Australian battery energy storage systems (BESS) developer and operator Akaysha Energy has announced the acquisition of a A$300 million (USD$197 million) corporate debt facility. The company plans to utilise this funding to support the development and construction of its BESS project pipeline across Australia, the United States, Japan, and Germany.
Energy storage is a fundamental component of the clean energy transition, addressing the intermittent nature of renewable sources like wind and solar. It ensures continuous energy supply and minimises wastage, particularly as grid demand escalates due to factors such as transport electrification and AI computing.
Established in 2021, Akaysha Energy specialises in designing and developing large-scale battery energy storage systems. Recently, the company announced the activation of the initial 350 MW of its 850 MW Waratah Super Battery, which it claims is the most powerful battery globally by power and energy storage capacity.
In 2022, Akaysha was acquired by BlackRock’s Climate Infrastructure business, a division of BlackRock Real Assets. This acquisition marked BlackRock’s first battery storage investment in the Asia-Pacific region.
The new 3-year facility is structured as a “borrowing base loan,” allowing it to expand as the value of Akaysha’s BESS assets increases. Although such loans are common in the U.S. renewables and oil and gas sectors, this facility is the first of its kind in the Australian renewables market.
Andrew Wegman, Chief Financial & Investment Officer of Akaysha Energy, stated, “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 debt facility received backing from a syndicate of banks, including BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac.
