INPEX Reaches Final Investment Decision on Solar and Battery Storage Project in New South Wales, Australia
Tokyo, Japan - INPEX CORPORATION (INPEX) announced it has reached a final investment decision (FID) on a photovoltaic and battery energy storage system (BESS) project (hereinafter “Quorn Park Hybrid Project”) in New South Wales, Australia, through Enel Green Power Australia Pty Ltd (EGPA), in which it has a 50 percent stake.
The Quorn Park Hybrid Project will provide a power supply combining a 98 MWdc (80 MWac) of photovoltaic power generation and 20 MW/40MWh battery energy storage system connected to a grid, and will be one of the most advanced hybrid projects in Australia. The project is expected to help maximize revenue and stabilize the grid by efficiently charging and dispatching electricity generated from solar power and regulating the electricity sent to the grid.
This marks the first instance in which INPEX has reached an FID in the renewable energy sector in Australia since it acquired 50 percent of shares in EGPA from Enel Green Power S.p.A., a subsidiary of Italian utility company Enel S.p.A. in September 2023.
EGPA is currently engaged in renewable energy operations including hybrid power generation combining photovoltaic and wind power generation with BESS across Australia, as well as the expansion of innovative solutions including retail and trading. INPEX plays an active role in managing EGPA’s renewable energy portfolio and supporting the company’s business development as it seeks to enhance EGPA’s output capacity.
INPEX seeks to enhance and emphasize its renewable energy initiatives, which are one of the 5 net zero businesses outlined in its Long-term Strategy and Medium-Term Management Plan (INPEX Vision @2022) formulated in February 2022. This project is expected to contribute to the energy transition in Australia, which is one of INPEX’s core business areas, and help achieve the country’s net zero targets. Going forward, INPEX will continue to proactively engage in transforming the energy landscape towards the realization of a net zero carbon society by 2050 while fulfilling its responsibility of developing and providing a stable supply of energy.
About INPEX
INPEX CORPORATION is Japan’s largest exploration and production (E&P) company and is currently involved in projects across multiple continents, including the Ichthys LNG project in Australia (as Operator). By thoroughly making its oil and gas business cleaner while expanding its five net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, ammonia and renewables as a pioneer in energy transformation. For more information, visit https://www.inpex.co.jp/english/index.html.
Media Contact: INPEX Tokyo Office, Public Relations Group, Tel) +81-3-5572-0750
