Precedent legal documents from the commercial equity arrangement the Wellington Aboriginal community negotiated with AMPYR Australia for the Bulabul Battery project have been publicly shared, offering a template for First Nations equity participation in other projects. 

The Wellington Aboriginal community in NSW has secured an option for a 5% equity stake in a Battery Energy Storage System (BESS) project to be located on Wiradjuri Country, some 3km north-east of Wellington township in central west New South Wales.

The project is called Bulabul Battery.

The Bulabul Battery is being delivered in two stages:

• Bulabul 1 is beginning construction in 2025, with initial energisation occurring in mid 2026, and full operations by 2027.
• Bulabul 2 is expected to begin construction in in the second half of 2026, with energisation and full operations in 2027.

Overview

In mid-2025, renewable energy developer AMPYR and the Wellington Aboriginal Community (represented by a for-purpose community-controlled corporation, Wambal Bila Ltd) finalised and announced an equity partnership in relation to AMPYR’s Bulabul Battery. The Battery is being developed outside the town of Wellington in central west NSW.

This partnership gives Wambal Bila the option to acquire a non-voting 5% equity stake in stage 1 of the Battery project, and commits the parties to explore a similar stake for stage 2. With AMPYR’s active support, Wambal Bila is now negotiating concessional or other finance for its stake in the project.

It is estimated that the Bulabul 1 equity stake will generate returns of $20m-$30m for Wambal Bila (subject to financing costs and project performance) with additional returns available for stage 2.

The partnership provides a range of other economic and other benefits for the Wellington Aboriginal Community including jobs, training, project collaboration and cultural recognition. It also provides tangible benefits to AMPYR and the project, including social licence, consistency with Government expectations, and attractiveness to partners, including financiers and off-take customers. It is also consistent with AMPYR’s values.

Law firms Ashurst represented AMPYR in developing the structure, and Corrs Chambers Westgarth provided legal advice and repetition to the Wellington Aboriginal Community and Wambal Bila. Yamagigu Consulting provided financial advice and strategic support to Wambal Bila. Each firm acted pro bono to help develop this groundbreaking partnership model.

The partnership was negotiated and developed consistently with best practice set out in First Nations Clean Energy Network’s Aboriginal and Torres Strait Islander Best Practice Principles for Clean Energy Projects and the Clean Energy Council’s First Nations Engagement Guide for the Renewables Industry. It is consistent with Government expectations including the Commonwealth Government’s First Nations Clean Energy Strategy 2024-30.

Wambal Bila and AMPYR believe their equity partnership model can be adapted and improved on in other renewable energy projects. It can also be applied in other industries.

To support other proponents and communities explore similar partnerships, Wambal Bila and AMPYR have agreed to share information about the partnership and key parts of the transaction documents to form a guide and precedent set.

Notable partnership features

The Bulabul Battery equity partnership demonstrates the following notable features:

