Quinbrook lands additional $469m for battery storage project

Quinbrook has secured additional $469 million in debt financing for its Supernode battery storage project in Queensland, taking the total project financing to $1.2 billion.

The specialist investment manager said Stage Two of the project has successfully completed construction and commenced commercial operations. The additional funding will be used for the buildout of the Stage Three of the project.

"The first two stages of Supernode are now operational which completes delivery of the Origin contracted stages marking another successful milestone in the project's development," Quinbrook said.

Quinbrook managing director and regional leader for Australia Tim Horneman said the investment manager is incredibly proud of delivering the first two stages on schedule, given the complexity of commissioning utility-scale battery storage projects in Australia.

"With Stage Three now fully financed, we've reached another important milestone in Supernode's continuing development. The ongoing support of our banking partners also reflects confidence in the Supernode project, our delivery track record and the long-term outlook for battery storage in Australia," Horneman said.

The project continues to be backed by Commonwealth Bank of Australia, MUFG and Deutsche Bank, alongside new lending partners DNB and Rabobank.

Quinbrook senior director James Allan said Supernode's value extends well beyond the battery currently under development.

"From the outset, Supernode was designed as more than just a battery storage project. Its unique location at the heart of Queensland's transmission network makes it ideally placed to support the state's transitioning power system well into the future," Allan said.

"The site also has capacity for a further 520 MW of expansion, which could include battery storage, data centres or a combination of both. Opportunities to develop infrastructure at this scale, in such a strategically connected location, are exceptionally rare."

Supernode's first two stages were delivered in partnership with Quinbrook affiliate Private Energy Partners, with the partnership continuing through construction of Stage Three.