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Octopus acquires 1GW Australian BESS

October 10, 2023

Octopus Investments Australia has acquired the 1GW Blackstone battery energy storage system (BESS) in Queensland, which is expected to have an $800 million enterprise value when operational.

The project, located 30 kilometres from Brisbane, is being developed by Firm Power.

The investment is being made on behalf of the Octopus Australia Sustainable Investment (OASIS), a fund that was launched last year.

Blackstone BESS is the first standalone battery storage asset acquired by Octopus Australia.

Octopus Investments Australia is backed by Hostplus, Rest Super and Clean Energy Finance Corporation.

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