Q4 2025 was the busiest quarter of the year for Australian BESS, solar, and hybrid financing transactions and offtake agreements, delivering over 2.6 GW of project deals. The quarter represented 34% of all deals, but only 23% by MW transacted.

Four projects reached project financing. Another four secured some form of offtake agreement. Meanwhile, four batteries and Alinta Energy went through mergers and acquisitions (M&A).

This is the first edition of Modo Energy’s Australia BESS, solar and hybrid financing report. It tracks project finance, M&A, equity investment and offtake agreements announced in Q4 2025. It also steps back to assess the full 2025 picture.

​Capacity values reflect that of individual transacted projects, and not where full portfolios have been transacted. This report captures publicly disclosed information only, and so private deals can be missed.

Executive summary

• Q4 2025 delivered 1.6 GW of BESS transactions (financing and M&A), 27% of 2025’s total 5.8 GW BESS volume.
• 4 BESS projects secured offtake agreements in Q4, along with 1 solar project.
• BESS led activity while solar softened. Q4 captured 2.14 GW of battery capacity versus 655 MW of solar. 84% of solar volume sat within hybrid projects.
• BESS project durations converged on 4 hours. Median duration moved from 2 hours in Q1 to 4 hours by Q3 and Q4, signalling a structural shift in system design.
• Westpac and Deutsche bank represented the greatest project financiers in Q4.

​Active quarter for capital in Australian BESS and Hybrids

Q4 2025 saw 16 deals across financing, M&A, and offtake agreements, covering both standalone and hybrid BESS.

The quarter delivered 2.16 GW of M&A and financing transactons. Solar counted for less at 675 MW, down from previous quarters, with 90% of that sat in hybrid projects.

Blind Creek, Golden Plains, Bennetts Creek, and Elaine reached project financing. Templers, Bulabul, Golden Plains, and Western Downs Stage 3 BESS secured some form of offtake agreement.

Meanwhile, batteries Coleambully, Tungkillo, and Northern battery, alongside the hybrid project Gunning Energy Park swapped hands. More significant on the M&A side was the acquisition of utility Alinta Energy by Sempbcorp Industries for $6.5B.