Vena Energy Signs $200M Long-Term Battery Deal with incommodities at danish royal state visit
Vena Group has signed a long-term battery storage agreement with Danish energy trading company InCommodities for the Bellambi Heights Battery Energy Storage System (BESS) in Central West New South Wales, Australia.
The agreement, valued at approximately $200 million, was signed during the Danish Royal State Visit to Australia by Their Majesties The King and Queen of Denmark, which focused on strengthening cooperation and long-term Danish investment in Australia’s renewable energy and grid infrastructure.
Under the Revenue Share Agreement, InCommodities provides revenue certainty for the development of a 204MW BESS project developed by Vena Group.
This long-term commitment will support grid stability as renewable generation continues to scale across New South Wales. Construction of the battery is progressing, with initial energisation expected in late 2026 and full commercial operations by mid-2027.
Once operational, the Bellambi Heights BESS will charge from excess daytime solar generation and discharge electricity during periods of peak demand, supplying enough electricity to power the average consumption of around 280,000 homes for approximately two and a half hours. Located in Central West New South Wales, the project will provide critical firming capacity in a part of the grid with significant existing and planned solar generation.
Andrew Koscharsky, Head of Power Trading for Australia and New Zealand at InCommodities, said: “This deal with Vena Group brings InCommodities’ total Australian investment commitment to nearly $500 million and reflects our long-term commitment to the Australian energy market. Since entering Australia in 2024, we have focused on providing bankable offtake and risk-management solutions across nearly 700MW of solar, wind, and battery assets. Announcing this agreement during the Danish State Visit underscores the growing alignment between Australia and Denmark on renewable investment and critical grid infrastructure.”
Owen Sela, Head of Australia at Vena Energy, said: “We are pleased to be working with InCommodities on this long-term partnership. This agreement represents a significant vote of confidence in Australia’s clean energy transition and demonstrates the crucial role that international investment plays in building the grid infrastructure we need for the future. The Bellambi Heights BESS will provide critical grid stability in New South Wales, helping to balance supply and demand as renewable generation continues to scale across the region. Projects like this are essential to ensuring we can integrate more renewable energy into the network while maintaining the reliability that households and businesses depend on.”
Since entering the Australian market in 2024, InCommodities has focused on making long-term Power Purchase Agreement (PPA) commitments that support the growth and development of renewable generation and firming assets. The company brings experience from operating across some of Europe’s most renewable-heavy and volatile power markets, where large-scale batteries and long-term offtake structures play a critical role in maintaining grid stability.
Pictured L-R: John Dimech, InCommodities APAC CEO;Owen Sela, Head of Australia at Vena Energy; Andrew Koscharsky, InCommodities Head of Power Trading, Australia and NZ ; Jonathan Jorgensen, InCommodities Trading Manager. Photo credit: Sarah Moelsted/Danish Chamber of Commerce
Photo Credit: Sarah Moelsted/Danish Chamber of Commerce
ABOUT VENA GROUP
Vena Global Group Pte Ltd (“Vena Group”) is a leading green solutions provider driving the energy and digital infrastructure transition across the Asia-Pacific region. Through its renewable energy and digital infrastructure arms, Vena Group delivers integrated, sustainable, and cost-effective solutions that enable the region’s transition to a low-carbon, AI-driven future.
For more information, please visit www.venagroup.com.
ABOUT INCOMMODITIES
Founded in 2017 in Aarhus, Denmark, InCommodities is a global energy trading company operating across electricity, gas, and environmental products, with activities in 35 power markets and 16 gas markets across Europe, North America, and the Asia-Pacific region. The company combines deep market expertise with a technology-driven approach to trading and risk management.
In Australia, InCommodities focuses on long-term offtake and trading agreements across solar, wind, and battery assets, supporting investment in large-scale renewable generation and firming capacity in a rapidly evolving power market.
Download the InCommodities Annual Report here: Annual Report 2024 | InCommodities
