BlackRock-owned battery energy storage company Akaysha Energy has entered into a long-term offtake agreement for the 205 MW/ 410 MWh Brendale BESS in Queenslandwith Switzerland-headquartered oil and gas giant Gunvor Group .
The battery revenue swap (BRS) agreement provides revenue certainty for the Brendale BESS while allowing Akaysha Energy to optimise operations and respond to market signals.
Akaysha Energy Managing Director and Chief Commercial Officer Paul Curnow said the partnership ensures revenue certainty for Brendale BESS while preserving the flexibility needed to adapt to market dynamics.
“It’s an essential step in advancing large-scale battery projects like ours, which are critical for strengthening grid stability, ensuring long-term reliability, and supporting the transition as coal-fired power stations retire,” Curnow said.
Gunvor Group Head of Asia-Pacific (APAC) Power Trading and Origination Davi Maher said the partnership will be an important part of Gunvor’s APAC strategy as it expands its involvement in the energy transition and provide risk management services.
“This landmark agreement reflects the growing role of batteries in delivering much-needed flexible and reliable energy solutions. We look forward to furthering our commitment to innovative, sustainable energy solutions,” Maher said.
Image: Akaysha Energy
In July 2023, Akaysha completed what was the first BRS agreement of its kind at the time with Bermuda-based risk transfer platform Re2 Capital, for Akaysha’s 150 MW Ulinda Park BESS, in Queensland’s Western Downs, 350 kilometres northwest of Brisbane.
The offtake agreement with Gunvor follows the $650 million (USD 415 million) debt financing Akaysha in mid-2024 secured from a domestic and global syndicate of eleven banks to fund the construction of its 1,660 MWh Orana BESS near Wellington, New South Wales, 360 kilometres northwest of Sydney.
This was also complemented by a 12-year, 200 MW virtual toll offtake agreement with Melbourne-based gentailer EnergyAustralia.
Brendale BESS
Akaysha Energy
Located 20 kilometres north of Brisbane’s CBD, adjacent to the South Pine substation, which is the central node of Queensland’s electricity grid, the $200 million BESS is currently under construction and scheduled to be operational in 2026.
Featuring Tesla Megapack technology and balance of plant (BoP) delivered by Consolidated Power Projects Australia (CCP), the Brendale BESS will be capable of charging from excess solar generation and storing enough energy to power up to 200,000 homes for up to two hours.
The project’s grid forming capability will increase the robustness of the network voltage in the nearby major Queensland transmission infrastructure.
Large-scale BESS projects like Brendale will play a pivotal role in enhancing grid stability and ensuring the grid remains resilient during the transition away from coal, particularly in managing unforeseen coal generator outages as they retire and addressing renewable intermittency, the company says.
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