Global Infrastructure SherpaVena Energy secures $200 million revenue-sharing deal for NSW battery project
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.
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The deal is described as 'a revenue-share agreement' where 'InCommodities has essentially purchased the right to a share of the revenue from the battery, with the exact percentage not specified.' The project is being developed on a '23-hectare site about seven kilometres northwest of Gulgong in the NSW government's planned Central-West Orana Renewable Energy Zone.' The full project comprises '408 MW battery energy storage system' with the second stage being 204 MW. 'Once operational, the battery will be capable of powering 280,000 homes for approximately 2.5 hours during peak demand.' The project was 'originally proposed as the Gulgong Solar Farm and set to include up to 500 MW of solar before plans were revised in 2023.' 'Vena has reportedly agreed to an offtake deal with another, as yet unnamed, investor for the first battery.' 'This partnership with Vena Group brings InCommodities' total Australian investment commitment to nearly $500 million.'
"Singapore-headquartered renewables developer Vena Energy has signed a $200 million (USD 142 million) agreement with Danish energy trading company InCommodities"
"Singapore-headquartered renewables developer Vena Energy has signed a $200 million (USD 142 million) agreement with Danish energy trading company InCommodities for the second 204 MW stage of the Bellambi Heights battery project"
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