InCommodities Secures A$200M Stake in NSW Battery Project
Goldman Sachs-backed energy trader InCommodities has finalized a seven-year agreement valued at A$200 million ($141.5 million) with Vena Group, a renewable energy developer supported by BlackRock's Global Infrastructure Partners. The deal grants the Danish firm a majority revenue share from the 204-megawatt Bellambi Heights battery project in New South Wales, Australia. In return, InCommodities will provide Vena with a steady, bankable cash flow through regular installments over the contract's term. The project, which is part of a larger 408-megawatt battery energy storage system, is expected to be fully operational by mid-2027.
New Financing Model Targets Australian Market Volatility
The revenue-sharing agreement marks a strategic pivot from traditional financing for energy assets. This structure allows InCommodities to leverage its trading expertise to manage the battery's charge and discharge cycles, aiming to maximize profits from price spreads in Australia's high-frequency, five-minute settlement market. The strategy directly targets the price instability created as Australia transitions from coal-fired power to intermittent renewable sources like wind and solar. According to Andrew Koscharsky, InCommodities’ head of power trading for the region, batteries are uniquely positioned to capture value from this “short-term volatility” driven by unpredictable generation.
Trader Deepens Australian Push Toward 2GW Target
This transaction increases InCommodities' total investment commitment in Australia to nearly A$500 million, marking a significant step in its Asia-Pacific expansion. The deal builds on a portfolio that now covers almost 700 megawatts of solar, wind, and battery capacity, including a 15-year battery storage deal with Ampyr announced in November. The firm is actively pursuing its goal of securing 2 gigawatts of long-term power purchase agreements in Australia by 2028, signaling strong confidence in the country's renewable energy transition.
By securing international investment, we are delivering the critical grid infrastructure needed to balance New South Wales’ growing renewable capacity.
— Owen Sela, Head of Australia at Vena Energy.
Edgen Stock·Mar 19 2026, 02:09