KWM advises lenders on the largest financing of a battery energy storage system globally

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King & Wood Mallesons (KWM) is pleased to have acted for lenders on the $650M financing of Akaysha Energy’s Orana Battery Energy Storage System (BESS).

KWM advised the lender group comprised of domestic banks and international banks (ANZ, BNP Paribas, CBA, CIBC, DBS, ING  Mizuho, Rabobank, Siemens, SMBC and Westpac) on the project financing.

The financing will provide construction funding for the project which is “one of the largest four-hour BESS’ globally” and is set to add more than 1,660MWh of storage capacity to the National Electricity Market. It will also deliver more than A$75m of Letters of Credit to support the project security obligations.

The KWM team was led by Partners Claire Rogers, Amy Maguire and Chris Dynon with support from Senior Associate Emma Reed and Solicitor Eugenia Muñoz.

Commenting on the deal, Claire Rogers said:

“It was a pleasure to assist Akaysha Energy and its lenders on this milestone financing, supporting investment in the renewable energy transition.”

Further commenting on the deal, Amy Maguire said:

“We trust that the funding will provide significant opportunities for the project and Akaysha Energy’s mission to drive sustainable energy solutions."

KWM continues to advise clients on market leading transactions in the energy sector, including advising on the project financing for Melbourne Renewable Energy Hub.

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