The Orana battery energy storage system (BESS) project in New South Wales, Australia, has reached an agreement for A$650 million with Akaysha Energy. Situated in the Central West Orana renewable energy zone, the Orana project will be built with funding from the three-year facility. The project is scheduled to be online in 2026 with a 1,660 MWh of projected capacity.
Eleven banks provided financing: BNP Paribas, Siemens Financial Services through Siemens Bank, the Canadian Imperial Bank of Commerce, and local banks ANZ, CBA, and Westpac. Akaysha has also received A$75 million in letters of credit to cover the project’s security commitments.
Akaysha has more than 4 GWh of energy storage projects in Australia, with the Orana project now under construction. One of the project’s finance arrangements is a 12-year “virtual toll” offtake agreement for 200 MW of contractual capacity with EnergyAustralia. The Orana BESS will have CPP provide its balance of plants and be outfitted with Tesla Megapack technology.
