Amp Energy, an energy transition platform backed by the Carlyle Group, announced the closing of project financing to construct the first stage of its 250 MW/500 MWh Bungama battery energy storage system (BESS) and 339 MWdc solar project located in South Australia.
The non-recourse senior debt financing facilities for Stage 1 of Bungama BESS were provided by the Commonwealth Bank of Australia, Westpac Institutional Bank, and Export Development Canada. The financing also provides Letters of Credit to support the project security obligations. The stage 1 of the Bungama BESS project is expected to reach commercial operations in the first quarter of 2026.
Wärtsilä will supply the battery energy storage systems for the project and provide a long-term service agreement. Enerven is the balance of plant contractor and maintenance provider. Amp is responsible for the construction management and long-term asset management of the project.
Law firm Ashurst served as Amp Energy’s counsel and advised on various areas of project development, while White & Case served as counsel for the lenders.
Amp has also finalized a transmission connection agreement with ElectraNet to connect the Bungama BESS to the National Electricity Market. Currently, ElectraNet is constructing a 275kV connection.
“We are delighted to complete financing for Stage 1 of Bungama BESS, a critical milestone that enables the construction and operations of this major project,” said Daniel Kim, Head of Amp Energy Australia.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, announced Energy Storage project funding in 2024 was the highest raised to date, increasing 53% YoY for a total of $15.1 billion in 54 project funding deals compared to $9.9 billion raised in 38 deals in 2023.
In January, Quinbrook Infrastructure Partners, an investment manager focused on renewables, announced the closing of AUD$722 million (~$449.98 million) in new debt financing for Stages 1 and 2 of its Supernode battery storage project in Queensland, which have a combined capacity of 520 MW/1,856 MWh.
