AMPYR Australia (AMPYR) has announced it has achieved financial close of its 300 MW / 600 MWh Wellington Stage 1 battery energy storage system (BESS) project in regional New South Wales (NSW). Once energized in 2026, the Wellington Stage 1 BESS will support the growing demand for reliable, renewable energy across Australia while lowering energy costs for future industries.
The Wellington Stage 1 BESS is a crucial element in advancing Australia’s energy storage capabilities. AMPYR is on track to deliver more than 6 GWh of energy storage projects by 2030, including Wellington Stage 1 BESS and an additional 100 MW / 400 MWh in Stage 2, providing a total of 1 GWh of energy storage in the region by 2027.
AMPYR has signed a 10-year virtual offtake agreement with ZEN Energy Retail Pty Ltd (ZEN Energy) for 150 MW of the Wellington Stage 1 BESS capacity. The offtake agreement will provide flexibility in capacity contracting for AMPYR while enabling ZEN to firm its portfolio of sustainability-driven customers.
The Wellington Stage 1 BESS will be delivered by Fluence Energy, Inc. (Fluence), using its advanced Gridstack™ grid-scale energy storage product. Fluence has also entered into a 20-year operational service contract to service and maintain the Wellington Stage 1 BESS, with revenues to be optimized by Mosaic (Fluence’s AI-powered revenue optimization software) and Nispera (Fluence’s asset performance management software). Lumea will provide the connection to Transgrid’s 330 kV network at Wellington.
AMPYR Australia is backed by AGP, an independent global investor and asset manager that owns, develops and operates sustainable real assets across energy transition, digital transition and real estate.
The lender group for the more than A$340 million financing for the Wellington Stage 1 BESS includes the Commonwealth Bank of Australia (CBA), Bank of China, Hongkong and Shanghai Banking Corporation (HSBC), Rabobank, Societe Generale and United Overseas Bank (UOB).
AMPYR is partnering with the Aboriginal community in Wellington, NSW, on the Wellington Stage 1 BESS, including providing an opportunity to invest directly alongside AMPYR.
Alex Wonhas, AMPYR Australia CEO, commented, “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-caliber 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.”
Anthony Garnaut, ZEN Energy CEO, said, “Virtual tolling agreements signal a maturing of the renewable energy transition and deliver shared value for ZEN Energy and AMPYR. This is the first battery we have contracted in New South Wales, and our share of Wellington Stage 1 is big enough to double the size of the customer volume we serve.”
Jan Teichmann, Fluence APAC SVP & President, said, “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.”
Brad Hopkins, AGP Partner, commented, “AGP is a sponsor of high-growth infrastructure platforms and is committed to investing in Australia’s energy transition. We will be engaging with our capital partners to fund the growth of the business through the remainder of 2025.”
AMPYR was advised on the financing by Azure Capital as financial adviser and Ashurst as borrower’s counsel, with Herbert Smith Freehills Kramer acting as lenders’ counsel. Corrs Chambers Westgarth acted as project counsel on the virtual toll agreement with ZEN Energy. Transaction diligence advisers were Ashurst (legal), Aurora (market), BMS (insurance), KPMG (tax), Mazars (model audit) and Worley (technical).
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