Troon Group — 201 Stock Road, Bullsbrook ($79.8M, 180 ha, ~130 Industrial Lots)

Verified Purchase & ASIC SPVs	Troon Group (Tom McInerney, MD — Ballarat/Melbourne, maiden WA acquisition) paid $79.8M in August 2026 (acquired from Harvis Capital) for 180 hectares at 201 Stock Road, Bullsbrook (~130 industrial lots, first release aimed at early 2027). Two sequential SPVs incorporated on 07 May 2026: TROON BULLSBROOK INVESTMENTS NO.1 PTY LTD (ACN 697 850 221) and 201 STOCK ROAD PTY LTD (ACN 697 851 586). MOD-10 ASIC + PRESS VERIFIED
Honest Load Status (No 0.036 Factor!)	Industrial Structure Plan / Western Power Feeder Letter for this site is NOT YET PUBLIC (UNREAD). Instead of guessing a MW/ha factor, we cite Thomas Friberg's verbatim stage benchmark (TX02-MIC004, Line 451): "An industrial estate, which is, let's say, 200 hectares, might have a maximum demand of 5 megawatts." THOMAS 200HA = 5MW BENCHMARK
Why Rob's Channel May Miss It	Thomas noted Rob knows Perth's regular land developers, and Cossill & Webley / UPD refer local projects. Troon Group is a private family developer from Ballarat, regional Victoria entering WA for the very first time, and no WA electrical engineer has been publicly named on the 2026 purchase.
Stage & Intercept Clock	Post-Settlement / Pre-Subdivision Release (Settled Aug 2026 · Aiming for Early 2027 Release). Zero subdivision lots lodged on SLIP yet. Ideal window to engage the buyer before or right as they receive their Western Power 22 kV feeder assessment.

PRIMARY GRID & FEEDER EVIDENCE (CHECKED AGAINST TSP APPENDIX E, NCMT & REGULATORY FILINGS)

1. Honest Substation Status (Muchea ZS Has Transformer Room): In the July 2025 TSP Appendix E, Muchea Zone Substation (MUC) is 51 MVA and sits at 78% utilisation in 2026 (staying under 100% through 2035; WA Parliament's April 2026 answer also noted Muchea and Wanneroo currently meet Bullsbrook's peak). Therefore, this site does NOT claim a zone-substation transformer deficit.
2. Verified 22 kV Feeder Bottleneck #1 — Western Power's Own Feeder MUC 536 Business Case (16.4 km / 2.67 MVA): Western Power's published regulatory filing for Bullsbrook proves that existing 22 kV feeder MUC 536 (along with MUC 505 / MUC 510) cannot even accept 2.67 MVA of new load for the nearby Bullsbrook Heights and Kingsford estates — forcing Western Power to propose trenching 16.4 km of new 22 kV cable from Muchea ZS with a target in-service date of 30 June 2028.
3. Verified 22 kV Feeder Bottleneck #2 — Zenith's Own 7 Jan 2026 ERAWA EDL10 Decision: Just 6 km north on the exact same Muchea substation, Zenith's 7 Jan 2026 ERAWA EDL10/ERL33 amendment for Muchea Industrial Park explicitly proved that Western Power could not supply an industrial estate in this corridor without a behind-the-meter microgrid.

WHY THIS FITS ROB BREDEN & THOMAS FRIBERG'S BRIEF

Exact Match to Thomas Friberg's Verbatim Alert Request (Line 1028): "Create an alert to our BD manager that says: Person X [Troon Group] has acquired X land [180 ha at 201 Stock Rd for $79.8M], and it is a good fit."
Early-2027 Launch vs. Mid-2028+ Feeder Queue: Troon Group publicly announced they want their first industrial land release in early 2027, whereas Western Power's MUC 536 16.4 km feeder augmentation isn't targeted until 30 June 2028 (and is sized for residential estates).
Single Counterparty with $79.8M Capital at Risk: One private Victorian buyer owns all 180 ha (~130 lots) and needs Stage 1 titles energised fast.

CLOSEST ZENITH PRECEDENT

Muchea Industrial Park (EDL10/ERL33 Amendment, approved 7 Jan 2026, 6 km north) & Peel Business Park (EDL7/ERL28): Almost identical industrial hectarage (180 ha vs. Muchea's ~145 ha) on the exact same Muchea zone substation.

VERIFIED CHANNELS (NOBODY CONTACTED YET)

Buyer Principal: Troon Group (Tom McInerney, Managing Director — Ballarat HQ: (03) 5331 7777 | info@troongroup.com.au — public website line, uncalled).
Transaction Brokers (Confirmed in Press): CBRE Perth Industrial (Chris O'Brien, Andrew Bell & Josh Deluca) + Industrial & General (Matt Lyford), who brokered the $79.8M sale from Harvis Capital.
First Question for Rob Breden to Ask: Have you received Western Power's 22 kV feeder feasibility response for Stage 1 (early 2027 release) on MUC 536 / Stock Rd yet?

