QPM Energy Limited (ASX:QPM) has executed a A$113.7 million Master Lease Agreement (MLA) with Macquarie Bank Limited, marking a significant milestone in the development of the 112MW Isaac Power Station (IPS) in Moranbah, Central Queensland.
The lease facility, provided through Macquarie’s Specialised and Asset Finance division, fully funds the acquisition, transportation, and delivery of two LM6000 gas turbines from GE Vernova, along with five years of initial operational support. The agreement underpins QPM’s targeted commissioning of the Isaac Power Station by mid-2027.
The bespoke lease structure, with a term of up to 84 months, covers both construction and early operations and has been secured on market-competitive terms lower than feasibility assumptions, reinforcing the strength and quality of the Isaac Power Station project.
The facility will be refinanced into a larger project finance facility following Final Investment Decision (FID). QPM and its financial advisor, RBC Capital Markets, continue to progress funding discussions with strategic investors and the Northern Australia Infrastructure Facility (NAIF).
Advancing Queensland’s Next Major Gas-Fired Generator
The Isaac Power Station is forecast to be the lowest-cost gas-fired power generator in Queensland, designed to provide firming capacity and reliability as the State transitions its energy system.
QPM is advancing multiple workstreams ahead of FID, including detailed engineering and design, tendering of major contracts, environmental and planning approvals, and grid connection processes with Powerlink Queensland.
QPM Energy CEO David Wrench said:
“Securing the Macquarie Lease Agreement is another major milestone for QPM Energy and the Isaac Power Station. With delivery of the gas turbines now locked in, the Company is well positioned to deliver Queensland’s next major gas fired power station on time and on budget.
The cost of finance of the MLA is lower than our Feasibility Study estimates enhancing the project’s capacity to generate robust financial returns for shareholders.”
About QPM Energy
QPM Energy Limited is a Queensland-based energy company focused on developing firming and dispatchable generation assets to support the State’s transition to renewable energy. Its flagship project, the Isaac Power Station, forms part of the broader Isaac Energy Hub in Moranbah, Central Queensland, and is strategically positioned to play a key role in providing reliable, lower-cost power to Queensland’s evolving energy mix.
About us:
QPM Energy Limited is a Queensland-based energy company focused on developing firming and dispatchable generation assets to support the State’s transition to renewable energy. Its flagship project, the Isaac Power Station, forms part of the broader Isaac Energy Hub in Moranbah, Central Queensland, and is strategically positioned to play a key role in providing reliable, lower-cost power to Queensland’s evolving energy mix.
Contact details:
For further information:
David Wrench – Chief Executive Officer
P: +61 7 3517 5900 | E: [email protected] | W: www.qpmenergy.com.au