Golden Plains Wind Farm Stage Two, a 577-megawatt (MW) expansion near Geelong, Victoria, could change hands in a reported A$2 billion-plus (approximately US$1.4 billion) transaction. UK-based Octopus Investments has reportedly agreed to acquire the project from Portugal-based developer TagEnergy.
The proposed sale comes as the second stage progresses through commissioning, bringing Australia’s largest wind farm closer to its full generating capacity. Once both stages operate at full capacity, the Golden Plains complex will deliver approximately 1.33 gigawatts (GW) of renewable electricity. The transaction could also give TagEnergy additional capital to pursue other large-scale renewable energy developments.
Golden Plains Wind Farm Stage Two Sale Targets 577MW of Capacity
The reported acquisition covers the second stage of Golden Plains Wind Farm, rather than the entire development. The project sits near Rokewood in Victoria’s Golden Plains Shire, northwest of Geelong.
Stage Two will add 577MW through 93 wind turbines supplied by Danish manufacturer Vestas. Each turbine features a 6.2MW rating, using the manufacturer’s V162-6.2MW EnVentus platform.
Construction began in 2024 after TagEnergy secured financial close and arranged project financing. The developer appointed Vestas to deliver the engineering, procurement and construction contract. Meanwhile, AusNet Services handles grid connection works, while WestWind Energy manages the asset.
The second stage has already begun sending electricity to the grid as commissioning progresses. EnergyAustralia also holds a long-term agreement covering approximately 40% of Stage Two’s output. This arrangement supports the project’s revenue outlook while the remaining capacity advances toward full operation.
Golden Plains Wind Farm Stage Two Strengthens Renewable Infrastructure
The reported transaction highlights the growing investment value of operating and commissioning renewable energy infrastructure. For TagEnergy, a sale could release capital for other large-scale wind, solar and battery projects. For Octopus Investments, the acquisition would expand its exposure to Australia’s renewable energy market.
The complete Golden Plains development originally carried a reported budget exceeding A$4 billion. TagEnergy announced that figure when advancing the first stage, although construction costs have since faced pressure from labour and civil works expenses.
The first stage has a reported capacity of 766MW and already ranks among Australia’s largest operating wind farms. Combined with Stage Two, the complex will provide 1,333MW of generating capacity. The completed development is expected to supply electricity equivalent to the needs of hundreds of thousands of homes.
Additionally, the wider complex includes a 150MW battery with 600 megawatt-hours of storage capacity. Snowy Hydro has a virtual toll agreement associated with that battery, supporting its role in electricity system flexibility.
Golden Plains Wind Farm Stage Two Leaves Room for Further Expansion
Golden Plains could eventually grow beyond its two current stages. TagEnergy has outlined a potential third stage involving another 129 turbines and between 700MW and 1,000MW of additional generating capacity. However, the proposal still requires planning approval, with construction potentially starting in late 2028.
For now, the reported sale remains unconfirmed, and the second stage continues its commissioning process. Any final transaction details, including the confirmed purchase price and ownership transfer arrangements, remain subject to further disclosure.
Meanwhile, Western Australia is advancing its own pipeline of major wind and battery developments as the state prepares to replace retiring coal-fired generation. The proposed West Arthur Wind Farm, for example, combines up to 500MW of wind generation with a 500MW/2,000MWh battery storage system, subject to approvals. Together, these developments illustrate how investment in established projects and planning for new facilities are shaping Australia’s energy transition.
Project Fact Sheet
Name: Golden Plains Wind Farm Stage Two.
Type: Onshore wind energy generation and associated grid infrastructure.
Location: Golden Plains Shire, near Rokewood and northwest of Geelong, Victoria, Australia.
Cost: More than A$2 billion, approximately US$1.4 billion.
Transaction status: Reported agreement; not confirmed by buyer or seller.
Reported buyer: Octopus Investments, a UK-based investment company.
Seller and developer: TagEnergy, a Portugal-based renewable energy developer.
Stage Two capacity: 577MW.
Total planned capacity: Approximately 1,333MW across both main stages.
Stage Two turbine configuration: 93 Vestas V162-6.2MW wind turbines.
Main construction contractor: Vestas, under an engineering, procurement and construction contract.
Grid connection: AusNet Services.
Asset management: WestWind Energy.
Electricity offtake: EnergyAustralia holds a long-term agreement covering approximately 40% of Stage Two’s output.
Associated battery storage: 150MW power capacity and 600MWh energy storage.
Battery agreement: Snowy Hydro has a virtual toll arrangement associated with the battery.
Original whole-project budget: More than A$4 billion, according to earlier project reporting.
Project status: Stage Two is undergoing commissioning and has started sending electricity to the grid.
Potential future expansion: A proposed third stage could add 700MW to 1,000MW, subject to planning approval.
Project Team
Developer and seller: TagEnergy.
Reported prospective purchaser: Octopus Investments.
Engineering, procurement and construction contractor: Vestas.
Wind turbine supplier: Vestas, providing its V162-6.2MW EnVentus turbines.
Grid connection contractor: AusNet Services.
Asset manager: WestWind Energy.
Stage Two electricity offtake partner: EnergyAustralia.
Battery storage agreement partner: Snowy Hydro.
Stage One and Stage Two minority investor: Ingka Investments, which holds a 15% stake in each stage.
Project financing institution: Clean Energy Finance Corporation (CEFC), which has supported the wider development through debt financing.
Other reported project lenders: Commonwealth Bank of Australia, Westpac, Bank of China, Mizuho Bank, Deutsche Bank and Denmark’s Export and Investment Fund.
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