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BOOM Power, a solar and battery storage project developer, has <a href="https://mercomcapital.com/boom-power-sells-100-mw-of-two-solar-projects/" target="_blank" rel="noopener">completed</a> the sale of two solar projects totaling 110 MW in the U.K. to Enray Power, a solar and storage project developer. The sale includes Firsfield Solar, with an installed capacity of 71 MWp and an export capacity of up to 46.9 MWp, located in West Suffolk, and Osgodby Solar, with a capacity of 42.9 MWp, situated in North Yorkshire.
Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-secures-144-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward. The loan originated under Pathward’s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider.
Decarbonization solutions company ReNew Energy Global (ReNew) has <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-closes-299-million-1-2-gwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia. With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding.
N-Sun Energy, a solar development platform created by Alantra Solar, <a href="https://mercomcapital.com/n-sun-energy-secures-408m-financing-275-mw-solar-portfolio/" target="_blank" rel="noopener">signed</a> a €355 million (~$408 million) green financing agreement with Intesa Sanpaolo, through its Italian subsidiary N-Sun Energy Advisors Italy 2. The funding provided by Intesa Sanpaolo will be used for the development and construction of a 275 MWp portfolio of five photovoltaic and agrivoltaics projects across Italy.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: BOOM Power Sells 110 MW of Two Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-boom-power-sells-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
BOOM Power, a solar and battery storage project developer, has <a href="https://mercomcapital.com/boom-power-sells-100-mw-of-two-solar-projects/" target="_blank" rel="noopener">completed</a> the sale of two solar projects totaling 110 MW in the U.K. to Enray Power, a solar and storage project developer. The sale includes Firsfield Solar, with an installed capacity of 71 MWp and an export capacity of up to 46.9 MWp, located in West Suffolk, and Osgodby Solar, with a capacity of 42.9 MWp, situated in North Yorkshire.
Headwater Energy, a utility-scale solar and energy storage development firm, <a href="https://mercomcapital.com/headwater-energy-secures-144-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> $144 million construction financing for its 112.5 MWdc Gum Swamp solar project in North Carolina, arranged by BridgePeak Energy Capital and funded in part by Pathward. The loan originated under Pathward’s energy lending program and a lender syndicate, with BridgePeak serving as the lender service provider.
Decarbonization solutions company ReNew Energy Global (ReNew) has <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt funding from the Asian Development Bank (ADB) to support the development of a large-scale clean energy project in Andhra Pradesh. ReNew said the Andhra Pradesh clean energy project integrates 837 MW of wind and solar capacity with a 415 MWh battery energy storage system (BESS). It aims to deliver 300 MW of peak power as well as a dependable baseload supply.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-closes-299-million-1-2-gwh-battery-storage-project/" target="_blank" rel="noopener">secured</a> A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia. With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding.
N-Sun Energy, a solar development platform created by Alantra Solar, <a href="https://mercomcapital.com/n-sun-energy-secures-408m-financing-275-mw-solar-portfolio/" target="_blank" rel="noopener">signed</a> a €355 million (~$408 million) green financing agreement with Intesa Sanpaolo, through its Italian subsidiary N-Sun Energy Advisors Italy 2. The funding provided by Intesa Sanpaolo will be used for the development and construction of a 275 MWp portfolio of five photovoltaic and agrivoltaics projects across Italy.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">brief</a>.

<a href="https://akayshaenergy.com/" target="_blank" rel="noopener">Akaysha Energy</a>, an energy storage project developer, secured A$460 million (~$299 million) in project financing to fund construction of its Elaine battery energy storage system (BESS) in Victoria, Australia.
With the closing of the financing, construction on the storage project has begun. A group of eight international and domestic banks, including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Société Générale, provided the funding. In addition, the three-year finance package includes A$75 million (~$49 million) of letters of credit to support the company&#8217;s security obligations.
The 311 MW/1,244 MWh Elaine BESS is located in Southwest Victoria; the project commenced construction in October 2025. Tesla and Consolidated Power Projects will deliver the Elaine BESS. The project has a 15-year virtual tolling agreement with Snowy Hydro.
Allens served as the borrower&#8217;s counsel, while HSF Kramer acted as the lender&#8217;s counsel on the transaction.
