QPM Energy has secured a funding agreement worth almost $114 million with Macquarie Bank to support the construction of a gas power station in Queensland. This highlights the state’s ongoing reliance on fossil fuels as it transitions to a lower-carbon energy system. The 84-month funding agreement will facilitate the building of the 112-megawatt Isaac power station in the Moranbah region, as well as cover its initial five years of operation. This arrangement will enable QPM to purchase two gas turbines from GE Vernova, the equipment supplier.
QPM Energy focuses on developing and operating power generation assets. The company aims to provide reliable and sustainable energy solutions. The new gas power plant is projected to commence operations by mid-2027, though a final investment decision is still pending. QPM is receiving advisory services from RBC Capital Markets regarding the funding package necessary to cover the remaining project costs for the power station.
This development occurs as the Queensland government prepares to release its updated energy plan. The plan is expected to involve extending the operational life of state-owned coal power stations beyond the previously established 2035 closure date set by the prior government.
Gas power is anticipated to play a significant role in the updated energy plan. To support this, a $400 million energy fund will be established to expedite investments in firming and dispatchable generation sources that can be activated on demand.
