Akaysha closes A$460m construction financing and commences construction on Elaine BESS

The construction finance facility is provided by a group of eight leading international and domestic banks, BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Societe Generale. The three-year finance package also includes A$75m 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.

The 311MW/1244MWh Elaine BESS, located in Southwest Victoria, commenced construction in October 2025. Akaysha Energy has partnered with Tesla and Consolidated Power Projects to deliver the Elaine BESS. Once fully operational, 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.

Elaine BESS is Akaysha Energy’s first project in Victoria, facilitating further diversification of projects across its Australian portfolio.

Akaysha Energy was advised by: Allens (borrower’s counsel), HSF Kramer (lenders’ counsel), Ashurst (project counsel), KPMG (tax DD), Everoze (technical DD), Marsh (insurance DD), Aurora (Market DD) and JPA (Model Audit).

Commenting on the finance facility, Andrew Wegman, Chief Financial & Investment Officer of Akaysha Energy, said:

“Securing this A$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.”

Securing this funding and starting construction follows several major achievements for Akaysha Energy in recent months, including:

• reaching COD on 350MW of the 850MW Waratah Super Battery, the most powerful BESS in the world;
• securing a A$300 million corporate debt facility, the first borrowing base loan structure of its kind in the Australian renewables market; and
• entering into a 15-year Virtual Tolling Agreement with Snowy Hydro. The largest four-hour virtual toll arrangement in the Australian Market.