Commenting on the finance facility, Andrew Wegman, Chief Financial &amp; Investment Officer of Akaysha Energy, said, &#8220;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&#8217;s energy transition.
In September, the company also <a href="https://cms.mercomindia.com/akaysha-energy-raises-196-million-corporate-debt-financing/" target="_blank" rel="noopener">secured</a> an A$300 million (~$196 million) corporate debt facility to support the development and construction of its battery energy storage project pipeline in Australia, the U.S., Japan, and Germany.
Akaysha Energy <a href="https://cms.mercomindia.com/akaysha-energy-secures-441-million-in-debt-financing-for-energy-storage-project/" target="_blank" rel="noopener">closed</a> A$650 million (~$440.92 million) in debt financing from a group of eleven domestic and foreign banks in July 2024. The facility has a three-year tenor and will be used to construct the Orana Battery Energy Storage System (BESS) project, located near Wellington, NSW, within the Central West Orana Renewable Energy Zone (REZ) in Australia.
According to Mercom&#8217;s 9M and Q3 2025 Funding and M&amp;A Report for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, announced Energy Storage project financing increased 94% in the first nine months of 2025 compared with the same period in 2024.

Akaysha Energy Closes $299 Million for 1.2 GWh Battery Storage Project

Enfinity Global, a renewable energy project developer, <a href="https://mercomcapital.com/enfinity-global-secures-368-million-financing-for-solar-projects/" target="_blank" rel="noopener">raised</a> €316 million (~$368 million) in financing to support the construction of eight utility-scale solar projects with a combined capacity of 276 MW in Italy. The projects, located across the regions of Emilia Romagna, Basilicata, and Lazio, are expected to reach commercial operation by the end of 2026. Once operational, the projects are estimated to produce approximately 403 GWh of electricity annually.
Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://mercomcapital.com/swift-current-energy-secures-242-million-project-financing/" target="_blank" rel="noopener">raised</a> $242 million in project financing for its 150 MW/600 MWh Prospect Power Storage project located in Rockingham County, Virginia. The energy storage project is currently under construction, with commercial operation expected in 2026. Prospect Power storage project holds a 15-year power purchase agreement with Dominion Energy Virginia.
Arevon Energy, a renewable energy developer, owner, and operator, has <a href="https://mercomcapital.com/arevon-energy-secures-tax-equity-financing/" target="_blank" rel="noopener">secured</a> a $250 million tax equity commitment from Wells Fargo Bank, N.A., for the development of a two-phase, 430 MW Kelso solar project in Scott County, Missouri. The transaction brings the company’s total financings to $4.5 billion over the past two years. The $500 million Kelso solar project is currently under construction.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-raises-196-million-corporate-debt-financing/" target="_blank" rel="noopener">secured</a> a A$300 million (~$196 million) corporate debt facility to support the development and construction of its battery energy storage project pipeline in Australia, the U.S., Japan, and Germany. A syndicate of global and domestic banks comprising BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac provided the financing. The package includes a three-year multi-currency revolving loan and a letter of credit financing.
X-ELIO, a Brookfield-owned renewable energy project developer, has <a href="https://mercomcapital.com/x-elio-sells-50-mw-solar-project-in-italy/" target="_blank" rel="noopener">announced</a> the sale of the 50 MW Castelvetrano solar project, located in Sicily, to PLT Energia, a solar and wind energy company. The solar project, once operational, is expected to produce approximately 92 GWh of clean electricity annually. The company did not disclose the financial details of the transaction. The company currently has 146 MW of solar capacity in operation and a total of 116 MW of capacity under construction.
Grenergy, a renewable energy company, has entered into an agreement to <a href="https://mercomcapital.com/grenergy-sells-fourth-phase-oasis-de-atacama-project/" target="_blank" rel="noopener">sell</a> the fourth phase of its Oasis de Atacama project in Chile to funds managed by CVC DIF, the infrastructure investment arm of global private equity firm CVC Capital Partners. The transaction is expected to total an enterprise value of up to $475 million, including earn-outs and financial adjustments.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-zenobe-acquires-energy-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enfinity Global Secures $368 Million

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enfinity-global-secures-368-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enfinity Global, a renewable energy project developer, <a href="https://mercomcapital.com/enfinity-global-secures-368-million-financing-for-solar-projects/" target="_blank" rel="noopener">raised</a> €316 million (~$368 million) in financing to support the construction of eight utility-scale solar projects with a combined capacity of 276 MW in Italy. The projects, located across the regions of Emilia Romagna, Basilicata, and Lazio, are expected to reach commercial operation by the end of 2026. Once operational, the projects are estimated to produce approximately 403 GWh of electricity annually.
Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://mercomcapital.com/swift-current-energy-secures-242-million-project-financing/" target="_blank" rel="noopener">raised</a> $242 million in project financing for its 150 MW/600 MWh Prospect Power Storage project located in Rockingham County, Virginia. The energy storage project is currently under construction, with commercial operation expected in 2026. Prospect Power storage project holds a 15-year power purchase agreement with Dominion Energy Virginia.
Arevon Energy, a renewable energy developer, owner, and operator, has <a href="https://mercomcapital.com/arevon-energy-secures-tax-equity-financing/" target="_blank" rel="noopener">secured</a> a $250 million tax equity commitment from Wells Fargo Bank, N.A., for the development of a two-phase, 430 MW Kelso solar project in Scott County, Missouri. The transaction brings the company’s total financings to $4.5 billion over the past two years. The $500 million Kelso solar project is currently under construction.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-raises-196-million-corporate-debt-financing/" target="_blank" rel="noopener">secured</a> a A$300 million (~$196 million) corporate debt facility to support the development and construction of its battery energy storage project pipeline in Australia, the U.S., Japan, and Germany. A syndicate of global and domestic banks comprising BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac provided the financing. The package includes a three-year multi-currency revolving loan and a letter of credit financing.
X-ELIO, a Brookfield-owned renewable energy project developer, has <a href="https://mercomcapital.com/x-elio-sells-50-mw-solar-project-in-italy/" target="_blank" rel="noopener">announced</a> the sale of the 50 MW Castelvetrano solar project, located in Sicily, to PLT Energia, a solar and wind energy company. The solar project, once operational, is expected to produce approximately 92 GWh of clean electricity annually. The company did not disclose the financial details of the transaction. The company currently has 146 MW of solar capacity in operation and a total of 116 MW of capacity under construction.
Grenergy, a renewable energy company, has entered into an agreement to <a href="https://mercomcapital.com/grenergy-sells-fourth-phase-oasis-de-atacama-project/" target="_blank" rel="noopener">sell</a> the fourth phase of its Oasis de Atacama project in Chile to funds managed by CVC DIF, the infrastructure investment arm of global private equity firm CVC Capital Partners. The transaction is expected to total an enterprise value of up to $475 million, including earn-outs and financial adjustments.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-zenobe-acquires-energy-project" target="_blank" rel="noopener">brief</a>.

<a href="https://akayshaenergy.com/about" target="_blank" rel="noopener">Akaysha Energy</a>, an energy storage project developer, secured a A$300 million (~$196 million) corporate debt facility to support the development and construction of its battery energy storage project pipeline in Australia, the U.S., Japan, and Germany.
A syndicate of global and domestic banks comprising BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac provided the financing.
The package includes a three-year multi-currency revolving loan and a letter of credit financing, and provides flexibility to increase the size of the loan over time, as the value of the company’s portfolio of battery storage systems grows.
Andrew Wegman, Chief Financial &amp; Investment Officer of Akaysha Energy, said, “This is a landmark facility for Akaysha and for the Australian renewables sector. As the first borrowing base loan of its kind in the market, it provides the scale and flexibility to accelerate our development pipeline and capitalize on the extensive set of near-term opportunities that we see in Australian and global energy markets.”
In addition, the company announced reaching the commercial operation date on Stage 1 of the 850 MW/1,680 MWh Waratah Super Battery project in Australia.
Last year, in July, Akaysha Energy <a href="https://cms.mercomindia.com/akaysha-energy-secures-441-million-in-debt-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> A$650 million (~$440.92 million) in debt financing from a group of eleven domestic and foreign banks. The facility has a three-year tenor and will be used to construct the Orana Battery Energy Storage System (BESS) project located near Wellington, NSW, within the Central West Orana Renewable Energy Zone (REZ), Australia.
