Wellington Aboriginal community secures equity stake in $340m battery project
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The news: Wambal Bila, a new Aboriginal community-led corporation, has secured a landmark agreement for a 5% equity stake in the $340 million Wellington Stage 1 Battery Energy Storage System (BESS) project in New South Wales. The project, now renamed Bulabul Battery, represents the first equity partnership between a developer and local First Nations community without pre-existing native title rights.
The numbers: AMPYR Australia will provide up to $300,000 to support Wambal Bila's initial operations. The equity stake includes both a fixed annual return and a share of ongoing equity returns that could deliver $20 million to $30 million in revenue to the Aboriginal community over the project's 25-year lifespan. AMPYR aims to deliver more than 6 GWh of grid-scale battery storage by 2030, representing up to 20% of Australia's future storage demand.
The context: The partnership sets a new precedent for renewable energy developments across Australia, moving beyond short-term construction jobs to long-term community ownership.
The agreement includes potential for a similar equity stake in Wellington Stage 2 BESS, with AMPYR Australia committing to explore comparable partnerships in future projects.
What they said: "It's great to see First Nations communities working with proponents to develop and trial innovative arrangements, including equity, towards clean energy solutions and benefit sharing," said Karrina Nolan, co-chair of the First Nations Clean Energy Network.
"This is a major turning point for major energy projects. At AMPYR, we're extremely proud to work alongside Wambal Bila to shift the focus from short-term regional construction jobs to empowering communities through long-term ownership and sustained benefit," said Alex Wonhas, chief executive officer of AMPYR Australia.
The source: AMPYR press release
