Grid-scale battery developer Akaysha Energy has secured a $1.75 billion portfolio-level financing facility to support the company’s next phase of large-scale BESS development.
The financing was supported by a consortium of eleven banks, including ANZ, BNP Paribas, Bank of China, CIBC, Commonwealth Bank of Australia, Deutsche Bank, DNB, ING, Mizuho, MUFG, and Rabobank.
Related article: AER approves new SIPS agreement for Waratah Super Battery
The facility refinances existing project-level debt across four Australian BESS assets—Brendale, Orana, Ulinda Park, and Elaine—into a single portfolio-level financing structure.
The financing comprises three facilities across tenors of five, seven and 10 years. It also includes revolving liquidity and contingent instrument facilities to provide flexibility as Akaysha Energy progresses its ~6GW/25GWh Australian development pipeline of large-scale BESS projects across the National Electricity Market (NEM).
Akaysha Energy managing director and chief financial and investment officer Andrew Wegman said, “This is an important milestone for Akaysha and it was pleasing to see continued strong support from lenders for our operating portfolio, our pipeline and Australia’s energy transition.
“As well as refinancing our existing operating and construction assets, this portfolio-level facility gives us the flexibility to accelerate our next wave of projects while we continue deploying capital where we see the strongest opportunities across the pipeline.”
Related article: Akaysha’s Orana BESS reaches commercial operation
The transaction follows the company’s flagship project, the Waratah Super Battery, recently achieving final commercial operations.
