As developers push to de-risk projects and investors hunt for predictable returns, the BESS offtake market in the NEM is evolving fast. Ampyr’s recently announced offtake stacking for its Bulabul battery - pairing a Zen Energy virtual toll with a capacity swap from InCommodities - marks the next step in that evolution. These contracts don’t just stack; they serve distinct strategic roles in financing and revenue shaping.
Bulabul is a 300 MW, two-hour battery supplied by Fluence, located in Wellington, Central New South Wales. It is currently under construction and is expected to be online by the start of 2027.
In this article, we look at what a capacity swap is, how the contracts are structured, and run through a case study of what it could mean for project returns.
The offtake market and contract stacking were topics in our recent interview with Ampyr’s CEO, Alex Wonhas. Starting at 06.29, Alex discusses the role an offtake plays in reaching FID, the ability for stacking, how these contracts can be physically delivered, and more.
Bulabul: An example of offtake contract stacking in the NEM
Bulabul is the second battery to have confirmed stacking of multiple offtake contracts in the NEM so far. The first is Western Downs, which now has three virtual toll contracts across its two units, from AGL, Shell Energy and Engie. However, Bulabul is the first to stack two different contract types: a 150 MW virtual toll from Zen Energy and a 120 MW “capacity swap” from InCommodities.
