Sydney-headquartered utility battery storage specialist Akaysha Energy has closed a $460 million (USD 299 million) project finance facility to fund construction of its 311 MW / 1,244 MWh Elaine battery energy storage system (BESS) project in Victoria.
Located in southwest Victoria, approximately 100 kilometres west of Melbourne, construction on the Elaine BESS has now commenced with the finance facility provided by leading international and domestic banks, BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Societe Generale.
The three-year finance package also includes $75 million of letters of credit to support Akaysha Energy’s security obligations and is underpinned by a 15-year virtual tolling agreement (VTA) with Snowy Hydro.
Akaysha Energy partners Tesla and Consolidated Power Projects will deliver the Elaine BESS and once fully operational it will manage transmission outage risks, support the integration of more wind and solar into the National Electricity Market (NEM) and contribute to reliable electricity supply for Victoria.
Akaysha Energy Chief Financial and Investment Officer Andrew Wegman said securing the finance facility is another important step in delivering our market leading portfolio of large-scale energy storage infrastructure to push forward Australia’s energy transition.
“The strong support from lenders reflects the critical role that battery storage plays in the NEM, and Akaysha Energy’s ability to deliver complex projects at scale,” Wegman.
“This financing demonstrates how institutional capital continues to play a fundamental role in accelerating Australia’s clean energy build-out. We’re proud to be at the forefront of developing the next generation of energy infrastructure.”
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