About Octopus Australia

Octopus Australia (OA) is a renewable energy fund manager and developer harnessing capital and expertise to accelerate the energy transition. OA manages investment funds on behalf of institutional and wholesale investors in Australia, for investment into large-scale Australian renewable energy projects. These funds invest into projects from development through to construction and long-term ownership for the lifetime of the assets. In addition to being fund manager, OA also holds direct investment in, and provides development, construction and asset management services to the projects. OA has an operating and development portfolio of over $11bn across wind, solar and battery storage which includes the operational 333MW Darlington Point Solar Farm and the 180MW Dulacca Wind Farm.

OA is part of Octopus Group. Founded in 2000, the Octopus Group of companies operates in the investment management, venture capital, energy and real estate industries. It currently has over 4000 employees and $22 billion under management. Investing in renewable energy is a core activity of Octopus Group, which owns and operates over 300 assets globally, totalling 3GW in generation capacity.

About the Project

A landmark joint venture between Octopus Australia and the Clean Energy Finance Corporation (CEFC) will help accelerate the delivery of the Fulham Solar Farm and Battery project, comprising a 100 MW solar farm and 64MW/128MWh battery in Gippsland, Victoria. The Project has achieved planning approval from the Department of Transport and Planning (DTP) and grid connection approval from the Australian Energy Market Operator (AEMO). Further, the project has a power purchase agreement (PPA) from the Victorian State Government awarded under the Second Victorian Renewable Energy Target Auction. Octopus Australia and the CEFC will be working closely together to bring the project to Financial Close in 2024.

Project Specifications

• Project location: Cnr Hopkins Rd and McClarens Rd, Fulham, Victoria, Australia 3851
• System type & configuration: Single Axis Tracker Solar Photovoltaic (PV) + Lithium-Ion Battery Energy Storage System (BESS) DC-coupled
• Solar PV capacity: ~105 MWdc / 100.8 MWac (80 MWac Point of Connection)
• BESS capacity: 64 MWdc / 128 MWh useable energy storage
• Inverter: SMA SC4200-UP, 24 units
• BESS: Wartsila Gridsolv Quantum, 96 units
• Power Plant Controller: Wartsila GEMS
• DC:DC Converter: SMA DPS-500, 72 units
• Point of Connection: New overhead 66 kV within AusNet distribution network

Key Project Milestones

• Development Approval secured 28 March 2022 Application Number: PA2101365
• Grid Connection Approval obtained 7 June 2024.
• Offtake Victoria State Government VRET2 secured 7 October 2022.
• BESS Supply - Key Terms agreed with preferred BESS supplier for Battery Supply Agreement & Long-term Service Agreement, currently progressing full length contract negotiations.
• EPC Contractor - Key Terms agreed with preferred EPC contractor for EPC and O&M Agreements, currently progressing full length contract negotiations.
• Targeting end 2024 to achieve Financial Close.

Project Location

The Project site is a ~400-acre parcel of agricultural land located on the north western corner of Hopkins Road & McLarens Rd in Fulham, approximately 210 km east of Melbourne within the Wellington Shire local government area in Victoria Australia.

Please see link to video providing an aerial view of the project site.

Local Procurement Opportunities

The development, construction, and operation of the Project is expected to create around 75 direct jobs during the construction period. Further employment will be generated for local businesses who are encourages to register their interest to fill a wide range of services needed to support the development.

HOW TO REGISTER AN EXPRESSION OF INTEREST (EOI)

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