Vena Energy secures $200 million revenue-sharing deal for NSW battery project
Type: Financing · Technology: Storage · Country: Australia · Capacity: 204 MW · Value: $200M · Announced: 2026-03-18
Vena Energy has secured a $200 million long-term revenue agreement with InCommodities for the second 204 MW stage of the Bellambi Heights battery energy storage system in New South Wales. The project, located near the town of Gulgong, is being developed on a 23-hectare site and will provide critical firming capacity for a region with a high concentration of solar assets. Construction of the battery began earlier this year, with initial energisation expected in late 2026 and full commercial operations by mid-2027. The battery will be capable of powering 280,000 homes for approximately 2.5 hours during peak demand. The deal marks a material shift in how Australian batteries are financed, moving away from rigid models to revenue-share agreements that make volatile storage projects bankable. InCommodities will work with Vena to manage when the battery charges and discharges to maximise revenue, with the $200 million to be paid out in instalments over seven years.
Counterparties
- Vena Energy (Borrower)
- InCommodities (Lender)