en.Wedoany.com Reported - Queensland Investment Corporation (QIC) has officially launched the application process for the AUD 200 million (approximately USD 143 million) "North West Energy Fund" established by the Queensland Government in Australia.
The company is inviting energy developers, generators, electricity distributors, industrial customers, and local governments to submit investment bids for power generation and energy storage projects in the North West Minerals Province (NWMP) of Australia.
The fund will consider a range of options, including new energy generation facilities, gas-fired power plants, battery energy storage systems, and broader support for the North West Power System.
In addition to advancing localized energy solutions, Queensland will also undertake work to clarify operational and infrastructure needs to coordinate and mitigate risks for future investments in the region, while providing a basis for decision-making in the planning of the CopperString transmission project connecting Hughenden and Mount Isa.
This call for project proposals follows market research conducted by QIC in collaboration with over 20 organizations, including developers, suppliers, and local governments in and around Mount Isa, Cloncurry, Julia Creek, and Richmond.
QIC has released an investment guide for potential partners, outlining two key criteria: projects must achieve returns or commence commercial operations by 2030, and must be capable of reducing the cost of electricity delivery in the North West Minerals Province and surrounding areas.
Ross Israel, QIC's Global Head of Infrastructure, stated that the market research provided critical information, enabling QIC to accelerate opportunities to channel private capital into priority projects.
Background on the Construction of the CopperString Transmission Project
The establishment of the North West Energy Fund is a response to cost overruns on the CopperString transmission project. This 1,100-kilometer high-voltage transmission line from Townsville to Mount Isa aims to connect the North West Minerals Province to the Australian National Electricity Market (NEM) for the first time. Its total cost estimate has surged from an initial AUD 1.8 billion to over AUD 13.6 billion.
The Queensland Government subsequently scaled back the project, restoring the transmission capacity of the eastern line from 500kV to the original 330kV, and announced the establishment of the AUD 200 million North West Energy Fund to support locally tailored solutions in the Mount Isa, Cloncurry, Julia Creek, and Richmond areas, while the western line remains under evaluation.
The eastern line from Townsville to Hughenden is scheduled for completion by 2032, with preliminary work already underway on the AUD 225 million Flinders substation.
Queensland Treasurer and Minister for Energy David Janetzki stated that strong feedback was received during the market research, and new renewable energy generation projects to serve the Dugald River mine are already under consideration.
Janetzki said: "The North West Minerals Province is one of the most resource-rich regions globally, with potential critical minerals valued at up to AUD 700 billion."
Currently, the region relies on isolated diesel generators and gas-fired power plants, with mining operators generally citing energy costs as the primary constraint on expanding production and developing new projects.
The establishment of this fund comes at a time when battery energy storage systems in Queensland are reshaping the operation of the power system.
According to previous reports by industry media, on May 31, battery energy storage systems deployed in Queensland helped achieve a new record of 79.5% electricity share from "renewable energy + storage" projects. Among them, battery energy storage systems accounted for 16.9% of electricity consumption, nearly three times the 6.4% recorded a year earlier.
The expansion of battery energy storage systems in the state is occurring against the backdrop of Australia's rapidly growing market. According to the Clean Energy Council's "2026 Australian Clean Energy Report," Australia has become the world's third-largest utility-scale energy storage market, with 4.3 GW of large-scale battery energy storage projects reaching financial close in 2025.
