New South Wales' Wellington Aboriginal community has secured a commercial partnership with AMPYR Australia and equity stake in the $340 million Wellington battery project.

Celebrated with a ceremony held on site on Thursday, the equity right gives Wambal Bila (a Wiradjuri word for mountain-river) the option to take a five per cent equity stake in the project.

Wambal Bila is a new community-led corporation led by Wiradjuri people accountable to its membership, which is open to the Wellington Aboriginal community.

The underlying equity stake includes both a right to a preferred, fixed annual return and a share of ongoing equity returns alongside other investors.

The equity arrangement has been developed between Wambal Bila and AMPYR Australia under a set of agreements between the parties, which see AMPYR Australia provide up to $300,000 to support Wambal Bila establish its initial operations.

Wambal Bila says the share could deliver $20-$30 million in revenue to the community over the 25-year lifespan, with revenue to be invested in the future of the Wellington Aboriginal community.

As part of the partnership, Wambal Bila and AMPYR Australia have agreed to rename the project as the Bulabul Battery.

Bulabul means "two acting together" in Wiradjuri, representing the powerful partnership between the community and the project.

This also reflects the meeting of the Bell and Macquarie rivers at Wellington, an important landmark of the town and an inspiration for the Bulabul Battery logo.

"The creation of Wambal Bila is a testament to a new era of partnership and empowerment within the energy sector," Wambal Bila director, Keiyana Guihot said.

"It ensures that the benefits of the Bulabul Battery project flow directly back to our community, enabling us to invest in our cultural heritage, create economic opportunities, and support the well-being of our people for generations to come.

"We believe this model will inspire similar collaborations across the industry."

The arrangement is the first equity partnership in a developer-led project where the local First Nations community has no native title or related legal rights, or other pre-existing economic base.

Wamal Bila says this sets a new precedent for the energy industry which could be extended to other renewable energy developments across Australia.

First Nations Clean Energy Network co-chair Karrina Nolan praised the partnership.

"It's great to see First Nations communities working with proponents to develop and trial innovative arrangements, including equity, towards clean energy solutions and benefit sharing," Ms Nolan said.

AMPYR Australia says it is committed to exploring equity partnerships with local First Nations Communities in its pipeline of upcoming projects.

The company's chief executive, Alex Wonhas, said the Bulabul Battery is a "major turning point" for energy projects.

At AMPYR, we're extremely proud to work alongside Wambal Bila to shift the focus from short-term regional construction jobs to empowering communities through long-term ownership and sustained benefit," Mr Wonhas said.

"We hope this sets a new industry standard that will soon become the norm for energy projects in Australia and beyond."

Both organisations say they are committed to sharing learnings and non-commercially sensitive materials to facilitate the adaptation and application of this approach across other renewable energy developments.