Octopus to Acquire Second Stage of Australian Wind Farm in Deal Worth More Than $2 Billion

Key Facts

Octopus has agreed terms to acquire Golden Plains 2 wind farm in the Australian state of Victoria in a deal worth more than $2 billion, according to a report published by AFR on Oct. 27, 2026. The deal targets the second stage of the Golden Plains project, which has a capacity of 577 megawatts. The transaction could transfer a major renewable energy asset, while the available report did not include details on closing conditions or the deal structure. The project is near the town of Rokewood, covering 16,723 hectares and about 60 kilometres northwest of Geelong. The second stage is part of a larger project comprising two stages with a total capacity of 1,333 megawatts.

The first stage has a capacity of 756 megawatts, while the second stage has a capacity of 577 megawatts and is the stage involved in the acquisition report. TagEnergy said construction of the second stage began in June 2024 and was expected to be completed in mid-2027. The stage’s plan includes installing 93 turbines, according to the company’s announcement in June 2024. The project announced that the first stage had been connected to and was operating on Victoria’s grid on Dec. 12, 2025. Part of the larger project had therefore entered operation before work on the second stage was complete.

Commercial and investment arrangements announced before the current deal report surround the second stage. EnergyAustralia contracted in September 2024 to buy about 40% of its output, or up to 345 megawatts, under a 10-year power purchase agreement. The agreement provides a long-term framework for marketing some of the electricity the stage will generate once operational. In October 2024, Ingka Investments announced an investment giving it a 15% stake in the second stage. Ingka Investments is the investment arm of Ingka Group, which owns IKEA stores. These earlier arrangements do not on their own determine the terms of the deal reported by AFR.

TagEnergy had secured non-recourse financing for the project from a group of lenders that included the Australian Clean Energy Finance Corporation, Commonwealth Bank of Australia, Westpac, Mizuho, Bank of China and Deutsche Bank, among others. Describing the financing as non-recourse means it was arranged on that basis for the project, without disclosing details of the new deal. The project’s official page shows an ownership structure comprising an 85% stake for TagEnergy and a 15% stake for Ingka Group in the east and west stages. The page also says the project will generate more than 4,000 gigawatt-hours of electricity a year when complete, enough to supply more than 765,000 homes. Those figures describe the full project, not the second stage alone.

TagEnergy said the full project would provide the equivalent of 9% of Victoria’s power when completed in mid-2027. The site also includes a 150-megawatt battery system with storage capacity of 600 megawatt-hours, construction of which began in early 2026, according to the project page. The storage adds another element to the site’s planned infrastructure alongside wind power generation, while the announced completion date for the second stage remains mid-2027. TagEnergy is also planning a third stage with capacity of between 700 and 1,000 megawatts. The stage remains in planning preparation and environmental referrals, and construction is expected to begin in late 2028 if it receives the necessary approvals.