BlackRock’s Akaysha Energy has secured a $300 million corporate debt facility from a group of Australian and international banks. The company stated that this borrowing base loan is the first of its kind in the Australian renewable energy sector. The syndicate providing the three-year, multi-currency loan and letter of credit facility includes BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac. Akaysha will have the capacity to increase the size of the loan as its portfolio of battery storage assets expands. Akaysha Energy is a battery storage asset developer that focuses on grid-scale battery storage projects. It is owned by BlackRock Real Assets.
According to Akaysha, borrowing base facilities are common in the US renewables sector and the oil and gas industry. This agreement marks the first time this structure has been implemented in the Australian renewable energy market. The funds will support Akaysha’s ongoing development and expansion plans within the Australian market, reinforcing its commitment to advancing renewable energy solutions.
Akaysha recently brought online the first stage of the Waratah Super Battery in New South Wales. The 850-megawatt battery is currently the most powerful in the world. Akaysha anticipates having 1.2 gigawatts of storage assets in operation by the end of 2025, solidifying its position as a key player in Australia’s renewable energy transition. The company is dedicated to deploying advanced battery storage technology to enhance grid stability and support the integration of renewable energy sources.
