Singapore-headquartered clean energy developer Vena Energy has raised AU$1.4 billion (US$970 million) in green finance to support 614MW of solar PV capacity and 1,141MWh of battery energy storage systems (BESS) in Australia.
The financing was provided by a range of lenders, including BNP Paribas, ING Bank, and Sumitomo Mitsui Banking Corporation, and is split across two transactions.
The first transaction “supports” 294MW of operational solar PV capacity – although the company did not specify how this money would be used at the projects – alongside 320MW of solar capacity and 408MWh of BESS that is currently under construction.
The second transaction will support two “adjacent” BESS projects under construction in New South Wales, with a combined capacity of 583MWh, and the 150MWh BESS component of the Wandoan South Project currently in operation in Queensland.
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“This is a significant milestone for our Australian business and a strong endorsement of the quality of our solar and battery strategy and assets,” said Vena Energy head of Australia Owen Sela.
“By aligning financing structures with complementary assets, we are able to continue scaling our Australian platform and delivering infrastructure that supports grid stability, reliability and the integration of more renewable energy into the system.”
Vena Group CIO Simone Grasso added that Australia is a “key market” within the company’s portfolio, and this week’s financing follows the start of expansion work at the solar PV component of the Wandoan South project last year.
The company has also divested from projects in other regions, having sold a 6GW renewable energy portfolio to Indian independent power producer (IPP) Inox Clean Energy last month.
Vena Energy’s broader Australian battery storage pipeline
The AU$1.4 billion financing consolidates a battery storage pipeline that Vena Energy has been assembling across South Australia, New South Wales and Queensland over the past two years.
The 408MWh BESS component of the first transaction is under construction at Tailem Bend in South Australia, forming the third phase of Vena’s hybrid renewable energy development at the site.
The new BESS sits adjacent to two of the company’s existing facilities at Tailem Bend, which together comprise the earlier phases of the project. Construction commenced in December 2025.
On the revenue contracting side, Vena secured an AU$200 million long-term revenue share agreement with Danish energy trading company InCommodities in March 2026 for a 204MW/510MWh BESS in Central West New South Wales.
Under that arrangement, InCommodities will optimise and trade the battery’s output in the NEM over the contract term, providing Vena with contracted revenue that supports project financing while giving the trading counterparty direct access to large-scale storage dispatch capability.
Vena has also been expanding storage at its existing solar assets. The company added a 41.5MW BESS to its solar PV plant in South Australia, co-locating the battery with an operational generation asset to improve dispatchability and capture additional revenue through energy arbitrage and ancillary services.
That project, which used Tesla Megapack technology, was one of the earlier additions to what has since grown into a multi-site battery portfolio spanning three states.
This article first appeared on our sister site PV Tech. Additional reporting by George Heynes.
