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.
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.
