Global law firm Ashurst has advised Akaysha Energy on securing a landmark A$300 million borrowing base corporate debt facility from a syndicate of global and domestic banks, including BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac.
This facility represents the first borrowing base loan structure of its kind in the Australian renewable energy sector, offering Akaysha Energy significant flexibility to scale the facility as its business grows. The three-year, multi-currency facility, available in AUD, EUR, and USD, comprises both a revolving loan and a letter of credit component. It is strategically designed to support and accelerate the development and construction of Akaysha's global battery energy storage system (BESS) project pipeline, spanning key markets such as Australia, the US, Japan, and Germany.
Ashurst advised on the Australian and UK law aspects of the financing, working alongside Kirkland & Ellis, who advised on US law.
Partner Chris Redden said:
"We are delighted to have supported Akaysha Energy on this market-first transaction, which sets a new benchmark for innovative financing in the Australian renewable energy sector. The facility provides Akaysha with the flexibility to accelerate its growth in the energy storage space, both in Australia and internationally."
The Ashurst team was led by partner Chris Redden, who was assisted by: senior associate Stephen Blair and associates Athena Krisanaleela and Irene Ma (Projects & Energy Transition).
