Akaysha Energy secures $164.4m debt for Queensland battery project

The loan was provided by seven banks.

The loan was provided by seven banks.

Akaysha Energy raised around $164.4m (A$250m) in debt to support the construction of the Queensland-based Ulinda Park and Brendale Battery Energy Storage System with a total capacity of 700 megawatt-hours.

In a statement, Akaysha said the funding was secured from a group of seven banks which include CBA, DBS, ING, Mizuho, MUFG, Rabobank, and SMBC.

ALSO READ: Akaysha Energy and ITOCHU team up for large-scale energy storage in Japan

“This financing unlocks capital to be recycled into the construction and development of Akaysha’s extensive pipeline of BESS projects in Australia and internationally, Andrew Wegman, managing director of Finances & Investments at Akaysha, said.

“This first-of-its-kind BESS portfolio of financing is pivotal to supporting the energy transition and improving grid stability,” he added.

The loan facility has a tenor of three years. It also provides over $65.7m (A$100m) of Letters of Credit to support security obligations.

$1 = A$1.52

Akaysha Energy

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