ACEN clinches long-term revenue deal in Australia

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June 1, 2026 | 12:00am

MANILA, Philippines — ACEN Corp. of the Zobel family has secured a long-term government revenue support contract for its large-scale solar and battery storage project in Australia.

The Australian government is backing ACEN’s Birriwa Solar project in New South Wales through a capacity investment scheme agreement (CISA) awarded under the latest competitive tender.

Developed through ACEN Australia, Birriwa Solar consists of a 600-megawatt solar farm paired with a 2,400-MW-hour battery energy storage system.

The CISA provides a revenue safety net for large-scale renewable energy (RE) projects like Birriwa Solar, helping reduce financial risk for developers.

Under the scheme, the government offers revenue underwriting that supports a minimum income level if market revenues fall short, while sharing in profits when revenues exceed agreed thresholds.

Birriwa Solar is among 19 RE projects that secured contracts under the program’s seventh tender, which the Australian government described as the “biggest single boost” to the country’s main electricity grid.

Australian Minister for Climate Change and Energy Chris Bowen expects the projects to deliver affordable clean power while generating jobs and attracting private investment.

“These projects will help keep the lights on, put downward pressure on power prices and cut emissions with the cheapest form of new energy, backed by storage,” Bowen added.

Once a CISA is signed, developers such as ACEN Australia are required to track and report progress against a series of key milestones until the project is operational.

These milestones typically include securing land tenure, planning and environmental approvals, a grid connection agreement, achieving financial close, construction and operation.

According to the Australian government, a project must first become operational and begin generating revenue before it can receive revenue underwriting, which can last from one to 15 years.

Last year, ACEN Australia was awarded a long-term energy service agreement for its 800-MW Phoenix Pumped Hydro Energy Storage. This provides greater revenue certainty for the company, helping mitigate key project development risks.

In Australia, ACEN has over one gigawatt of projects in construction and operation, with over 13 GW capacity in the development pipeline.