The firm worked with seven major banks, including CBA, DBS and Rabobank
Herbert Smith Freehills (HSF) has helped a consortium of seven major banks with the financing of Akaysha Energy’s Ulinda Park Battery Energy Storage System (BESS) project.
The consortium consisted of the Commonwealth Bank of Australia, DBS Bank, ING Bank, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Rabobank. The deal achieved financial close recently.
The 155MW/298MWh Ulinda Park BESS will generate over 700MWh of new energy storage alongside the 205MW/410MWh Brendale BESS project, which is under the same financing. Akaysha Energy collaborated with Powin for battery technology supply and Consolidated Power Projects for the balance of plant in relation to the Ulinda Park BESS, which is in the initial construction phase and is set to begin operating next year.
HSF finance partner Elizabeth Charlesworth spearheaded HSF’s cross-practice team on the deal, supported by partners Toby Anderson (projects, energy and infrastructure), Julie Jankowski (real estate), Peter Davis (projects, energy and infrastructure), Kristen Percy (projects, energy and infrastructure), Kathryn Pacey (environment, planning and communities), and Ryan Leslie (corporate). The team also included senior associates and lawyers Arnica Mullins, Nicholas Gerovasilis, Talia Lake, Michael Trent, Saori Nakayama, Hugh Pegler, Jasmine Wood, Jack Fox, Jessie Sun, Blair Feng and Grace Lee.
Meanwhile, a team from Ashurst guided Akaysha Energy and BlackRock's Climate Infrastructure franchise on the development, construction, commissioning, operation, maintenance, and project financing of the two BESS projects. According to partner Chris Redden, this is “the first portfolio financing of battery energy storage projects in Australia represents a significant step forward in integrating renewable energy storage solutions in Queensland”.
Redden co-led the team with fellow partners Dan Brown and Kate Phillips. They were supported by partners Bree Miechel, David Jardine, and Andrew McCormack; consultant Paul Newman; counsel Douglas Fung; and senior associates Stephen Blair, Mike Webb, Michelle Gaynor, Robert Gough, Tristan Shepherd, Stephanie Centorame, and Priscilla Umaria (projects and energy transition). London-based senior associate Melany Wilson (projects and energy transition) pitched in as well.
Azure Capital was Akaysha Energy’s financial adviser. DNV, Aurora, Marsh, KPMG, and Mazars were due diligence advisers.
Recently, Ashurst also advised Akaysha Energy on its Orana BESS project.
