Global renewable energy leader EDP, through EDP Renewables Australia (EDPR Australia), will partner with QIC to deliver its first Australian project after signing an exclusivity agreement on the Punchs Creek Renewable Energy Project in Queensland’s Toowoomba region.
The agreement marks a significant step toward a potential long-term partnership between QIC and EDP to accelerate the development and investment of large-scale renewable energy projects across Australia.
Punchs Creek, is a 480MW solar farm co-located with a 400 MW / 1,600 MWh battery energy storage system (BESS) targeted for financial close in early 2026.
Expected to benefit from a long-tenured offtake contract, the project offers the potential for stable revenue streams while providing a substantial contribution to Queensland’s renewable generation capacity.
QIC Head of Global Infrastructure Ross Israel said Australia’s energy transition required partnerships of complementary capabilities to accelerate the deployment of renewables and storage infrastructure at scale.
We have long recognised that collaboration between institutional investors, infrastructure managers and developers is central to realising opportunities across the energy value chain.
Ross Israel - QIC Head of Global Infrastructure
“While EDPR has an operational footprint spanning four continents, Punchs Creek marks their first Australian project as part of a pipeline of solar and battery storage opportunities.
“QIC is pleased to support bringing their global development capabilities to Queensland and see significant merit in combining EDPR’s technical excellence with QIC’s deep local market knowledge.
“This pairing provides a strong platform to deliver new solar and battery storage at scale and speed, demonstrating both the attractiveness of Queensland as an investment destination and QIC as a trusted local partner.”
QIC Infrastructure Partner Patrick Mulholland, who leads QIC Infrastructure’s Australian energy sector strategy, said the Punchs Creek project complemented QIC’s existing portfolio of energy transition assets and pipeline of further significant energy transition infrastructure investment.
Having increased our majority ownership of Tilt Renewables this week, QIC is positioned to capitalise on the growth potential of Australia’s largest portfolio of operating wind assets.
Patrick Mulholland - QIC Infrastructure Partner
“With a focus on solar and battery storage projects, the partnership we are building with EDPR perfectly complements Tilt’s wind-focused strategy. It provides the option for EDPR, Tilt and QIC to explore the possibilities of developing a market leading combination.
“We are excited to unite local and global expertise to accelerate Australia’s shift to clean energy and deliver long-term value for our investors.”
EDP Renewables APAC CEO Miguel Fonseca said this strategic step builds on EDPR’s recent momentum in the Australian market.
“EDPR views Queensland and Australia as key markets with strong fundamentals for renewables and is focusing on scaling hybrid projects, with the aim of deploying material capacity by 2030 as part of a longer-term pipeline of about 4GW," Mr Fonesca said.
“As a leading Australian infrastructure manager with more than a decade investing in the energy transition, QIC brings everything we look for in a local partner to unlock these projects and explore further opportunities.”
Both parties are currently negotiating the transaction documents related to this joint investment.
Demonstrating QIC’s ability to accelerate the delivery of new energy projects in Queensland, the partnership follows QIC’s appointment to lead an investor gateway designed to connect investors and developers with opportunities on priority energy projects under the Queensland Government’s Energy Roadmap.
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QIC Infrastructure is a long-term infrastructure investor with an established international platform, an active management approach and a proven 19-year track record. With an international team of 91 professionals across five offices, QIC Infrastructure manages A$41.4bn (US$27.1bn) across 21 international direct investments and has realised in excess of A$19bn back to its clients (as at 30 June 2025).
EDP Renewables Australia is committed to sustainable development and ongoing stakeholder engagement throughout the project lifecycle. The company aims to accelerate Australia's energy transition through integrated technologies, local partnerships, and the global expertise of EDP as a leading integrated utility. Recognised by S&P Global CSA as one of the most sustainable electric utilities in the world and currently with about 32 GWp of generation assets under operation.