Big battery deals dominate as investors buy, sell, finance and contract Australian energy storage

Big batteries, both of the stand-alone variety and as part of solar-hybrid projects, featured in 16 deals across financing, mergers and acquisitions and offtake agreements in the last quarter of 2025, new data has revealed, as energy storage continues to dominate Australia’s renewables pipeline.

A new report from Modo Energy, the first edition of what will be a quarterly Australia BESS and Solar Financing Report, shows batteries led investment activity in the final three months of 2025, accounting for the majority of capacity across all transaction and agreement types. 

The report reveals that the quarter delivered 2.16 gigawatts of of mergers and acquisitions (M&A) and financing transactions, the vast of which majority of which revolved around battery energy storage systems (BESS).

Solar, meanwhile, accounted for 675 MW of that total, with 90% of that capacity sat in hybrid projects, the report says.

Modo says four BESS projects reached project financing, while another four secured some form of offtake agreement. A further four batteries and the assets of Alinta Energy went through the M&A process.

In the project financing basket is Octopus Australia’s $850 milliom DC-coupled solar and battery hybrid Blind Creek project near Bungendore in New South Wales, which announced financial close in November.

The Blind Creek project will combine 300 megawatt (MW) of solar with a 243 MW / 486 megawatt-hour (MWh) battery energy storage system (BESS) on farmland near Bungendore, with sheep grazing set to continue across the site.

TagEnergy’s stand-alone four-hour Golden Plains BESS in Victoria is also listed as locking in finance, alongside Flow Power’s Bennetts Creek (100MW/223 MWh, Victoria), and Akaysha Energy’s Elaine BESS – a 311 MW and 1,244 MWh battery located next to the existing Elaine wind farm in south-west Victoria.

Projects that secured some form of offtake agreement include Zen Energy (ZEBRE) 111 MW Templers Battery north of Adelaide, Golden Plains and Western Downs Stage 3 BESS.

A special mention (Renew Economy’s emphasis) goes to Ampyr Australia for finding a “non-traditional” offtaker – Denmark-based energy trading outfit, InCommodities – for its 300 MW/600 MWh Bulabul BESS in Wellington, New South Wales.

Meanwhile, batteries Coleambully, Tungkillo, and Northern alongside the hybrid project Gunning Energy Park swapped hands, adds Modo.

“Activity brought in a broadened range of developers, offtakers, and major banks,” the report says. “As projects scale and durations extend, the market is shifting from concentration on early players to portfolio depth and competition.”

Other trends to note from the Modo report are that New South Wales had an outsized share of the battery and solar-hybrid wheeling and dealing for the quarter, accounting for more than 1 GW of the financing and M&A deals for the period.

And finally, Modo says the trend towards batteries with four hours of duration firmed up as the year progressed, with the average shifting from two hours in the first quarter of 2025 to 3.5 hours in the second quarter, before hitting a steady four hours from the third quarter onwards.

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