EDP accelerates solar and battery projects in Australia following government awards

The Portuguese utility EDP said that it expects to speed up its solar and storage battery projects in Australia, after receiving government awards for revenue generation over the long term.

EDP Renewables Australia, a subsidiary of EDP, was awarded two generation revenue schemes through the government's Capacity Investment Scheme. These projects will add over 1.7 gigawatts to the energy mix in Australia by adding solar and battery storage.

EDP anticipates that the Punchs Creek Project located in Toowoomba, Queensland will reach financial close in 2026. The plant is expected to be commissioned in early 2029. The project consists of 480 megawatts peak (MWp), solar, and a battery energy storage system (BESS) with a capacity of 400 megawatts.

The Merino Project, near Goulburn, New South Wales which includes a BESS of 450 MW and 530 MWp, is expected to be ready for construction in the second half 2026.

The Australian CIS aims at accelerating investment in clean energy generation, such as batteries and renewable energy. It does this by providing a revenue safety net that will last for a long time.

These contracts, awarded by the government through tenders, will guarantee revenues by providing support if revenues are below a certain floor and by sharing in profits if revenues exceed a limit. Reporting by Florence Tan, Editing by Jamie Freed

(source: Reuters)