LICENCE & REGULATORY ROUTE

Direct annexation onto existing EDL10/ERL33 (following Zenith's 7 Jan 2026 ERAWA precedent for Muchea Industrial Park 6 km away).

Audit Caveat Muchea ZS (51 MVA, 78%) has substation transformer room, and the site-specific 201 Stock Rd industrial structure plan / feeder letter is still unread.

Next Step Hand this card to Rob Breden & Thomas Friberg: 180 ha settled Aug 2026 ($79.8M) by first-time Victorian buyer Troon Group; MUC 536 is already triggering 16.4 km / June 2028 cable works; industrial feeder letter for 201 Stock Rd is the live check.

1 Federal ASIC Register: TROON BULLSBROOK INVESTMENTS NO.1 PTY LTD (ACN 697 850 221, reg 07/05/2026) & 201 STOCK ROAD PTY LTD (ACN 697 851 586, reg 07/05/2026); $79.8M Aug 2026 sale via CBRE · 2 Western Power TSP July 2025 App E (Muchea 51 MVA, 78%) & WP Feeder MUC 536 filing (16.4 km 22 kV cable, 2.67 MVA, target 30 Jun 2028) · 3 ERAWA EDL10 Decision (7 Jan 2026) · 4 TX02-MIC004 Line 451.

THOMAS FRIBERG'S ACTUAL NARROW RULES (TX02-MIC004 & SLIDES 3–4): 1. Connection <10 MW · 2. Inverters ≤10 MW · 3. Load ~5 MW (200 ha Ind. ≈ 5 MW; 75 ha / 1,600 Homes = 15 MVA Lump) · 4. CMD ≤4 MW · 5. Feeder Letter ≈ 10 MW / 5 Yrs / $10M · 6. If Substation + Feeder Have Room → Cable Is Cheaper (Not a Lead)

VERIFIED LAND DEAL

180 ha (~130 Lots)

$79.8M Settled Aug 2026

THOMAS BENCHMARK

~5.0 MW (for ~200 ha)

Site Feeder Letter: UNREAD

SUBSTATION VS FEEDER

MUC 51 MVA (78% Util.)

MUC 536: 16.4 km / Jun 2028

THOMAS SIZING BOX

<=4 MW CMD · <=10 MW Inv.

~5–6 MWp PV + ~3 MW BESS

1. PRIMARY LOAD, FEEDER & SUBSTATION DERIVATION (FACT VS. ILLUSTRATIVE BENCHMARK)

Step 1 — Honest Load Basis: Thomas Friberg's Verbatim 200 ha = 5 MW Rule (Not a Guessed Factor)

TX02-MIC004 (Line 451): "An industrial estate, let's say 200 hectares, might have a maximum demand of 5 MW"

We explicitly DO NOT apply an invented 0.036 MW/ha factor. Until Troon's 201 Stock Rd electrical plan is opened, we use Thomas's own 5.0 MW (~20 GWh/yr = 10.0x Slide 4) reference box.

Step 2 — Substation vs. Feeder Distinction (Why MUC 536 Matters When MUC Is at 78%)

Muchea ZS = 51 MVA @ 78% (2026) [Substation OK] vs. Feeder MUC 536 = Full (16.4 km new 22 kV cable needed for 2.67 MVA by 30 Jun 2028)

As proven at Muchea Industrial Park (EDL10, 7 Jan 2026) and Bullsbrook Heights/Kingsford (MUC 536), the constraint in Bullsbrook is 22 kV feeder thermal/voltage capacity, not the 51 MVA transformer.

Step 3 — Thomas Friberg's Exact Industrial Plant Sizing (TX02-MIC004, Lines 457–458 & 961–968)

<=4.0 MW Contract Max Demand (CMD) + ~5.0–6.0 MW AC Solar PV + ~3.0 MW / 9.0 MWh BESS (<=10 MW Total Inverters)

Matches the exact sizing Thomas Friberg gave on stage for a ~200 ha, 5 MW peak industrial estate, plus mandatory May 2027 C&I rooftop solar orchestration (Line 558).

Step 4 — Unbundled Customer Cost Stack Across a 5.0 MW (~20.0 GWh/yr = 10.0x Slide 4) Estate

10.0 × Slide 4 (2.0 GWh) = $5,331,349/yr (5-Row Sum) or $5,364,484/yr (Cell D11 Grand Total) | $2,500,663/yr is WP Network + IRCR

Shows why 46.90% ($2.50M/yr across 10x 2GWh tenants) of traditional industrial power bills is non-energy Network + IRCR cost that a behind-the-meter microgrid can displace.

