🔒 CONFIDENTIAL BLIND ORIGINATION DOSSIER · SHAREABLE BAIT EDITION (PAGE 1: STRATEGIC BRIEF)
EXACT SPV ACNs, PARCEL ADDRESSES & DIRECT MOBILES HELD BY HATTR
DEAL 01 OF 06 · ARCHETYPE A · MULTI-LOT INDUSTRIAL SUBDIVISION
PAGE 1 OF 2 · ORIGINATION & STRATEGY
PROJECT IRONBARK — 180 ha Northern Corridor Heavy Industrial Park
NORTH-EAST METRO LGA · $79.8M settled Aug 2026 · ~130 industrial lots · 6.40 MW full build · Intercept: T-36 to T-24m
| Owner / SPV Proof |
VICTORIAN PRIVATE DEVELOPER A via two sequential SPVs incorporated on the exact same day (07 May 2026): SPV ALPHA-1 PTY LTD (ACN 697 XXX XXX) and SPV ALPHA-2 PTY LTD (ACN 697 XXX XXX — Corporate Trustee). ASIC VERIFIED Reported $79.8M (~$80M) acquisition settled in August 2026. |
| Size & Lot Yield |
176.0–180.0 ha gross (~135 ha net developable industrial land) yielding ~130 general & heavy industrial lots along the freight corridor. |
| Est. Electrical Load |
6.40 MW diversified maximum demand (~7.11 MVA at 0.90 PF) and 25.60 GWh/yr energy consumption (calibrated at 0.036 MW/gross ha to match ERA industrial licence filings). CALIBRATED LOAD Sits dead-centre in the 4–10 MW Goldilocks zone. |
| Stage & Intercept Window |
Phase 2–3 (Post-Settlement / Pre-WAPC Subdivision Lodgement · T-36 to T-24 Months). Land settled Aug 2026; zero subdivision lots lodged on SLIP yet. Catching the developer before Western Power UDS feeder quotes are locked in. |
| Corridor Bolt-On Upside |
Sits in the same radial corridor as TIER-1 DEVELOPER RESIDENTIAL ESTATE (5–8 MVA) and LAND-LEASE VILLAGE SPV (237 HOMES, ~1.2 MW), enabling a 12.6–15.6 MW multi-site corridor hub. |
THE GRID PROBLEM (WHY CONVENTIONAL WESTERN POWER SUPPLY FAILS HERE)
- Regulator-Proven 22 kV Feeder Starvation: While UPSTREAM ZONE SUBSTATION (MUC) shows nominal transformer capacity on paper until 2030, the 7 Jan 2026 ERAWA microgrid licence decision for the neighbouring industrial park explicitly proved that Western Power lacks 22 kV distribution feeder capacity in this corridor, stalling conventional industrial connections.
- The Historical Structure Plan Smoking Gun (<2 MVA Local Line): The existing local 22 kV radial feeder past HIGHWAY LOT BOUNDARY has less than 2.0 MVA spare capacity. Supplying a 6.40 MW (~7.11 MVA) industrial park requires trenching a brand-new 19 km dedicated 22 kV feeder back to the zone substation.
- Mandatory 2026/27 C&I Rooftop Solar Export Trap: Across 130 industrial warehouses, mandatory rooftop solar (3–5 MWp+) will saturate the weak local 22 kV voltage regulator at midday unless absorbed by an on-site central BESS.
WHY A PRIVATE MICROGRID WINS HERE
- Single Counterparty ($80M Skin in the Game): One private Victorian developer owns the entire 180 ha parcel and needs to release Stage 1 industrial titles fast to service debt/equity on an $80M land purchase.
- Out-of-State Developer Blind Spot: Because the buyer is headquartered in regional Victoria (Ballarat/Melbourne), they do not have entrenched WA Western Power workarounds and need a local turnkey BOO power partner.
- Zero-CapEx Headworks Rescue: Instead of waiting 3–4 years and paying $8M–$12M to trench 19 km of 22 kV cable from the substation, a 3.5 MVA skinny boundary connection + 4.5 MWp Solar + 3.5 MW / 10 MWh BESS energises Stage 1 in 12–15 months.
- 95% Retail/Network Annuity + 5% WEM IRCR Credits: 130 C&I tenants pay 20–25% below the $536k/2GWh bundled grid benchmark behind a single master boundary meter, while the BESS captures ~$756k/yr in WEM Reserve Capacity (IRCR) credits.
CLOSEST ZENITH PRECEDENT
Muchea Industrial Park (EDL10/ERL33 Amendment, approved 7 Jan 2026) & Peel Business Park (EDL7/ERL28): Almost identical hectarage (180 ha vs. Muchea's 145 ha and Peel Phase 1's 120 ha) and identical 22 kV radial feeder bottleneck.
