Driving clean energy momentum with Octopus Australia

How do you bring a complex hybrid project to financial close?

For Octopus Australia, the Blind Creek Solar Farm and Battery project represented far more than another renewable investment. At $900 million, it is one of the country’s most significant hybrid solar battery developments and a flagship asset within Octopus Australia’s growing clean energy portfolio. 

Drawing on our relationship, we supported Octopus Australia with independent and reliable advice grounded in deep market understanding. Our modelling, recognised by their team as consistent and bankable, helped provide confidence as they approached financial close on this high profile and technically complex asset.

Supporting the financial close of a complex hybrid asset

Baringa was engaged to undertake the full suite of market and network modelling for Blind Creek. As part of the project, we tested new methodologies and created a framework capable of accurately reflecting hybrid dispatch behaviour in the National Electricity Market (NEM), specifically reflecting requirement to follow dispatch instructions from the NEM Dispatch Engine.

Our work included:

• Asset specific market revenue projections, accounting for evolving price dynamics, hybrid dispatch interactions, technology behaviours and long term supply–demand fundamentals.
• Detailed network studies, examining future network augmentations, congestion risks and system level drivers that could influence long term performance.
• Consideration of policy changes, future market reform and emerging system constraints, ensuring Octopus Australia had a forward looking view grounded in robust evidence.
• Iterative analysis and responsive support throughout the due diligence process, working closely with Octopus Australia, counterparties and lenders to address queries, refine inputs and ensure a smooth, confident path to close.

Strengthening Australia’s path to reliable renewable power

The Blind Creek Solar Farm and Battery reaching financial close marks an important step for both Octopus and Australia’s clean‑energy transition. Once operational, it will provide significant clean power supported by a large‑scale battery that delivers firm energy when it’s needed most. 

For Octopus Australia, the project strengthens their position as a leading renewable energy fund manager and developer and demonstrates their ability to deliver large, complex, next-generation infrastructure with strong institutional backing. For Australia, it represents another tangible move toward a reliable, decarbonised energy system.