Akaysha Energy has successfully closed an AUD 460 million project finance facility to fund construction of its Elaine BESS project in Victoria, with construction on the battery energy storage system now commenced. The financing announcement was made on November 5, 2025.

Financing Structure and Banking Partners

The construction finance facility is provided by a consortium of eight leading international and domestic banks: BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale. The three-year finance package includes AUD 75 million of letters of credit to support Akaysha Energy's security obligations.

The financing is underpinned by a 15-year Virtual Tolling Agreement with Snowy Hydro, providing long-term revenue certainty for the project.

Project Specifications and Timeline

The Elaine BESS is a 311MW/1244 MWh battery energy storage system located in Southwest Victoria. Construction commenced in October 2025, following the successful financial close. Akaysha Energy has partnered with Tesla and Consolidated Power Projects to deliver the Elaine BESS.

Once fully operational, the Elaine BESS will manage transmission outage risks, support the integration of more wind and solar into the National Electricity Market (NEM), and contribute to reliable electricity supply for the State. The project marks Akaysha Energy's first in Victoria, facilitating further diversification across its Australian portfolio.

Advisory Team and Professional Services

Akaysha Energy engaged a comprehensive team of advisors for the transaction. Allens served as borrower's counsel, while HSF Kramer acted as lenders' counsel, and Ashurst provided project counsel services. KPMG handled tax due diligence, Everoze conducted technical due diligence, and Marsh managed insurance due diligence. Aurora performed market due diligence, and JPA completed the model audit.

Executive Commentary and Strategic Context

Andrew Wegman, Chief Financial & Investment Officer of Akaysha Energy, commented on the finance facility: “Securing this AUD 460 million facility is another important step in delivering our market-leading portfolio of large-scale energy storage infrastructure to push forward Australia's energy transition. The strong support from lenders reflects the critical role that battery storage plays in the NEM and Akaysha Energy's ability to deliver complex projects at scale.

This financing demonstrates how institutional capital continues to play a fundamental role in accelerating Australia's clean energy build-out. We're proud to be at the forefront of developing the next generation of energy infrastructure.”

Recent Company Achievements

The securing of this funding and commencement of construction follow several major achievements for Akaysha Energy in recent months. The company reached commercial operation date (COD) on 350MW of the 850MW Waratah Super Battery, which is described as the most powerful BESS in the world.

Akaysha Energy also secured an AUD 300 million corporate debt facility, representing the first borrowing base loan structure of its kind in the Australian renewables market. Additionally, the company entered into a 15-year Virtual Tolling Agreement with Snowy Hydro, which is described as the largest four-hour virtual toll arrangement in the Australian Market.

The company's recent milestones also include securing what is described as the largest BESS financing globally, totaling AUD 650 million, and an innovative virtual toll-offtake agreement with EnergyAustralia in July 2024. In February 2025, Akaysha Energy and Gunvor Group signed what is described as a landmark offtake agreement for Australian large-scale battery storage operations.

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