1. First Nations equity partnerships can be value-neutral or accretive to developers and an attractive feature for finance providers and offtake customers, with an acceptable risk-profile.
   The partnership was finalised as part of AMPYR’s financial close for stage 1 of the Bulabul Battery and supported by debt and equity financiers of the project (with Commonwealth Bank of Australia leading the senior debt group) and the Battery’s cornerstone offtake customer (Zen Energy).
2. First Nations equity partnerships can be agreed even where the local First Nations Community has no relevant native title or other land right.
   The Bulabul Battery is being developed on freehold land with no relevant native title or other First Nations land right. Proponents of developments on land or waters subject to native title or other First Nations land rights must comply with particular legal obligations.
3. First Nations equity partnerships can be achieved even where the local First Nations Community has no pre-existing suitable investment and community development vehicle.
   The Wellington Aboriginal Community established a new Community-controlled Corporation to hold its equity stake. This followed the Community’s decision that no existing Community entity was appropriately suited for this purpose. AMPYR has agreed to provide up to $300,000 over two years to support Wambal Bila’s initial operations, including training for directors and funding to establish core governance systems and financial controls. Wambal Bila is empowered to manage the equity stake, seek similar deals with other developers, and engage the Community in identifying and directing revenue to agreed economic, social and cultural priorities.
4. First Nations communities can negotiate equity partnership deals without a pre-existing economic base
   Wambal Bila had not secured finance for its equity stake at financial close of the project and the Community had no other pre-existing economic base. Instead, Wambal Bila negotiated a right (but not an obligation) to acquire a 5% equity stake in the project through a call option. Wambal Bila will have up to 15 months to finalise finance; this period will also allow the project to be de-risked through construction, giving Wambal Bila time and additional information before finalising its investment.
5. First Nations equity partnerships can be structured to avoid liability for the Community if the project fails or under-performs
   A strong theme in Community discussion and negotiation about a potential equity partnership was to avoid liability for the Community if the project fails or under-performs. This was achieved by establishing an intermediary trust (see below – the Wellington FNIC Trust) to hold Wambal Bila’s 5% equity stake in the project. This Trust will borrow funds for the 5% equity stake and be required to repay the borrower on agreed terms before the remaining revenue is distributed to Wambal Bila. Upon exercise of the option, ownership of the units in this intermediary trust will transfer to Wambal Bila. This means that Wambal Bila will not be liable for the principal or interest payments under the loan and have no direct liability if repayment obligations cannot be met from project returns.
6. First Nations equity partnerships can and should be adapted to the commercial and cultural needs of the parties and entered into consistently with the Community’s right to free, prior and informed consent
   The Wellington Aboriginal Action Panel, a Community-led group including elders, leaders and organisations across the Wellington Aboriginal Community, partnered with AMPYR to hold numerous workshops to discuss and develop the idea of an equity partnership. The Community was advised and represented by Corrs Chambers Westgarth, with financial advice and strategic support from Yamagigu Consulting. All features of the equity partnership, including buy-in price, preferred equity terms and rights, information rights and call options terms, were subject to informed and transparent negotiation and discussion. For example, the parties to the Bulabul equity partnership agreed to a discount entry price with preferred equity returns to comprise both a fixed annual distribution and a share in equity returns, with no downside protection. Other commercial agreements could be reached that best meet the parties’ needs. The parties agreed other commercial terms such as redemption and drag and tag rights freely and openly.

Scale of opportunity if partnership model replicated

It is conservatively estimated that, if 5% equity partnerships were agreed across the projected $122 billion cost of the clean energy transition, First Nations communities could generate annual $85 million returns after interest and costs for 20+ years.

This would provide a substantial revenue and capital base to support the economic empowerment and self-determination of participating First Nations communities, alongside broader social and cultural benefits.

The scale of benefits can grow through increased equity stakes and extending the model to other industries.

Information-sharing and precedent documents

To support the development of equity partnerships in other industries and places, Wambal Bila and AMPYR have agreed to share relevant and non-commercially-sensitive information about the partnership, including core parts of key legal documents.

This should be understood as a template that can inform and guide thinking on key legal terms. However, every equity partnership should be structured to reflect the terms that are openly and freely agreed by the parties.

The project structure, at financial close and following Wambal Bila’s anticipated exercise of its option to acquire an interest in the project, is summarised here.

This partnership transaction comprised six documents:

Participants learnt more about the commercial equity arrangement the Wellington Aboriginal community's investment vehicle Wambal Bila Ltd negotiated with AMPYR Australia for the Bulabul Battery project to be located on Wiradjuri Country in NSW in this webinar held on 18 December 2025.

Precedent legal documents used in the deal were revealed for First Nations and developers alike, offering a template for First Nations equity participation in other projects. 

The webinar attracted significant interest from First Nations communities and organisations, clean energy developers, the legal fraternity, investors and governments — showing what’s possible when First Nations lead and become genuine partners in Australia's clean energy transition.

• Access the precedent documents
• Watch the webinar