Hamilton Locke Advises Octopus Investments Australia and CEFC on Successful VRET2 Auction

Hamilton Locke acted as lead counsel for the joint venture between Octopus Investments Australia (Octopus) and the Clean Energy Finance Corporation (CEFC) in the reverse auction of the Victorian Renewable Energy Target 2 (VRET2). On 7 October the Victorian Government announced that the joint venture had been awarded a supply contract for the Fulham utility scale solar and DC coupled battery project in Gippsland, Victoria.

The project has the potential to contribute significantly to the Victorian renewable electricity supply with a solar capacity of 80MWac and large-scale storage of 116MWh. Construction of the project is set to begin in Q2/Q3 2023. The Fulham project is expected to be the first of many major projects in the Gippsland region by Octopus and the CEFC, supporting the energy transition of Gippsland over the coming years.

Commenting on the announcement, Matt Baumgurtel, New Energy Lead Partner at Hamilton Locke said:

The VRET2 reverse auction was one of Australia’s most competitive and highly regulated processes and we are glad to have assisted Octopus and the CEFC in navigating the process successfully.

The Fulham PV DC coupled BESS project will be a market first. We congratulate Octopus and the CEFC on the award of the VRET2 supply contract, which is a testament to the quality of the joint venture’s offering.

The Victorian Government’s leadership in relation to renewable energy and energy storage projects is exemplified by the award of this supply contract and is consistent with its leading position in relation to the renewable energy transition in Australia. Working with key industry players Octopus and the CEFC will help achieve its goal of energy storage targets of at least 2.6GW and 6.3GW of capacity by 2030 and 2035 respectively.

It has been a pleasure working with Octopus and the CEFC during this process and we very much look forward to continuing our relationship into the future.” 

For more information, please contact Matt Baumgurtel – New Energy Lead Partner at Hamilton Locke.

The team at Hamilton Locke was led by New Energy Lead Partner Matt Baumgurtel with support from Senior Associate David O’Carroll, lawyer Andrew Smith (alumnus) and lawyer Cedric von Duering.