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.