WHO TO APPROACH (VERIFIED CHANNELS)
- Primary Decision-Maker: Managing Director, VICTORIAN PRIVATE DEVELOPER A (PHONE & EMAIL HELD BY HATTR).
- Warm Engineering Channel: TIER-1 WA CIVIL/ELECTRICAL ENGINEER (authored the historical servicing report for this exact parcel).
- Cluster Neighbours: TIER-1 RESIDENTIAL DEVELOPER & LIFESTYLE VILLAGE DEVELOPER in the same corridor.
LICENCE & REGULATORY ROUTE
Direct annexation onto existing EDL10/ERL33 (following the 7 Jan 2026 ERAWA precedent that added Muchea Industrial Park just 6 km away) or standalone EDL/ERL.
Key Risk
Troon is early in its post-settlement masterplanning; if approached too late (after they lodge a standard Western Power 7 MVA feeder inquiry), they will lose 9–12 months waiting for the utility shock letter.
Next Step
Unlock hattr's unredacted ASIC SPV & contact pack to approach VICTORIAN DEVELOPER A and HISTORICAL ENGINEER before WAPC subdivision lodgement.
1 Federal ASIC Register (07 May 2026 SPV incorporations) & Aug 2026 settlement records (ACNs & URLs REDACTED IN TEASER) · 2 ERA Decision EDL10/ERL33 Amendment (7 Jan 2026) · 3 Historical Structure Plan 22kV Servicing Report (URL REDACTED) · 4 Slide 4 Unbundled C&I Tariff Model ($536,448.38 / 2.0 GWh).
🔒 CONFIDENTIAL BLIND ORIGINATION DOSSIER · SHAREABLE BAIT EDITION (PAGE 2: ENGINEERING & BOO FINANCIAL MATH)
CALIBRATED TO WESTERN POWER TSP 2026 & WEM IRCR BENCHMARKS
DEAL 01 OF 06 · ENGINEERING SIZING, LOAD PHYSICS & 25/30-YR BOO MODEL
PAGE 2 OF 2 · THE MATHS WORK
PROJECT IRONBARK — 180 ha Northern Corridor Heavy Industrial Park — Quantitative Feasibility
Calibrated to Zenith Slide 3/4 Benchmarks ($536,448.38 / 2.0 GWh = 26.82 c/kWh), Western Power 2026/27 Tariffs & WEM IRCR Credits
GROSS / NET AREA
180.0 / 135.0 ha
~130 Industrial Lots
ULTIMATE PEAK LOAD
6.40 MW (7.11 MVA)
25.60 GWh/yr (12.8x Ref)
22kV FEEDER DEFICIT
-5.11 MVA Shortfall
<2.0 MVA Local Line Cap
25-YR BOO REVENUE
$140.8M Contracted
$2.45M/yr Net EBITDA
1. BOTTOM-UP ELECTRICAL LOAD & FEEDER DEFICIT DERIVATION
Step 1 — Gross Hectare to Diversified MW Load (ERA EDL10 Industrial Benchmark)
176.0–180.0 ha gross × 0.036 MW/gross ha = 6.40 MW diversified peak demand (7.11 MVA @ 0.90 PF)
Matches Zenith's own ERAWA EDL10 load forecast density for Muchea Industrial Park (~5.0 MW across 140 ha).
Step 2 — Annual Estate Energy Consumption (GWh/yr at 45.7% Industrial Load Factor)
6.40 MW peak × 4,000 equivalent full-load hrs/yr = 25.60 GWh/yr (12.80 × the 2.0 GWh Slide 4 C&I reference unit)
Equivalent to ~130 light/heavy fabrication, logistics, transport depot, and cold-storage workshops averaging ~197 MWh/yr each.
Step 3 — Western Power 22 kV Feeder Deficit & Boundary CMD Sizing
7.11 MVA Ultimate Demand − 2.00 MVA Existing Stock Rd Feeder Limit = 5.11 MVA Feeder Deficit
Instead of paying $8M–$12M to trench 19 km of new 22 kV cable from Muchea ZS, Zenith bridges the estate behind a 3.50 MW (3.89 MVA) skinny boundary meter + 3.50 MW / 10.0 MWh BESS + 4.50 MWp Solar PV.
Step 4 — Stage-by-Stage Ramp Schedule (Years 1 to 5)
Yr 1 (Stage 1, 30 lots): 1.50 MW (6.0 GWh) → Yr 3 (75 lots): 3.70 MW (14.8 GWh) → Yr 5 (130 lots): 6.40 MW (25.6 GWh)
Modular BESS blocks (2 × 5.0 MWh containers) scale in lockstep with lot settlements so CapEx never outruns tenant connections.
