EDP and Queensland Investment Corporation (QIC) have signed an exclusivity agreement to deliver EDP’s first large utility-scale Australian project, Punchs Creek Renewable Energy Project, in Queensland’s Toowoomba region.
This exclusivity agreement marks a significant step toward a potential long-term partnership between EDP and QIC to accelerate development, investment and delivery of new energy generation and storage projects in Australia.
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Punchs Creek Renewable Energy Project comprises 480MW of solar co-located with a 400MW/1,600MWh battery energy storage system (BESS). The project is expected to reach financial close in 2026.
EDP Renewables Australia is in advanced discussions for a long-tenured offtake contract for the project, offering the potential for stable revenue streams. In October 2025, the project was also awarded a generation revenue scheme under the Australian Government’s Capacity Investment Scheme (CIS) Tender 4.
EDP Renewables APAC CEO Miguel Fonseca said, “This partnership with QIC marks another milestone in EDP’s strategy to expand our renewable energy portfolio across the Asia-Pacific region. EDP views Queensland, and more broadly Australia, as a key growth market.
“Through projects like Punchs Creek Renewable Energy Project, we aim to deliver material solar and battery energy storage capacity to help accelerate the country’s clean energy transition. Working alongside a trusted partner like QIC allows us to combine global expertise with deep local knowledge to deliver impactful and sustainable results.”
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QIC head of global infrastructure Ross Israel said, “Australia’s energy transition require
partnerships of complementary capabilities to accelerate the deployment of renewables and storage infrastructure at scale.
“While EDP has an operational footprint spanning four continents, Punchs Creek Renewable Energy Project marks one of their first Australian projects as part of a pipeline of solar and battery storage opportunities. This pairing provides a strong platform to deliver new renewable generation at scale and speed, demonstrating both the attractiveness of Queensland as an investment destination and QIC as a trusted local partner.”
