BlackRock-backed Akaysha secures AUD 650m for NSW battery project
- Akaysha Energy secures AUD 650 million funding for Orana battery project, largest in standalone battery storage. Utilizing Tesla's Megapack technology, set to be operational by 2026.
![BlackRock-backed Akaysha secures AUD 650m for NSW battery project BlackRock-backed Akaysha secures AUD 650m for NSW battery project](/images/sections/11/20240715/s0_12569.webp)
Akaysha Energy Pty Ltd has secured a AUD 650 million debt funding deal for its 415-MW/1,660-MWh Orana battery energy storage project in New South Wales. The company also signed an off-take contract for approximately half of the project's capacity. The debt was raised from a consortium of 11 domestic and foreign banks, making it the largest financing in a standalone battery energy storage system project globally.
The Orana battery, to be located near Wellington, will have a four-hour discharge capacity and will utilize Tesla's Megapack technology. EnergyAustralia has already contracted 200 MW of the project's capacity under a virtual toll off-take deal for 12 years. Construction has begun at the site, with all battery units expected to be operational by 2026. Akaysha Energy currently has over 4 GWh of battery energy storage projects under construction in Australia.
What makes Akaysha Energy's Orana battery project stand out in the solar industry?
- The Orana battery project is one of the largest standalone battery energy storage projects globally, with a capacity of 415 MW/1,660 MWh.
- Akaysha Energy secured a AUD 650 million debt funding deal for the project, the largest financing in a standalone battery energy storage system project.
- The project will be located near Wellington, New South Wales, and will have a four-hour discharge capacity using Tesla's Megapack technology.
- EnergyAustralia has already contracted 200 MW of the project's capacity under a virtual toll off-take deal for 12 years, showcasing strong market interest in the project.
- Construction has already begun at the site, with all battery units expected to be operational by 2026, demonstrating a relatively quick timeline for such a large-scale project.
- Akaysha Energy's portfolio includes over 4 GWh of battery energy storage projects under construction in Australia, highlighting the company's commitment to renewable energy development in the region.