Akaysha Energy, owned by BlackRock, raised A$300 million (US$196 million) in multi-currency debt to expand battery projects in Australia, Germany, Japan, and the US. Funded by major banks, the deal is the first borrowing base loan in Australia’s renewables sector. It allows for scaling as assets grow, amid rising global demand for energy storage, according to Bloomberg. They write:
BlackRock Inc.-owned Australia battery maker Akaysha Energy Pty. has raised A$300 million ($196 million) in debt to expand its global battery fleet, according to a company statement.
BNP Paribas SA, Deutsche Bank AG, ING Bank NV, Sumitomo Mitsui Banking Corp. and Westpac Banking Corp. will fund the three-year borrowing, which comprises a revolving loan and a letter of credit facility, Akaysha said in the statement. The multi-currency deal is available in Australian dollars, euros and US dollars, it added. […]
Akaysha’s fundraising needs come as demand for energy storage surges globally. Battery capacity is forecast to increase 14-fold to 1,200 gigawatts by 2030, according to the International Energy Agency’s ‘Net Zero Emissions by 2050’ scenario.
Batteries — like Akaysha’s A$1 billion Waratah Super Battery that went online in August — help smooth patchy renewable power generation by soaking up excess power and feeding it back to the grid when demand spikes. […]
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