Highlights

  • Frontier Energy has executed all major contracts for Stage One of the Waroona Renewable Energy Project.
  • Stage One comprises a 132MW solar Facility and an 81.5MW / 6.9-hour battery energy storage system.
  • Major equipment and EPC contracts are fixed price and form the majority of the $310 million project budget.
  • The project is fully funded, with a further $22 million contingency included.
  • Site works are scheduled to commence in September 2026, while first generation is targeted for 2028.

Frontier Energy Limited (ASX:FHE) has executed all major contracts required for Stage One of the Waroona Renewable Energy Project in Western Australia, moving the development into a more advanced delivery phase ahead of planned site works this month.

Frontier shares were trading flat at AUD 0.21 during the afternoon Trading session on 1 September 2026. The stock remained down 8.70%, or AUD 0.02, over the past year.

The contracting package covers the major equipment, construction and grid-connection elements for a 132MW solar facility paired with an 81.5MW / 6.9-hour battery energy storage system, with fixed-price arrangements making up the majority of the project’s $310 million budget.

Major Contracts Now Executed

Frontier said all major equipment and construction contracts for Stage One are now in place.

The fixed-price structure is intended to provide greater certainty over project delivery and cost outcomes, with the contracted amounts broadly in line with the company’s previous expectations.

The $310 million project budget is fully funded and includes an additional $22 million contingency.

Frontier has also secured credit-approved commitments for Debt finance and recently completed a Capital raising to support development.

Site works are scheduled to begin in September 2026.

Executive Chairman Jamie Cullen described the contracting milestone as an important step in moving Waroona toward construction.

Solar and Battery Scale

Stage One combines utility-scale solar generation with long-duration battery storage.

The solar component will have a capacity of 132MW, while the battery system will provide 81.5MW of power with 6.9 hours of storage.

Frontier said the configuration is designed to capture solar generation during the day and dispatch electricity into the grid during periods of higher-value evening demand.

The company plans to install more than 200,000 solar panels across the project.

Those panels will have individual capacities of 650W and 655W, with the first batch scheduled to arrive in January 2027.

First generation from Stage One is currently scheduled for 2028.

Tier-One Equipment Suppliers

Frontier has locked in a number of large international suppliers across the main equipment packages.

LONGi will Supply the photovoltaic panels. The company described LONGi as the world’s largest PV panel manufacturer.

Trina Storage will provide the battery energy storage system, with the contracting arrangements including a 20-year warranty and long-term services agreement.

SMA Australia will supply the inverters required to convert direct-current solar generation into alternating-current electricity suitable for the grid.

Nextpower will provide the tracker system used to rotate the solar panels along a north-south axis and follow the sun from east to west.

A purchase order has already been raised for the tracker system, with first delivery expected in November 2026.

Construction Framework

Monford Group has been appointed to oversee construction and commissioning of the solar-BESS facility.

Global Power Services will handle substation works.

Frontier is using a free-issue contracting model, meaning the company is directly purchasing the major equipment and supplying it to Monford for installation.

Management said this approach gives Frontier greater control over equipment selection and allows it to establish direct long-term relationships with suppliers across the expected 30-year project life.

The structure is also intended to reduce EPC contract value and contractor margins while giving Frontier immediate ownership of the equipment.

Monford will take delivery of equipment at Fremantle Port and manage transport, installation and commissioning.

Grid Access Turns Unconditional

Another key development is that Frontier’s connection arrangements with Western Power are now unconditional.

The Electricity Transfer Access Contract allows Frontier to export up to 99MW into the network through the nearby Landwehr Terminal.

It also allows the project to Import up to 95MW from the grid to charge the BESS when solar generation is low or unavailable.

The associated Interconnection Works Contract has also progressed.

Long-lead items for the connection works have been procured, the construction tender process is well advanced and factory testing of the connecting cable has been completed successfully.

This gives the project a defined grid pathway ahead of the main construction phase.

Expansion Potential Remains

Stage One uses only part of Frontier’s total Waroona landholding.

The company controls approximately 830 hectares of grid-adjacent freehold land, with only around 300 hectares committed to the initial development.

Management is already advancing Stage Two.

Frontier sees the remaining land, transmission access and location as potential advantages for future expansion and for servicing larger energy users or emerging power-intensive industries.

Cullen said the company is now focused on moving into construction while continuing to progress Stage Two opportunities.

Western Australia Strategy

Frontier is positioning Waroona as a large-scale renewable energy asset supporting Demand growth on Western Australia’s South West Interconnected System.

The project is located approximately 120 kilometres south of Perth.

Frontier’s strategy is to develop, own and operate long-life renewable infrastructure intended to provide contracted cash flows while contributing additional generation and storage capacity to the state’s electricity market.

Management has also pointed to the retirement of ageing fossil-fuel generation, population growth and data-centre demand as factors shaping the broader power market.

What Investors May Be Watching

The immediate focus now shifts to execution.

With the major contracting package in place, site works are expected to begin in September 2026, followed by staged equipment deliveries and construction activity through 2027.

Investors may also watch progress on the Western Power interconnection works, delivery of the first tracker systems in November 2026 and arrival of the first solar panels in January 2027.

The fixed-price structure and fully funded budget provide greater visibility over Stage One, although construction, commissioning and grid-delivery milestones will remain important through to first generation in 2028.

Beyond Stage One, the company is already assessing Stage Two opportunities across the remaining Waroona landholding.