Hostplus and Rest join forces with CEFC to invest in Australian battery project

Australian super funds Hostplus which manages A$100 billion and A$66 billion Rest have teamed up with CEFC, the Australian government’s green bank to act as cornerstone investors for Octopus Australia’s acquisition of Blackstone, one of the nation’s largest battery projects.

Octopus Australia has acquired the Queensland-based battery development project from battery storage developer Firm Power.

The Blackstone project is close to Brisbane and connects into the cities’ 275kV high voltage transmission network.

Once up and running, Blackstone will store and dispatch 1 gigawatt-hour of stored electricity during times of peak demand or non-generation, offering the ability to power up to 70,000 homes for one day.

The Queensland government has committed to derive 80% of its energy from renewable sources by 2035.

Octopus has recently acquired a range of renewable energy projects in the area, including the 220MWh Ardandra Solar and BESS, and the 180MW Dulacca Wind Farm which is progressing through pre-commissioning.

The firm is now working with Powerlink, Australia's Ipswich City Council and Firm Power to complete development and expects to reach a final investment decision in the second half of 2025.