EDP has announced its entry into the Australian renewables market through a partnership with Queensland Investment Corporation (QIC) to deliver the Punchs Creek solar and storage hybrid project. Located in the Toowoomba region of Queensland, this marks the Portuguese energy company’s first large-scale renewables commitment in Australia. EDP is a global renewable energy company that develops, builds, and operates renewable energy projects. Queensland Investment Corporation is an investment management firm owned by the Queensland Government.
The two entities have signed an exclusivity agreement to collaborate on the Punchs Creek project. EDP indicated that this agreement could potentially lead to a long-term partnership aimed at accelerating the development and deployment of new renewable energy and storage projects across the country.
The Punchs Creek project boasts a substantial 480 megawatts of solar generation capacity, coupled with a 400 MW, four-hour battery energy storage system. The project is anticipated to reach financial close in 2026; however, EDP did not disclose the projected construction costs. EDP Renewables Australia reported ongoing advanced discussions to secure a long-term sales contract for the project’s output, further noting that it has already obtained underwriting support through the federal government’s Capacity Investment Scheme.