In addition, the company announced signing a long-term offtake agreement for its 205 MW/410 MWh Brendale battery energy storage project located in Brisbane, with Gunvor Group in February 2025.
According to Mercom’s 1H and Q2 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">Report</a> for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
Recently, Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://cms.mercomindia.com/swift-current-energy-secures-242-million-project-financing/" target="_blank" rel="noopener">raised</a> $242 million in project financing for its 150 MW/600 MWh Prospect Power Storage project located in Rockingham County, Virginia.
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Akaysha Energy Raises $196 Million Corporate Debt Financing

Emeren Group, a solar project developer, <a href="https://cms.mercomindia.com/emeren-group-sells-42-mw-solar-project-portfolio-in-spain/" target="_blank" rel="noopener">announced</a> the sale of a 42 MW ready-to-build solar project portfolio in Spain to CVE España, part of CVE, a French independent power producer. The portfolio comprises eight greenfield projects with capacities ranging from 5 MW to 6 MW. One project has already been closed, while the rest will be closed during Q3 and are classified as ready-to-build. Six projects are in Castilla-y-Leon, one in Comunidad Valenciana, and the last in Andalucia.
Enfinity Global, a U.S.-based renewable energy project developer, <a href="https://cms.mercomindia.com/enfinity-global-secures-164-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">closed</a> a $164 million (~JPY 26.24 billion) financing for a 250 MW solar PV project portfolio in Japan. Enfinity Global obtained the funding in partnership with Macquarie Capital and a syndicate led by Shinhan Asset Management. The portfolio comprises seven operating utility-scale solar projects and one project under construction, with an enterprise value of over $1 billion.
CEE Group, a renewable energy asset management firm, <a href="https://cms.mercomindia.com/cee-group-acquires-102-5-mw-solar-project-in-spain/" target="_blank" rel="noopener">announced</a> the acquisition of a 102.5 MW solar PV project in San Pedro del Pinatar in Murcia, a region in southern Spain, with its CEE Renewable Fund 8. The project is under construction and will be connected to the grid in the second half of 2025. The seller is a European corporation specializing in developing, constructing, and operating renewable energy projects.
Public infrastructure finance company REC Limited has <a href="https://www.mercomindia.com/rec-200-million-loan-deutsche-bank" target="_blank" rel="noopener">secured</a> a green loan of JPY31.96 billion (~$200 million) from Deutsche Bank‘s GIFT City branch to fund green projects in India. This green financing is one of the first JPY-denominated green loan transactions for Deutsche Bank at GIFT City.
Actis’ SE Asia Renewables Platform Levanta Renewables, a renewable energy project developer and independent power producer, <a href="https://cms.mercomindia.com/levanta-renewables-acquires-139-4-mw-solar-portfolio-in-thailand/" target="_blank" rel="noopener">announced</a> the acquisition of a 90% controlling shareholding in a 139.4 MW operating solar project portfolio in Thailand. The company acquired the portfolio from Super Energy, a Thai renewable energy project developer, and its subsidiary, Super Energy Group.
Akaysha Energy, an energy storage project developer, <a href="https://cms.mercomindia.com/akaysha-energy-secures-441-million-in-debt-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> A$650 million (~$440.92 million) in debt financing from a group of eleven domestic and foreign banks. The facility has a three-year tenor and will be used to construct the Orana Battery Energy Storage System project located near Wellington, NSW, within the Central West Orana Renewable Energy Zone , Australia. Once operational, the project will add more than 1,660 MWh of storage capacity to the National Electricity Market.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-sonnedix-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Emeren Group Sells 42 MW Solar Project Portfolio in Spain

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-emeren-group-sells-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Emeren Group, a solar project developer, <a href="https://mercomcapital.com/emeren-group-sells-42-mw-solar-project-portfolio-in-spain/" target="_blank" rel="noopener">announced</a> the sale of a 42 MW ready-to-build solar project portfolio in Spain to CVE España, part of CVE, a French independent power producer. The portfolio comprises eight greenfield projects with capacities ranging from 5 MW to 6 MW. One project has already been closed, while the rest will be closed during Q3 and are classified as ready-to-build. Six projects are in Castilla-y-Leon, one in Comunidad Valenciana, and the last in Andalucia.
