QPM Energy Limited (ASX: QPM) has announced a significant milestone for its Isaac Power Station (IPS) project, with the Northern Australia Infrastructure Facility (NAIF) granting approval to advance to the Due Diligence phase for potential debt financing.
This approval follows the successful completion of NAIF’s Strategic Assessment Phase and Northern Australia Infrastructure Facility Board endorsement for detailed assessment.
The Isaac Power Station, a 112MW fast-start gas-fired generation project in central Queensland, represents the first stage of QPM Energy’s broader Isaac Energy Hub.
Designed to provide dispatchable and reliable power, the IPS aims to support Australia’s renewable energy transition while ensuring grid stability amid the retirement of aging coal assets in Queensland.
The project aligns with the federal government’s Future Gas Strategy and Queensland’s five-year energy roadmap, both of which emphasise the essential role of gas in achieving net zero emissions.
QPM Energy is concurrently engaged in advanced discussions with other financiers and targets finalising a full funding package, including debt and equity, to enable a Final Investment Decision by the fourth quarter of 2025.
In a strategic move to secure project delivery amidst global supply chain challenges, QPM Energy has contracted two GE Vernova LM6000 aeroderivative turbines at a fixed price.
These turbines are critical for the fast-start capabilities of the gas-fired peaking plant, which is one of the few new gas generation projects expected to be operational in eastern Australia by 2027.
The Isaac Power Station will provide rapid-response, dispatchable electricity to firm intermittent renewable sources, addressing grid stability issues, and supporting the energy transition at both state and federal levels.
As a key infrastructure development, it is expected to play a pivotal role in Queensland’s energy future and Australia’s broader shift towards sustainable power generation.
