Akaysha Energy has refinanced the project level debt on four of its Australian battery storage assets into a single portfolio financing facility of A$1.75 billion, about US$1.2 billion. The facility covers the Brendale, Orana and Ulinda Park batteries, which are operational, and the Elaine battery in Victoria, which began construction in October 2025 and is due for completion in the second half of 2027. Akaysha’s Waratah Super Battery, financed separately earlier, is not part of the facility.
Eleven banks supported the financing: ANZ, BNP Paribas, Bank of China, CIBC, Commonwealth Bank of Australia, Deutsche Bank, DNB, ING, Mizuho, MUFG and Rabobank. The package comprises three facilities with tenors of five, seven and ten years, plus revolving liquidity and contingent instrument facilities. White & Case advised Akaysha, RBC Capital Markets acted as financial adviser, and Allens advised the lenders.
Akaysha, which is backed by BlackRock’s infrastructure business, said the portfolio structure gives it flexibility to accelerate its next wave of projects. RenewEconomy reported the Orana battery at 415 megawatts and 1,660 megawatt hours and Elaine at 311 megawatts and 1,244 megawatt hours. The company is advancing a development pipeline of about 6 gigawatts and 25 gigawatt hours across Australia’s National Electricity Market, and the refinancing follows the Waratah battery reaching final commercial operations.