Western Victoria will be home to a new large-scale BESS (battery energy storage system) as Akaysha Energy seals a $460 million deal to fund the project.
Akaysha Energy announced the project at Elaine, south-east of Ballarat, has commenced with a group of eight banks, BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC, and Societe Generale, financing the project.
The three-year finance package also includes $75 million of letters of credit to support Akaysha Energy’s security obligations.
The financing is underpinned by a 15-year Virtual Tolling Agreement with Snowy Hydro.
Works for the 311MW/1244MWh Elaine BESS began in October 2025, and Akaysha Energy has partnered with Tesla and Consolidated Power Projects for the project.
In a statement Akaysha Energy said the Elaine BESS will manage transmission outage risks, support the integration of more wind and solar into the National Electricity Market (NEM) and contribute to reliable electricity supply for the state.
The Moorabool, Mt Mercer and Lal Lal windfarms are all located nearby and the Elaine is on the route of a major 500KW transmission line connecting the Moorabool battery outside Geelong.
Akaysha Energy Chief Financial & Investment Officer, Andrew Wegman, speaking on Akaysha Energy’s first project in Victoria, said it was all about securing Victoria’s energy future.
“Securing this $460 million facility is another important step in delivering our market leading portfolio of large-scale energy storage infrastructure to push forward Australia’s energy transition.
“The strong support from lenders reflects the critical role that battery storage plays in the NEM, and Akaysha Energy’s ability to deliver complex projects at scale. This financing demonstrates how institutional capital continues to play a fundamental role in accelerating Australia’s clean energy build-out. We’re proud to be at the forefront of developing the next generation of energy infrastructure.”
Akaysha Energy is also involved the 850MW Waratah Super Battery, the most powerful BESS in the world Virtual Tolling Agreement with Snowy Hydro.
