Akaysha Energy Pty Ltd announced on Monday the successful closure of a AUD 650 million (USD 440.4 million / EUR 404.2 million) debt funding deal for its ambitious 415 MW/1,660 MWh Orana battery energy storage project in New South Wales, alongside a significant off-take contract for half of the project's capacity.
Backed by BlackRock Inc (NYSE:BLK), the Australian battery energy developer has secured the largest financing globally for a standalone battery energy storage system (BESS) project.
The three-year debt funding was raised from a consortium of 11 domestic and international banks, including ANZ, CBA, Westpac, BNP, Canadian Imperial Bank of Commerce, DBS, ING, Mizuho, Rabobank, Siemens Financial Services through Siemens Bank, and SMBC.
Located near Wellington, the Orana battery will utilize Tesla's Megapack technology and boast a four-hour discharge capacity to support the National Electricity Market (NEM). Construction has already commenced with full operational readiness anticipated by 2026.
EnergyAustralia has secured approximately 200 MW of the Orana project's capacity under a virtual toll off-take agreement spanning 12 years. This innovative arrangement allows the power retailer to manage 200 MW of a “virtual battery” within predefined daily bidding parameters.
