Quinbrook Closes $722M Financing Deal for Supernode Battery Storage Project in Queensland

Quinbrook Closes $722M Financing Deal for Supernode Battery Storage Project in Queensland

(IN BRIEF) Quinbrook Infrastructure Partners has secured a $722 million AUD debt financing deal for Stages 1 and 2 of its Supernode battery energy storage system (BESS) project in Queensland, Australia. Deutsche Bank played a key role in arranging the financing. The project, set to be one of the largest BESS facilities globally, will help advance Australia’s energy transition and provide dispatchable supply services to the National Electricity Market. The financing will support the project’s three stages, with Stage 3 aimed at increasing capacity to 760 MW. The deal highlights the growing importance of sustainable energy investments and underscores Deutsche Bank’s role in promoting clean energy solutions.

(PRESS RELEASE) FRANKFURT, 28-Jan-2025 — /EuropaWire/ — Quinbrook Infrastructure Partners has secured a significant financial boost for its pioneering ‘Supernode’ battery energy storage project in Queensland, Australia. A landmark $722 million AUD debt financing deal has been closed for Stages 1 and 2 of this ambitious project, making it one of the largest stand-alone Battery Energy Storage System (BESS) financings in the country to date. Deutsche Bank played a key role as Lead Arranger, Original Lender, and Hedge Counterparty in this milestone transaction, which further solidifies Quinbrook’s leadership in advancing Australia’s clean energy infrastructure.

Strategically located next to Queensland’s electricity network hub, the Supernode project is the largest BESS facility currently under construction in Australia, both in terms of energy capacity and scale. With long-term offtake agreements secured with Origin Energy, Stages 1 and 2 will have a combined capacity of 520 MW / 1856 MWh, with plans for Stage 3 bringing the total capacity to 760 MW / 3096 MWh. Once complete, Supernode will stand among the largest BESS projects worldwide.

Brian Restall, Managing Director and Regional Leader for Quinbrook in Australia, emphasized the importance of large-scale storage solutions in accelerating Queensland’s energy transition. “We are grateful for the support of our partners, both new and old, in recognizing the vital role these investments play in securing the future of Queensland’s National Electricity Market,” he said.

The financing deal, which also involves key partners such as Bank of America, Commonwealth Bank of Australia, MUFG, Mitsubishi UFJ Financial Group (MUFG), and Mizuho Bank, is a testament to Deutsche Bank’s commitment to sustainable energy financing. Rachel Chia, Deutsche Bank’s Head of Project Finance, Asia Pacific, Corporate Bank, noted the significance of this transaction as part of the bank’s ongoing dedication to supporting renewable energy solutions.

This financing continues Deutsche Bank’s strong track record in the Australian renewable energy sector, with this being the bank’s 25th renewable energy asset financing in the country. Through its Corporate Bank, Deutsche Bank offers a comprehensive range of financing solutions across project finance, acquisition finance, and corporate finance, having supported numerous infrastructure and energy projects since its entry into the Australian market in 2019.

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SOURCE: Deutsche Bank AG