Brisbane, Australia – 18 May 2026 – QPM Energy Limited (ASX: QPM) has marked a major milestone in the development of its 112MW Isaac Power Station (“IPS”), with the arrival in Queensland of two GE Vernova LM6000 aeroderivative gas turbines, generators and associated equipment.
The gas turbines have successfully arrived in Brisbane and are currently in secure storage ahead of transport to Moranbah and installation at the IPS site. The delivery represents another significant step toward the development of the strategically positioned gas-fired power project in Queensland’s resource-rich Bowen Basin.
QPM secured the GE Vernova units under a fixed-price contract in June 2025, enabling the Company to avoid global supply chain constraints, extended lead times exceeding three years and escalating pricing pressures impacting gas-fired generation equipment worldwide.
In a further validation of the strategic value of the assets, an independent valuation obtained by the IPS financiers assessed the turbines at US$100 million, representing a premium of more than 40% to QPM’s original purchase price.
The arrival of the turbines builds on a series of key milestones already achieved by QPM in advancing the Isaac Power Station, including:
- Key development and environmental approvals secured from Isaac Regional Council and the Queensland State Government;
- Execution of a Connection Project Delivery Agreement (“CPDA”) with Powerlink Queensland to facilitate the project’s grid connection;
- Approximately A$138 million (unaudited) invested in IPS development, capital expenditure and associated financing costs as at the end of March 2026; and
- Arrangement of a financing facility to fund the capital cost of project construction.
The Isaac Power Station is expected to play an important role in supporting Queensland’s future energy requirements, particularly amid growing demand driven by industrial electrification, artificial intelligence infrastructure and data centre expansion.
“It’s tremendous to see these turbines in Queensland ready for the Isaac Power Station. QPM and Queensland are fortunate to have these GE Vernova units available to help power our future given the global boom in AI and data centre energy demand. With our significant gas reserves and resources, infrastructure asset base and power generating capability, QPM has a unique platform to deliver value for shareholders,” CEO David Wrench said.
The Company believes the combination of its existing gas reserves and resources, established infrastructure position and advancing power generation capability provides QPM with a differentiated energy platform leveraged to increasing domestic energy demand and long-term structural supply requirements in Queensland.
About QPM Energy
QPM Energy Limited (ASX: QPM) is an Australian energy company focused on developing its portfolio of gas assets and infrastructure in Queensland. The Company is advancing the 112MW Isaac Power Station alongside its substantial gas reserves and resources in the Bowen Basin, positioning QPM to participate in Australia’s growing energy demand and energy security requirements.
