Australian battery energy storage developer Akaysha Energy has refinanced its existing project-level debt through an A$1.75 billion (~$1.2 billion) portfolio-level financing facility to support its battery storage development pipeline in Australia.

The facility refinances existing debt across four battery energy storage projects, Brendale, Orana, Ulinda Park, and Elaine, into a single portfolio financing structure.

Akaysha’s Ulinda Park, Brendale, and Orana battery storage projects are operational. The Elaine project in Victoria commenced construction in October 2025 and is scheduled for completion in the second half of 2027.

A consortium of 11 banks supported the financing, including ANZ, BNP Paribas, Bank of China, Canadian Imperial Bank of Commerce (CIBC), Commonwealth Bank of Australia, Deutsche Bank, DNB, ING, Mizuho, Mitsubishi UFJ Financial Group (MUFG), and Rabobank.

The financing comprises three facilities with tenors of five, seven, and 10 years. It also includes revolving liquidity and contingent instrument facilities to provide financial flexibility as Akaysha advances its approximately 6 GW/25 GWh battery storage development pipeline across Australia’s National Electricity Market.

White & Case served as Akaysha Energy’s legal counsel, RBC Capital Markets as financial adviser, and Chatham as hedge adviser.

Allens served as lenders’ counsel, while Aurora, Jacobs, KPMG, Marsh, JPA, and Ashurst provided due diligence reports for the transaction.

The transaction follows the Waratah Super Battery’s recent achievement of final commercial operations.

According to Mercom’s recently released 1H 2026 Funding and M&A for Energy Storage report, publicly announced energy storage project funding reached a record $42.5 billion across 104 deals in 1H 2026, a 217% increase YoY from $13.4 billion across 48 deals in 1H 2025.

In September, GridStor, a developer and operator of utility-scale battery energy storage projects, secured $220 million in tax equity bridge, construction, and term debt financing for its 100 MW/400 MWh White Tank battery storage project in Arizona. ING Capital, KeyBank, and Zions Capital Markets are the transaction’s financial partners. The financing will support the completion of the project’s development.