Melbourne-based battery energy storage systems developer and operator Akaysha Energy has announced a massive financial milestone, securing a A$1.75 billion (approximately USD$1.23 billion) debt financing facility. The landmark transaction is designed to refinance existing debt across four major battery storage projects in Australia while laying a robust financial foundation for the company’s next wave of large-scale green energy infrastructure development.
Energy storage has emerged as one of the most critical building blocks for the global clean energy transition. As power grids increasingly rely on intermittent renewable energy sources—such as wind and solar—operators face the ongoing challenge of balancing supply and demand around the clock. Without adequate storage, excess green energy is frequently wasted, particularly during periods of low demand or high generation. Furthermore, modern electricity grids are experiencing unprecedented surges in demand driven by structural shifts like transport electrification and the explosive growth of energy-intensive technologies such as artificial intelligence (AI) computing. Large-scale battery systems provide the necessary buffer to store surplus power and inject it back into the grid when it is needed most, ensuring stability and reliability.
Founded in 2021 and headquartered in Melbourne, Akaysha Energy specializes in the development, ownership, and operation of utility-scale battery energy storage systems (BESS). The company’s core mission is to facilitate the seamless integration of renewable energy into electricity grids while simultaneously enhancing regional grid reliability. In a major validation of its business model and growth trajectory, Akaysha was acquired in 2022 by BlackRock’s Climate Infrastructure business, which operates under BlackRock Real Assets. The acquisition marked BlackRock’s first major battery storage investment in the Asia-Pacific region, signaling strong institutional confidence in the long-term viability of energy storage infrastructure.
The newly finalized financing facility successfully consolidates existing project-level debt across four prominent Australian battery storage assets into a single, unified portfolio-level financing structure. The assets included in this landmark arrangement are Brendale, Orana, Ulinda Park, and Elaine. Among these, Ulinda Park, Brendale, and Orana are already fully operational, providing vital stability to their respective regional grids. Meanwhile, the Elaine project, which officially broke ground and began construction in October 2025, remains on track for completion in the second half of 2027.
The comprehensive financing package is structured across three distinct tranches with maturities of five, seven, and ten years. In addition to these term facilities, the arrangement incorporates revolving liquidity and contingent instrument facilities designed to optimize the company’s capital management. According to Akaysha Energy, this sophisticated portfolio-level structure provides the organization with exceptional financial flexibility. This agility is vital as the company continues to advance its expansive Australian development pipeline, which encompasses approximately 6 gigawatts (GW) and 25 gigawatt-hours (GWh) of planned battery storage projects across the National Electricity Market (NEM).
Andrew Wegman, Managing Director and Chief Financial & Investment Officer of Akaysha Energy, emphasized the strategic importance of the transaction for the company’s operational roadmap and future growth ambitions.
"As well as refinancing our existing operating and construction assets, this portfolio-level facility gives us the flexibility to accelerate our next wave of projects while we continue deploying capital where we see the strongest opportunities across the pipeline," Wegman said.
The scale and complexity of the transaction required a high level of coordination across the international financial sector. The financing was successfully backed by a robust consortium of eleven major global and domestic banks, underscoring the deep appetite among institutional lenders for high-quality energy transition assets. The participating financial institutions include ANZ, BNP Paribas, Bank of China, CIBC, Commonwealth Bank of Australia, Deutsche Bank, DNB, ING, Mizuho, MUFG, and Rabobank.
Rachel Chia, Head of Project Finance, APAC at Deutsche Bank, highlighted the collaborative effort required to bring the multifaceted transaction to fruition and integrate diverse assets into a cohesive financial vehicle.
"We are delighted to support this transaction, drawing on our project finance expertise to bring operational and construction-stage assets into one structure that meets the needs of a growing battery storage portfolio," Chia noted.
