Akaysha Energy, a market leader in large-scale battery energy storage systems (BESS), is pleased to announce it has successfully closed a A$300 million corporate debt facility supported by a syndicate of leading global and domestic banks, BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac.
The three-year multi-currency (AUD, EUR, USD) revolving loan and Letter of Credit facility will fund development and construction of Akaysha’s extensive BESS project pipeline in Australia, US, Japan and Germany.
This facility is the first borrowing base loan structure of its kind in the Australian renewables sector. The facility provides the flexibility to increase the size of the loan over time, as the value of Akaysha’s portfolio of BESS assets grows. Borrowing base facilities are well-established in the US renewables sector and in the oil and gas industry. Akaysha is pleased to lead the adoption of this structure in the Australian renewables market.
Commenting on the new corporate debt facility, Andrew Wegman, Chief Financial & Investment Officer of Akaysha Energy, said:
“This is a landmark facility for Akaysha and for the Australian renewables sector. As the first borrowing base loan of its kind in the market, it provides the scale and flexibility to accelerate our development pipeline and capitalise on the extensive set of near-term opportunities that we see in Australian and global energy markets.”
“The strong support from our banking partners reflects confidence in both Akaysha’s strategy and the central role that large-scale batteries will play in ensuring a secure and sustainable energy transition.”
The new facility follows a series of significant milestones for Akaysha Energy, including the recent achievement of COD on Stage 1 of the Waratah Super Battery, the most powerful BESS in the world.
With a track record of delivering landmark battery storage projects, Akaysha Energy is well-positioned to play a leading role in building the infrastructure required for a secure, sustainable, and low-carbon energy future.