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US-based energy infrastructure company, Energy Vault, has completed the acquisition of the project land for its 125 MW / 1 GWh Stoney Creek Battery Energy Storage System in Northern New South Wales, moving the project closer to construction.
The land was previously held under a lease agreement but is now fully owned by Energy Vault following approval from the Foreign Investment Review Board. The company describes the transition from lease-based control to full ownership as a step that strengthens its position across the development, construction, operation and long-term management of the asset.
Construction timeline
Construction of the Stoney Creek BESS is expected to commence in the first quarter of 2027, with commercial operations targeted for the first half of 2028, subject to final approvals.
The project is designed to provide eight hours of dispatchable energy storage capacity and is supported by a 14-year Long-Term Energy Service Agreement awarded through AEMO Services under the New South Wales Electricity Infrastructure Roadmap. The agreement is expected to provide annual revenue of approximately $25 to $30 million per year.
A build, own and operate asset
Stoney Creek sits within Energy Vault’s Build, Own and Operate portfolio, a model through which the company develops, constructs and retains ownership of energy infrastructure assets rather than selling them to third parties after completion.
Chief Development and Operations Officer of Energy Vault, Akshay Ladwa, framed the land acquisition as an execution milestone.
“With long-term site ownership secured and a 14-year LTESA in place, Stoney Creek represents the type of high-quality infrastructure asset at the core of our Build, Own and Operate strategy, combining contracted revenue visibility with long-duration asset ownership and the potential to generate durable recurring cash flows,” Ladwa explained.
Australia as a growth market
Chief Revenue Officer of Energy Vault, Marco Terruzzin, pointed to Australia as a strategic market for the company.
“Australia remains a strategic growth market for Energy Vault, and Stoney Creek demonstrates our ability to move large-scale projects systematically through development and into construction,” Terruzzin noted. “We remain focused on disciplined execution as we scale a global portfolio of owned energy infrastructure assets designed to deliver predictable, long-term value.”
Grid role
The Stoney Creek BESS is expected to provide dispatchable capacity to the New South Wales power system, supporting grid reliability and the continued integration of renewable generation. Energy Vault plans to use its VaultOS energy management platform to optimise asset performance, market participation and lifecycle operations.
As the project advances toward construction, it is expected to expand Energy Vault’s Australian Build, Own and Operate portfolio and contribute to the company’s growing base of contracted recurring revenues.
Last Updated on September 4, 2026 by Nick Ross
