Bison Energy Group has sold a 2.25 GW solar and battery portfolio across Australia and New Zealand to I Squared Capital, which is seeding a new integrated IPP platform, ANZA Power, with a $300 million equity commitment. The assets sit largely in development and will now be advanced under a single operating and capital structure.

The key insight is not scale. It is control over hybrid dispatch. Of the portfolio, 1.44 GW is co-located solar + BESS, alongside 530 MW of standalone storage and 278 MW of solar-only assets. This is a deliberate weighting toward assets that can shape output, manage congestion, and monetize volatility rather than remain price-takers.

That structure matters in Australia’s and New Zealand’s power markets, where curtailment risk and negative pricing are no longer edge cases. Owning both generation and storage at the node allows ANZA Power to arbitrage, firm supply, and protect long-dated revenues. The 20-year PPA with a tier-1 hyperscale customer on the Victorian and NSW hybrid assets locks demand while preserving operational optionality behind the meter.

Commercially, this signals that large infrastructure funds are moving past pure pipeline aggregation. Capital is now underwriting execution-ready hybrid platforms with the balance sheet to carry projects through grid friction and market volatility. ANZA Power is positioned as an operator, not a trader of development risk, and that distinction is where value is being concentrated in ANZ renewables.

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