Q4 2025 was the busiest quarter of the year for Australian BESS, solar, and hybrid financing transactions and offtakes agreements, delivering over 2.6GW of project deals. The quarter represented only 23% of the full year's MW volume, but 34% of deals counted.

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

This is the first edition of Modo Energy’s Australia BESS, solar and hybrid financing report. It tracks project finance, mergers and acquisitions (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 transactions and offtake agreements only. Actual deal flow may be higher.

Executive summary

• Q4 2025 delivered 1.6 GW of BESS transactions (financing and M&A), 27% of 2025’s total 5.8GW BESS volume.
• 4 BESS projects secured offtake agreements in Q4, along with 1 solar project.
• BESS dominated 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 strong momentum across financing, M&A and offtakes, with capital flowing into both standalone and hybrid BESS.

The quarter delivered 2.16GW 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.