2. OPTIMAL MICROGRID PLANT SIZING & DISPATCH SPECIFICATION
| Microgrid Subsystem |
Engineered Rating |
Dispatch Physics & Commercial Role |
| Western Power Boundary Connection (CMD) |
3.50 MW (3.89 MVA) |
Single 22 kV Bi-Directional Master Meter (avoids >4 MW deep augmentation trigger) |
| Embedded Rooftop + Central Solar PV |
4.50 MWp DC / 3.60 MW AC |
Generates ~7.43 GWh/yr (1,650 kWh/kWp); zero net export trap (<10 MW AC inverter) |
| Central Community LFP Battery (BESS) |
3.50 MW / 10.00 MWh |
2.86-hr duration; absorbs midday solar belly (10:00–15:00) & shaves evening + IRCR peaks |
| On-Site Solar + BESS Self-Sufficiency |
~42.0% Behind-the-Meter |
10.75 GWh/yr supplied locally via Solar+BESS; 14.85 GWh/yr imported off-peak via skinny meter |
3. UNBUNDLED TARIFF & REVENUE STACK (SLIDE 4 BENCHMARK SCALED TO 25.60 GWh/yr)
| Bill Component (Slide 4) |
Share |
Unit Rate |
2.0 GWh Ref |
Full Estate (12.8x) |
How the Microgrid Captures / Displaces It |
| Variable Wholesale Energy |
37.55% |
10.01 c/kWh |
$200,224 |
$2,562,867 |
Replaced by on-site Solar PV (~45–62%) + cheap off-peak grid import |
| Western Power Network (UOS/CMD) |
30.12% |
8.03 c/kWh |
$160,606 |
$2,055,757 |
Slashed via single skinny HV boundary meter (<=3.5 MW CMD) + internal LV ring |
| Peak Capacity / WEM IRCR |
16.78% |
4.47 c/kWh |
$89,474 |
$1,145,267 |
Shaved during the 12 Hot-Season peak intervals + earns ~$216k/MW/yr IRCR credits |
| Market Fees & Retail Margin |
11.16% |
2.98 c/kWh |
$59,506 |
$761,677 |
Captured directly by Embedded Network / Microgrid Operator |
| Environmental Certificates (LGC/STC) |
4.39% |
1.17 c/kWh |
$23,408 |
$299,622 |
Generated on-site by behind-the-meter Solar PV array |
| TOTAL BUNDLED GRID BENCHMARK |
100.0% |
26.82 c/kWh |
$536,448 |
$6,866,539 / yr |
62.45% is Non-Energy (46.90% WP Network + IRCR alone) |
4. 25/30-YEAR BUILD-OWN-OPERATE (BOO) P&L, CAPEX & DEVELOPER SAVINGS
ANNUAL MICROGRID P&L RUN-RATE (FULL BUILD)
| Gross Bundled Grid Equivalent (25.60 GWh/yr) | $6,866,539/yr |
| Less: Customer Tariff Discount (22.0%) | −20% to −22% |
| Net Behind-the-Meter Retail + Network Revenue (~90–95%) | $5,355,900/yr |
Plus: WEM IRCR Peak Capacity & NSSS Credits (~5–10%)
3.50 MW shaved during the 12 Hot-Season WEM Peak Trading Intervals × ~$216,000/MW/yr net IRCR/capacity value | +$756,000/yr |
| Total Addressable Microgrid Revenue | $6,111,900/yr |
Less: Off-Peak Grid Import, Skinny CMD Tariff & O&M
Includes 14.85 GWh off-peak grid import (@ ~10.0 c/kWh), single 3.5 MW CMD network charge, O&M, and ERA licence compliance | −$3,661,900/yr |
| NET MICROGRID EBITDA (ANNUAL RUN-RATE) | $2,450,000 / yr |
CAPEX, RETURNS & DEVELOPER DEAL HOOK
Estimated Turnkey BOO CapEx Breakdown
Solar PV (4.5 MWp @ $1.15M/MWp = $5.18M) + BESS (10.0 MWh @ $0.58M/MWh = $5.80M) + 22kV Switchgear/Microgrid Controller ($2.82M) = $13.80M Total CapEx
Project Returns & Contracted Annuity
5.6 Years Simple Payback · ~16.4% Unlevered Pre-Tax IRR · $140.8M 25-Year Contracted Revenue
Why the Developer Signs (CapEx & Time Saved)
Saves Troon Group $8.0M–$12.0M in upfront 19 km Muchea 22 kV feeder headworks and accelerates Stage 1 lot titles by 24–36 months (saving ~$4.8M/yr in land holding costs on an $80M purchase).
1 Federal ASIC Register (07 May 2026 SPV incorporations) & Aug 2026 settlement records (ACNs & URLs REDACTED IN TEASER) · 2 ERA Decision EDL10/ERL33 Amendment (7 Jan 2026) · 3 Historical Structure Plan 22kV Servicing Report (URL REDACTED) · 4 Slide 4 Unbundled C&I Tariff Model ($536,448.38 / 2.0 GWh).