Octopus Buys Major Australian Battery Projects Worth $2 Billion

The Australian arm of Octopus Energy Group Ltd. will acquire two local battery projects worth more than A$3 billion ($2.1 billion), expanding the UK company’s footprint in a country that’s seeking to rapidly replace its aging coal fleet with clean energy sources.

Octopus Australia bought the A$2.4 billion Hanworth Battery Energy Storage System in New South Wales as well as the Dunmore Solar Farm and Battery project in Queensland, which is worth about $900 million, the company said in a statement.