Battery energy storage company and developer of Australia’s largest battery, Akaysha Energy, has successfully closed a $300 million corporate debt facility supported by a syndicate of leading global and domestic banks.
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The three-year debt facility will fund development and construction of Akaysha’s extensive BESS project pipeline in Australia, US, Japan, and Germany.
This facility is the first borrowing base loan structure of its kind in the Australian renewables sector. The facility provides the flexibility to increase the size of the loan over time, as the value of Akaysha’s portfolio of BESS assets grows.
Akaysha Energy chief financial and investment officer Andrew Wegman said, “This is a landmark facility for Akaysha and for the Australian renewables sector.
“As the first borrowing base loan of its kind in the market, it provides the scale and flexibility to accelerate our development pipeline and capitalise on the extensive set of near-term opportunities that we see in Australian and global energy markets.
“The strong support from our banking partners reflects confidence in both Akaysha’s strategy and the central role that large-scale batteries will play in ensuring a secure and sustainable energy transition.”
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The new facility follows a series of significant milestones for Akaysha Energy, including the recent achievement of COD on Stage 1 of the Waratah Super Battery, the most powerful BESS in the world.
