Ampyr Australia signs $300m battery deal with energy trader InCommodities
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The news: Battery developer Ampyr Australia has signed a 15-year battery storage deal with global energy trading company InCommodities worth over $300 million.
The numbers: The 15-year agreement involves a capacity swap agreement of up to 120 megawatts at Ampyr's Bulabul Battery Energy Storage System (BESS) in Wellington, New South Wales.
It marks Denmark-based InCommodities' first long-term, 10+ year commitment in Australia.
Located in central west NSW, the Bulabul battery is designed to charge from excess solar and discharge sufficient energy to power up to 300,000 homes for two hours during peak demand periods.
The companies said the capacity swap model "serves as a blueprint" for securing long-term financial facility for critical energy transition assets like the 300-megawatt Bulabul battery.
What they said: “We’ve entered the Australian market with a vision of accelerating the domestic transition towards renewables,” said Andrew Koscharsky, InCommodities' head of power trading for Australia and New Zealand.
“As a non-traditional global player, we are making long-term trading commitments, significantly beyond the two or three-year decisions typically made by existing traders, bringing a new identity to the market.
“This approach increases wholesale market competition to the benefit of the Australian consumer through long-term partnerships with developers like Ampyr Australia.”
Ampyr Australia CEO Alex Wonhas commented: “InCommodities’ entry at scale into the Australian battery and storage market is a welcome and significant development. It will enhance competition and drive better, more innovative outcomes for consumers.
“This shift is not only necessary, but it also reflects a fundamental shift in the structure of the energy market, driven by agile, market-shaping participants like InCommodities.”
The source: Ampyr media release
