Akaysha Energy secures $164.4m debt for Queensland battery project

The loan was provided by seven banks.

Akaysha Energy raised around $164.4m (A$250m) in debt to support the construction of the Queensland-based Ulinda Park and Brendale Battery Energy Storage System with a total capacity of 700 megawatt-hours.

In a statement, Akaysha said the funding was secured from a group of seven banks which include CBA, DBS, ING, Mizuho, MUFG, Rabobank, and SMBC.

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“This financing unlocks capital to be recycled into the construction and development of Akaysha’s extensive pipeline of BESS projects in Australia and internationally, Andrew Wegman, managing director of Finances & Investments at Akaysha, said.

“This first-of-its-kind BESS portfolio of financing is pivotal to supporting the energy transition and improving grid stability,” he added.

The loan facility has a tenor of three years. It also provides over $65.7m (A$100m) of Letters of Credit to support security obligations.

$1 = A$1.52