Brisbane, June 2026 – Queensland’s state-owned investment arm QIC has opened bids for energy developers, generators, distributors, industrial customers, and local governments to secure funding for new generation and storage projects across the North West Minerals Province (NWMP).
The North West Energy Fund, valued at AU$200 million, will support proposals ranging from renewable generation and gas projects to battery storage systems and broader upgrades to the North West Power System. Proposals must either deliver benefits or reach commercial operations by 2030, and demonstrate improved cost of delivered power in the region.
QIC’s head of global infrastructure Ross Israel said the market sounding process, which engaged more than 20 organisations across Mount Isa, Cloncurry, Julia Creek, and Richmond, provided key insights to fast-track opportunities. “Supporting near-term investable projects that deliver reliable, affordable and sustainable energy will help unlock economic development opportunities in the North West,” Israel noted.
The fund was established in response to cost blowouts in the CopperString transmission project, which saw estimates rise from AU$1.8 billion to more than AU$13.6 billion. The Crisafulli government scaled back the project, reverting the Eastern Link to 330kV capacity and prioritising bespoke local energy solutions west of Hughenden. While the Eastern Link from Townsville to Hughenden is targeted for completion by 2032, the Western Link to Mount Isa remains under assessment, leaving the fund as the primary near-term mechanism for improving reliability.
Queensland Treasurer and Energy Minister David Janetzki highlighted the region’s potential, noting the NWMP could hold AU$700 billion in critical minerals. He said new renewable generation to service the Dugald River Mine is already under consideration. The region currently relies on diesel and gas generation, with high energy costs cited as a major constraint on mining expansion.
The launch comes as Queensland’s battery storage fleet reshapes system operations. On 31 May, batteries helped drive the state to a record 79.5% instantaneous renewables-plus-storage share of consumption, with battery contribution reaching 16.9% — nearly triple the level recorded a year earlier. Nationally, Australia has become the world’s third-largest utility-scale battery storage market, with 4.3GW of large-scale projects reaching financial close in 2025.
By connecting private capital with priority projects, the North West Energy Fund aims to deliver localised energy solutions, reduce costs, and strengthen resilience in one of the world’s richest mineral-producing regions.
