Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised the syndicate of lenders on the successful close of a A$460 million construction finance facility for Akaysha Energy's Elaine Battery Energy Storage System (BESS) project in Victoria, Australia.
The Elaine BESS is a 311MW/1244MWh facility located in Southwest Victoria and Akaysha Energy's first project in the state. Construction commenced in October 2025, with the project supported by a 15-year Virtual Tolling Agreement with Snowy Hydro.
The financing was provided by BNP Paribas, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, ING, Mizuho, MUFG, Societe Generale and Sumitomo Mitsui Banking Corporation.
The HSF Kramer team was led by partner Elizabeth Charlesworth, with support from partners including Laurelle Ko and Cassandra Wee, senior associate Lisa Hamilton and solicitors James Snowden, Madeleine Scott, and Jolyn Loh.
Elizabeth Charlesworth said, "We are delighted to support Akaysha Energy and the lender group on this significant transaction, which highlights the expanding role of battery storage in Australia's shift towards renewable energy.
"The Elaine BESS project will play a crucial role in supporting grid reliability and advancing the state's clean energy ambitions, and we look forward to seeing its successful construction and integration into Victoria's energy landscape."
This transaction further cements HSF Kramer's position as a leading legal adviser in the Australian energy transition and BESS market. Other recent examples of HSF Kramer's market-leading work in the renewables sector include the firm advising:
- the syndicate of lenders on the project financing of AMPYR's 300MW / 600MWh Wellington Battery Energy Storage System in NSW;
- EnergyAustralia on its development of the 350 MW / 1400 MWh Wooreen Battery Energy Storage System in the Latrobe Valley, Victoria;
- the syndicate of lenders on the project financing of Eku Energy's 250MW/500MWh Big Canberra Battery energy storage project;
- CleanPeak Energy and Igneo Infrastructure Partners on their $460,000,000 portfolio refinancing of renewables assets with capex facility for future projects;
- METLEN Energy & Metals on their portfolio financing of solar farm projects across NSW and Queensland;
- The international syndicate of lenders on the $750 million green portfolio financing for ACEN Australia's clean energy projects; and
- HMC Capital on its $950 million renewable energy portfolio acquisition.