerate Australia’s energy transition. This project demonstrates our ability to bring together institutional capital, government support, and leading-edge technology to create renewable assets that provide long-term benefits to our communities and investors. I’m incredibly proud of our team’s efforts in bringing the project through development, and we look forward to beginning construction.”
Sonia Teitel, Co-Managing Director of Renewables Australia
“As a long-term investor and supporter of Australian infrastructure assets, particularly in the renewable energy sector, we believe our members will benefit from the attractive risk-adjusted return prospects of the Fulham Solar Farm and Battery project, as well as from having additional renewable energy assets in their communities. Octopus’s focus on renewables offers a fantastic opportunity for Rest’s 2 million members to benefit from the ongoing decarbonisation of the economy. We’re excited to reach this milestone and see construction get underway.”
Simon Esposito, Rest’s interim Co-Chief Investment Officer
“It’s a great pleasure to be able to mark the successful close of the Fulham Solar Farm and Battery. The CEFC is proud to support the continued growth of new clean generation along with the storage, transmission and infrastructure that is crucial to Australia’s energy grid. I congratulate the Octopus team on their work in showcasing the DC-coupled hybrid technology in this region. Fulham will be one of the first of these configurations in Australia which allows the battery to charge directly from the solar farm when sunshine is plentiful, and supply this electricity to the grid when it is needed to power homes and businesses. The Fulham solar farm will provide clean energy and construction jobs to the Gippsland region to help decarbonise the energy sector and demonstrates the key role regional Australia has to play in powering towards a low emissions future.”
Monique Miller, CEFC Chief Investment Officer, Renewables and Sustainable Finance
