Vena Energy has signed a long-term revenue share agreement with Danish energy trading company InCommodities for its 204MW/510MWh Bellambi Heights battery energy storage system (BESS) in Central West New South Wales, Australia.
This marks InCommodities’ largest single asset commitment in Australia and brings the Danish firm’s total investment in the Australian energy market to nearly AU$500 million (US$354 million).
The agreement, valued at approximately AU$200 million, was formally signed during the Danish Royal State Visit to Australia.
The state visit focused specifically on strengthening collaboration between the two nations on renewable energy generation and grid infrastructure development as Australia accelerates its decarbonisation pathway.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Under the revenue share structure, InCommodities provides revenue certainty for the development and operation of the Bellambi Heights project, assuming market risk and trading responsibilities while Vena Energy retains ownership and operational control of the asset.
This arrangement differs from traditional power purchase agreements by sharing both upside potential and downside risk between the developer and the offtaker, a structure that has gained traction in markets with high renewable energy penetration where battery revenue streams remain volatile.
Construction of the battery is currently progressing, with initial energisation expected in late 2026 and full commercial operations targeted for mid-2027.
Owen Sela, Head of Australia at Vena Energy, described the agreement as validation of both the project’s strategic positioning and the broader investment case for grid-scale storage.
“This agreement represents a significant vote of confidence in Australia’s clean energy transition and demonstrates the crucial role that international investment plays in building the grid infrastructure we need for the future,” Sela said.
“The Bellambi Heights BESS will provide critical grid stability in New South Wales, helping to balance supply and demand as renewable energy generation continues to scale across the region.”
InCommodities expands Australian footprint
The Bellambi Heights deal represents InCommodities’ most substantial single-asset commitment since entering the Australian market in 2024.
Andrew Koscharsky, head of power trading for Australia and New Zealand at InCommodities, said the agreement brings the company’s total contracted portfolio in Australia to nearly 700MW across solar, wind and battery storage technologies.
“This deal with Vena Group brings InCommodities’ total Australian investment commitment to nearly AU$500 million and reflects our long-term commitment to the Australian energy market,” Koscharsky said.
“Announcing this agreement during the Danish State Visit underscores the growing alignment between Australia and Denmark on renewable energy investment and critical grid infrastructure.”
The agreement adds to Vena Energy’s expanding battery portfolio in Australia, where the company previously added battery capacity to its 87MW solar plant in South Australia and last year signed battery energy storage system agreements with CATL for projects supporting the Indonesia-Singapore renewable energy corridor.
