Super-fund backed Atmos raises near $3bn for renewable projects

Atmos Renewables, an Australian subsidiary of Igneo Infrastructure Partners and is co-invested by local super funds like Cbus, MLC and AMP Super, has raised a combined $2.9 billion for two energy projects that account for almost one gigawatt (GW) of renewable capacity.

The funding will be directed to the 400-megawatt (MW)/1600 megawatt-hour (MWh) Teebar Battery Energy Storage System (BESS) in Queensland and the 470MW Parron Maam Marang Wind Farm in Western Australia.

The investment will be managed by Igneo Infrastructure Partners, as equity funding for both projects will be provided by existing Igneo managed funds and clients - including Cbus and MLC.

The Teebar BESS will provide four hours of energy storage and will store electricity when supply is abundant and dispatch it when demand is higher, helping to support reliability and make more effective use of renewable generation, while the Parron Maam Marang wind farm will supply renewable electricity under a long-term power purchase agreement with Synergy, a WA electricity retailer.

Atmos will retain ownership of Teebar BESS and Parron Maam Marang through construction and operate both projects once complete. They are the next phase of a national portfolio that already includes over 1.5GW of operating and in-construction wind, solar and storage capacity, Atmos said.

Both projects are supported by the government's Capacity Investment Scheme (CIS), and together with the 100MW/400MWh Merredin BESS - which reached the same milestone in June 2025 - Atmos has now taken 970MW of CIS-backed capacity through financial close.

Atmos Renewables chief executive Nigel Baker said the financial close demonstrated Atmos' ability to progress major renewable energy and storage projects from development through to construction and ultimately operations.

"The CIS provides important long-term revenue support, but an award is only one step. Projects still need to secure financing, grid access, wider commercial arrangements and a credible delivery pathway," Baker said.

"Teebar BESS and Parron Maam Marang Farm meet market needs for the firming and generation capacity required in Australia as electricity demand grows and ageing generation retires.

"Reaching this point has required sustained collaboration across state and federal governments, lenders, network businesses, commercial partners and delivery partners."

Igneo Infrastructure Partners partner and head of Australia and New Zealand Danny Latham added the almost 1GW of CIS-backed capacity highlights the attractiveness of the opportunity ahead.

"These major milestones demonstrate Atmos' ability to develop, finance and deliver large-scale renewable energy infrastructure that supports Australia's energy transition while generating long-term value for our investors," Latham said.

"Supported by the long-term commitment of Igneo investors including MLC and Cbus, we continue to see significant opportunity to invest in renewable generation and storage capacity."