Amp Energy, backed by United States-headquartered investment firm The Carlye Group, has successfully closed project financing to construct the first stage of its Bungama Battery Energy Storage System and solar development project in South Australia.
Construction of the 150 MW / 300 MWh first phase of the multi-stage project commenced in October and the battery energy storage system (BESS), located about six kilometres east of Port Pirie in South Australia’s mid-north, is expected to come online in the first quarter of 2026.
Finland-based technology company Wärtsilä has been contracted to supply the battery energy storage solution while Adelaide-headquartered contractor Enerven has been engaged as the balance of plant contractor and maintenance provider. Amp is overseeing the construction management and will undertake long-term asset management for the project.
Amp’s Head of Australia, Daniel Kim, said the project will support South Australia’s push towards 100% renewable energy target by 2027 and enhance energy reliability and security in the National Electricity Market.
“This milestone is a significant achievement for Amp and marks a crucial step in our mission to build a high-quality Power-to-X platform in Australia and accelerate the energy transition,” he said.
Image: Amp Energy
The non-recourse senior debt financing facilities for the project, the first utility scale battery in Australia to be project financed by commercial banks on a full merchant basis, have been provided by the Commonwealth Bank of Australia and Westpac, along with Export Development Canada. Carlyle has also provided capital as part of its support of Amp.
Carlyle’s global infrastructure managing director Richard Hoskins said the successful close of project financing is another step in Amp’s push to become a leading developer and operator of renewable and battery storage projects in Australia.
“Carlyle is pleased to provide the capital necessary to enable such an important project to start construction,” he said.
The Bungama project is part of a diverse and growing portfolio Amp is pursuing in Australia. The company development pipeline includes 1,500 MWh of battery energy storage, 2,059 MW of solar – including the 119 MW Hillston and 39 MW Molong solar farms – 1,400 MW of wind, and a giga-scale green hydrogen project at Cape Hardy on South Australia’s Eyre Peninsula that is to include 1 GW of electrolysis as part of the first stage.
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