Battery storage specialist Akaysha Energy has secured AU$460 million to fund construction of its Elaine battery energy storage system (BESS) project in Victoria, with construction now underway.
The three-year finance facility was provided by eight international and domestic banks. The finance package also includes AU$75 million of letters of credit.
The financing is underpinned by a 15-year virtual tolling agreement with Snowy Hydro.
Andrew Wegman, CFO of Akaysha Energy, said: “Securing this AU$460 million facility is another important step in delivering our market-leading portfolio of large-scale energy storage infrastructure to push forward Australia’s energy transition.”
“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.”
Akaysha Energy partnered with Tesla and Consolidated Power Projects to deliver the project.
Once fully operational, Elaine BESS will manage transmission outage risks and contribute to reliable electricity supply for Victoria.
Elaine BESS is Akaysha Energy’s first project in Victoria.