Atmos Renewables has reached financial close on the 400MW/1,600MWh Teebar battery energy storage system (BESS) in Queensland, backed by Australia’s federal Capacity Investment Scheme (CIS).
Atmos Renewables is an Australian renewable energy developer and owner-operator backed by Igneo Infrastructure Partners, holding interests in more than 1.8GW of wind, solar and storage assets across the National Electricity Market (NEM).
The company announced Teebar BESS’s financial close on 2 October, alongside the Parron Maam Marang wind farm, a separate project reaching the same milestone within days of the battery storage system. Parron Maam Marang will be a 470MW wind power generation plant in Western Australia.
Teebar BESS is located beside Powerlink’s Teebar Creek substation in Queensland’s Fraser Coast region and will provide 4-hours of storage duration, charging when supply is abundant and discharging during periods of higher demand.
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The project brings Atmos Renewables’ total CIS-backed battery storage capacity through financial close to 2,000MWh, combining Teebar with the 100MW/400MWh Merredin BESS in Western Australia, which the company took through financial close in June 2025 as its first greenfield development to enter construction.
Merredin was developed in partnership with Nomad Energy and began construction the following month, becoming the first project in Western Australia to reach the construction phase under the CIS after succeeding in the state’s first CIS tender round.
The CIS underwrites long-term revenue for eligible generation and storage projects selected through competitive tender, providing a federal policy mechanism intended to support investment decisions as coal-fired generation continues to retire from the NEM.
Atmos Renewables CEO Nigel Baker said reaching financial close on Teebar and Parron Maam Marang within days of each other reflected the company’s ability to progress projects from development through to construction and operation.
“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, adding that the battery storage and wind projects “meet market needs for the firming and generation capacity required in Australia as electricity demand grows and ageing generation retires.”
Danny Latham, partner and head of Igneo Infrastructure Partners for Australia and New Zealand, said the milestone demonstrated the scale of opportunity the company continues to see in the battery storage and wider renewable energy sector.
“Supported by the long-term commitment of Igneo investors, including MLC and CBUS, we continue to see significant opportunity to invest in renewable energy generation and storage capacity,” Latham said.
Atmos will retain ownership of Teebar BESS through construction and operation, adding it to a national portfolio the company says already includes more than 1.5GW of operating and in-construction wind, solar and storage capacity.
Battery storage financing activity builds on a pattern of expanding lender appetite
The Teebar financial close extends a run of BESS-focused financing activity Atmos Renewables has pursued across its Australian portfolio over the past year.
The company completed a green loan portfolio refinancing in December 2025, consolidating asset-level debt across its solar, wind and storage assets under the Asia Pacific Loan Market Association’s Green Loan Principles, a transaction that was oversubscribed and drew a syndicate of sixteen domestic and international banks, including Bank of China, HSBC, Commonwealth Bank, Rabobank, DBS Bank and NAB.
Proceeds from that refinancing were earmarked to support Merredin’s construction alongside priority battery storage and wind projects, then targeting financial close, including Teebar BESS itself.
Government-backed development pathways have also played a role in advancing Atmos Renewables’ broader battery storage pipeline.
The Victorian government approved a 300MW/1,140MWh battery storage project for Atmos Renewables in Heywood through its Development Facilitation Program in February 2026, a fast-tracked planning pathway the state expanded to cover renewable energy projects, which it says has unlocked more than AU$9 billion (US$5.84 billion) in investment across 25 projects since that expansion.
That Heywood project remains in the company’s pipeline alongside Teebar as part of a broader push into battery storage development across multiple NEM states.
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