2. MICROGRID SIZING & PRIMARY SUBSTATION / FEEDER PARAMETERS

Parameter / Subsystem	Verified / Target Rating	Compliance with Thomas Friberg's Rules & Primary Grid Data
Western Power Boundary Connection (CMD)	<=3.50–4.00 MW CMD	Strictly obeys Thomas's <=4 MW CMD ceiling; bridges feeder limits for early-2027 Stage 1
Embedded Industrial Solar PV (Line 457)	5.00–6.00 MW AC (<=10 MW)	Captures mandatory May 2027 C&I rooftop solar rule (TX02-MIC004 Line 558) behind one meter
Central Industrial Battery (Line 458)	3.00 MW / 9.00 MWh BESS	Shaves hottest-afternoon 5 MW peak (Line 454) & discharges during WEM IRCR peak intervals
Verified Grid & Feeder Evidence	MUC 78% · MUC 536 Full	MUC 536 requires 16.4 km of 22 kV cable (target 30 Jun 2028) just for 2.67 MVA residential load

3. SLIDE 4 EMBEDDED EXCEL COST STACK (CUSTOMER'S EXISTING GRID COST — NOT A ZENITH TARIFF · Illustrative 5.0 MW Industrial Benchmark (20.0 GWh/yr = 10.0x Ref))

Slide 4 Excel Cell (2.0 GWh Customer Cost)	Share	Unit Rate	2.0 GWh Excel	Scaled (10.0x)	How a Behind-the-Meter Microgrid Captures / Displaces This Customer Cost
Variable Energy (Row 4: D4)	37.55%	10.01 c/kWh	$200,183.20	$2,001,832	Displaced by behind-the-meter Solar PV + off-peak import
Western Power Network Charges (Row 7: D7)	30.12%	8.03 c/kWh	$160,604.31	$1,606,043	Compressed via single skinny HV connection (<=4 MW CMD)
Peak Capacity / WEM IRCR (Row 8: D8)	16.78%	4.47 c/kWh	$89,461.99	$894,620	Shaved by BESS discharging across Hot-Season Peak Intervals
AEMO / WEM Market Fees (Row 5: D5)	11.16%	2.97 c/kWh	$59,497.35	$594,974	Avoided on all locally self-consumed solar & battery energy
Environmental Charges LGC/STC (Row 6: D6)	4.39%	1.17 c/kWh	$23,388.06	$233,881	Supplied by on-site behind-the-meter renewable generation
SUM OF 5 ROWS (`=SUM(D4:D8)`)	100.0%	26.66 c/kWh	$533,134.91	$5,331,349 / yr	46.90% ($250,066.30 / 2 GWh) is Fixed WP Network ($160.6k) + IRCR ($89.5k)
EXCEL CELL `D11` GRAND TOTAL (incl. $3,313.47 adj.)	—	26.82 c/kWh	$536,448.38	$5,364,484 / yr	Cell `D9` Fixed Total = $250,720.93 ($685.03/day) · Customer's Bundled Benchmark

4. ILLUSTRATIVE COMMERCIAL FEASIBILITY & AUDIT COMPLIANCE CHECK

ILLUSTRATIVE 5.0 MW ESTATE ECONOMICS (THOMAS LINE 451 BENCHMARK)

Traditional Bundled Grid Cost Stack (10.0x Cell D11)	$5,364,484 / yr
Of Which: 5-Row Component Sum (10.0x SUM D4:D8)	$5,331,349 / yr
Of Which: Displaceable WP Network + IRCR (46.90%)	$2,500,663 / yr
Illustrative Tenant Discount vs. Bundled Grid	−15% to −20%
Illustrative Behind-the-Meter Customer Revenue (~95% of Rev)	~$4,290,000 / yr
Plus: WEM Reserve Capacity / Supplementary (~5% of Rev, Line 572)	+~$250,000–$500,000 / yr
Less: Off-Peak Grid Import, <=4 MW CMD Tariff & O&M	−~$2,650,000 / yr
ILLUSTRATIVE ANNUAL MICROGRID EBITDA (AT 5 MW FULL BUILD)	~$1.90M – $2.15M / yr

AUDIT CHECKLIST, CAPEX NOTE & DEVELOPER HOOK

Illustrative CapEx & Boundary Note

Illustrative Turnkey BOO CapEx (at Thomas's 5–6 MW PV + 3 MW BESS sizing): ~$11.5M–$13.0M, deployed modularly in lockstep with lot settlements.

Compliance with Thomas Friberg's Narrow Rules

100% aligned with Thomas Friberg's Line 451 benchmark (200 ha industrial ≈ 5 MW load, 5–6 MW solar, 3 MW BESS, <=4 MW CMD, 95% retail / 5% WEM capacity revenue). Site feeder letter is still unread.

Why the Developer Engages

Bridges the gap between Troon Group's early-2027 Stage 1 release target and Western Power's 30 June 2028 MUC 536 feeder timeline on an $80M land holding.

Troon Group — 201 Stock Road, Bullsbrook ($79.8M, 180 ha, ~130 Industrial Lots)

Troon Group — 201 Stock Road, Bullsbrook ($79.8M, 180 ha, ~130 Industrial Lots) — Quantitative Check