Akaysha Energy, an energy storage project developer, secured A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia.
With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding. In addition, the three-year finance package includes A$75 million (~$49 million) of letters of credit to support the company’s security obligations.
The 311 MW/1,244 MWh Elaine BESS is located in Southwest Victoria; the project commenced construction in October 2025. Tesla and Consolidated Power Projects will deliver the Elaine BESS. The project has a 15-year virtual tolling agreement with Snowy Hydro.
Allens served as the borrower’s counsel, while HSF Kramer acted as the lender’s counsel on the transaction.
Commenting on the finance facility, Andrew Wegman, Chief Financial & Investment Officer of Akaysha Energy, said, “Securing this A$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.
In September, the company also secured an A$300 million (~$196 million) corporate debt facility to support the development and construction of its battery energy storage project pipeline in Australia, the U.S., Japan, and Germany.
Akaysha Energy closed A$650 million (~$440.92 million) in debt financing from a group of eleven domestic and foreign banks in July 2024. The facility has a three-year tenor and will be used to construct the Orana Battery Energy Storage System (BESS) project, located near Wellington, NSW, within the Central West Orana Renewable Energy Zone (REZ) in Australia.
According to Mercom’s 9M and Q3 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 94% in the first nine months of 2025 compared with the same period in 2024.
