Akaysha Energy has secured AUD$250 million in debt financing from a group of seven banks to fund its battery portfolio, which includes the Queensland-based Ulinda Park and Brendale Battery projects.
Related article: Akaysha Energy: Powering Australia’s renewables transition
Akaysha managing director of finance and investments Andrew Wegman said, “This financing unlocks capital to be recycled into the construction and development of Akaysha’s extensive pipeline of BESS projects in Australia and internationally.
“We were pleased to receive very strong support from the local bank market demonstrating their continued commitment to drive the energy transition. This first-of-its-kind BESS portfolio financing is pivotal to supporting the energy transition and improving grid stability.
“The Ulinda Park and Brendale BESS projects are an important element of the company’s portfolio in not only Queensland but the NEM more broadly.”
The Brendale BESS is to be built on a site owned by Unity Water, next to the South Pine substation, the central node of Queensland’s electricity grid. Construction of the 205MW/410MWh Brendale BESS, which will feature Tesla Megapack technology, is expected to start imminently.
Both battery projects are expected to commence commercial operations in 2025.
Akaysha is also delivering the Waratah Super Battery on behalf of EnergyCo in New South Wales.
Related article: First battery units arrive at Waratah Super Battery site
The Waratah Super Battery is one of the largest battery storage projects in the world and will ultimately include around 2,600 of the units.
