The project-level debt of four Australian BESS assets has been refinanced by Akaysha Energy into a single portfolio facility of AUD 1.75 billion, which has been provided by eleven banks. The financing, which was announced on 20 October 2026, comprises three facilities with tenors of five, seven and ten years, together with revolving liquidity and contingent instrument facilities.
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Akaysha Energy, an Australia-based BESS developer, has replaced the separate project loans on four of its Australian BESS assets with one portfolio facility of AUD 1.75 billion, and it announced the deal on 20 October 2026.
Eleven banks have lent the money. ANZ, BNP Paribas, Bank of China, CIBC, Commonwealth Bank of Australia, Deutsche Bank, DNB, ING, Mizuho, MUFG and Rabobank are in the group, and the assets that the loan covers are Brendale, Orana, Ulinda Park and Elaine. The first three of those are already running. Elaine, in Victoria, Australia, is still being built. Construction there began in October 2025, and Akaysha Energy has put its completion in the second half of 2027. A construction loan of AUD 460 million for Elaine had been closed in November 2025.
The financing itself has been arranged as three facilities with tenors of five, seven and ten years. Alongside them, revolving liquidity and contingent instrument facilities have been included, and these are intended to give the company more room as it takes forward a development pipeline of about 6 GW/25 GWh of large-scale BESS projects across the National Electricity Market (NEM) of Australia.
On the transaction, Akaysha Energy was advised by White & Case as legal counsel, by RBC Capital Markets as financial adviser and by Chatham as hedge advisor, while Allens acted as counsel to the lenders. The due diligence reports on which the transaction rests were prepared by Aurora, Jacobs, KPMG, Marsh, JPA and Ashurst.
The refinancing has come shortly after the Waratah Super Battery of the company in New South Wales, Australia, reached final commercial operations with 850 MW of power and 1,680 MWh of storage. Orana, which is one of the four refinanced assets, had earlier been brought online in the same state at 415 MW/1,660 MWh, and with it the operational storage portfolio of Akaysha Energy had risen above 4 GWh. Brendale had powered up in January 2026, close to five months ahead of schedule.