BlackRock’s Akaysha Energy has secured a $300 million corporate debt facility from a group of Australian and international banks.
This borrowing base loan is the first of its kind in Australia’s renewable energy sector. The three-year, multi-currency facility includes a loan and a letter of credit, provided by BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac.
Akaysha will also have the ability to increase the loan amount as its battery storage portfolio expands, giving the company flexibility for future growth.
Akaysha Energy develops grid-scale battery storage projects to support renewable energy. The company focuses on building and managing battery storage assets that help stabilize the electricity grid. It is owned by BlackRock Real Assets and is part of BlackRock’s efforts to invest in sustainable energy solutions.
According to Akaysha Energy, borrowing base facilities are commonly used in the US renewable energy sector and in the oil and gas industry.
This agreement is the first time this type of loan has been used in the Australian renewable energy market, making it a significant milestone for the sector.
The funds from this facility will help Akaysha expand and develop its projects in Australia, showing the company’s ongoing commitment to advancing renewable energy solutions.
Akaysha Energy recently activated the first stage of the Waratah Super Battery in New South Wales.
The battery has a capacity of 850 megawatts, making it the most powerful battery in the world at the moment.
Akaysha plans to have 1.2 gigawatts of storage assets operating by the end of 2025, strengthening its role in Australia’s renewable energy transition.
The company is focused on using advanced battery storage technology to improve grid stability and support the integration of renewable energy sources.
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