Global investment manager Quinbrook Infrastructure Partners has closed $722 million in new debt financing for stages 1 and 2 of its Supernode battery storage project in Queensland, marking Australia’s largest standalone battery financing to date.
Supernode is strategically located adjacent to the central node of the electricity network in Queensland and is one of the largest BESS projects under construction in Australia on an energy capacity basis.
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Given its unique location at the central node of the Queensland power system, the Supernode BESS will be able to efficiently store surplus solar energy generated at any time of day and “time-shift” that stored solar energy to evening peak periods well after the sun has set, ensuring the most efficient use of Queensland’s abundant solar power resource.
Quinbrook has secured long-term offtake agreements with Origin Energy for Stages 1 and 2 for a combined BESS nameplate capacity of 520MW/1856MWh. Quinbrook is also planning the addition of Stage 3, which will bring the combined site to a capacity of 760MW/3096MWh—making Supernode one of the largest BESS projects under construction globally.
Quinbrook managing director and regional leader Australia Brian Restall said, “We are very pleased with the successful close of this financing which reflects the robust qualities of the Supernode project as structured by our team, especially the offtake partnership we have agreed with Origin Energy.
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“We are grateful for the strong support received from both our existing and new financing partners who recognise the critical role that large scale storage investments provide in supporting Queensland and the wider National Electricity Market as the energy transition accelerates.”
The financing has been provided by a syndicate of banks comprising Bank of America, Commonwealth Bank of Australia, Deutsche Bank, Mizuho Bank and MUFG Bank, Ltd.
