Australian energy storage developer Akaysha Energy has consolidated its project-level debt into a A$1.75 billion portfolio-level financing facility to support the expansion of its battery energy storage system (BESS) assets across the National Electricity Market.
The transaction refinances existing project-level debt across four major Australian battery storage assets—Brendale, Orana, Ulinda Park, and Elaine—into a unified portfolio financing platform. The Elaine BESS project in Victoria, which began construction in October 2025, remains on track for completion in the second half of 2027.
The deal was backed by a syndicate of 11 international and domestic financial institutions, comprising ANZ, BNP Paribas, Bank of China, CIBC, Commonwealth Bank of Australia, Deutsche Bank, DNB, ING, Mizuho, MUFG, and Rabobank.
Key operational, legal, and financial dimensions of the transaction include:
- Flexible debt tranches: Structured across five-, seven-, and ten-year tenors, incorporating revolving liquidity and contingent instrument facilities to fund ongoing development activities.
- Pipeline expansion: Provides capital allocation flexibility across Akaysha’s ~6GW / 25GWh Australian BESS development pipeline.
- Operational portfolio milestone: Follows the recent milestone of the Waratah Super Battery reaching final commercial operations, alongside fully operational sites at Ulinda Park, Brendale, and Orana.
Akaysha was advised by White & Case as legal counsel, RBC Capital Markets as financial adviser, and Chatham as hedge adviser. Allens represented the lender consortium, with due diligence provided by Aurora, Jacobs, KPMG, Marsh, JPA, and Ashurst.
Andrew Wegman, Managing Director and Chief Financial & Investment Officer of Akaysha Energy, stated that transitioning to a portfolio-level financing platform provides the structural flexibility required to accelerate the company’s next phase of utility-scale energy storage deployments.