Enfinity Global, a U.S.-based renewable energy project developer, <a href="https://mercomcapital.com/enfinity-global-secures-164-million-financing-for-solar-project-portfolio/" target="_blank" rel="noopener">closed</a> a $164 million (~JPY 26.24 billion) financing for a 250 MW solar PV project portfolio in Japan. Enfinity Global obtained the funding in partnership with Macquarie Capital and a syndicate led by Shinhan Asset Management. The portfolio comprises seven operating utility-scale solar projects and one project under construction, with an enterprise value of over $1 billion.
CEE Group, a renewable energy asset management firm, <a href="https://mercomcapital.com/cee-group-acquires-102-5-mw-solar-project-in-spain/" target="_blank" rel="noopener">announced</a> the acquisition of a 102.5 MW solar PV project in San Pedro del Pinatar in Murcia, a region in southern Spain, with its CEE Renewable Fund 8. The project is under construction and will be connected to the grid in the second half of 2025. The seller is a European corporation specializing in developing, constructing, and operating renewable energy projects.
Public infrastructure finance company REC Limited has <a href="https://www.mercomindia.com/rec-200-million-loan-deutsche-bank" target="_blank" rel="noopener">secured</a> a green loan of JPY31.96 billion (~$200 million) from Deutsche Bank‘s GIFT City branch to fund green projects in India. This green financing is one of the first JPY-denominated green loan transactions for Deutsche Bank at GIFT City.
Actis’ SE Asia Renewables Platform Levanta Renewables, a renewable energy project developer and independent power producer, <a href="https://mercomcapital.com/levanta-renewables-acquires-139-4-mw-solar-portfolio-in-thailand/" target="_blank" rel="noopener">announced</a> the acquisition of a 90% controlling shareholding in a 139.4 MW operating solar project portfolio in Thailand. The company acquired the portfolio from Super Energy, a Thai renewable energy project developer, and its subsidiary, Super Energy Group.
Akaysha Energy, an energy storage project developer, <a href="https://mercomcapital.com/akaysha-energy-secures-441-million-in-debt-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> A$650 million (~$440.92 million) in debt financing from a group of eleven domestic and foreign banks. The facility has a three-year tenor and will be used to construct the Orana Battery Energy Storage System project located near Wellington, NSW, within the Central West Orana Renewable Energy Zone , Australia. Once operational, the project will add more than 1,660 MWh of storage capacity to the National Electricity Market.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-sonnedix-acquires-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://akayshaenergy.com/about" target="_blank" rel="noopener">Akaysha Energy</a>, an energy storage project developer, secured A$650 million (~$440.92 million) in debt financing from a group of eleven domestic and foreign banks.
ANZ, CBA, and Westpac represented the domestic lenders. BNP, Canadian Imperial Bank of Commerce, DBS, ING, Mizuho, Rabobank, Siemens Financial Services through Siemens Bank, and SMBC were some of the international lenders.
The facility has a three-year tenor and will be used to construct the Orana Battery Energy Storage System (BESS) project located near Wellington, NSW, within the Central West Orana Renewable Energy Zone (REZ), Australia. Once operational, the project will add more than 1,660 MWh of storage capacity to the National Electricity Market (NEM).
The financing also provides more than A$75 million (~$50.87 million) of Letters of Credit to support the project security obligations. In addition, EnergyAustralia, an Australia-based utility company, signed a twelve-year virtual toll offtake agreement for 200 MW of contracted capacity.
“We are very pleased to announce the successful closing of the debt financing of the Orana project as we move into construction on Akaysha’s first four-hour BESS to date. As the largest standalone BESS financing globally, this achievement not only secures the capital for Orana’s construction but also highlights the strong support we have received from both local and international banks, as well as from BlackRock,” said Andrew Wegman, Managing Director, and Chief Financial Officer at Akaysha Energy.
According to Mercom’s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage and Smart Grid, energy storage project funding increased 65% year-over-year, coming in at $3.3 billion in nine deals in Q1 2024 compared to $2 billion raised in nine project funding announcements in Q1 2023.
Last month, Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar <a href="https://cms.mercomindia.com/recurrent-energy-secures-513-million-for-1200-mwh-energy-storage-project/" target="_blank" rel="noopener">secured</a> $513 million in project financing for its 1,200 MWh Papago Storage project in Maricopa County, Arizona.

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