DNV’s Role in Securing Financing for Australia’s Orana Energy Storage Project
Support from DNV Paves Way for Major Energy Storage Development in New South Wales
DNV played a key role in securing AUD 650 million in financing for Akaysha Energy’s Orana Battery Energy Storage System (BESS) project in Wellington, New South Wales. This project, set to be one of the largest four-hour battery systems in the world, will provide over 415 MW/1,660 MWh of energy storage capacity to the National Electricity Market (NEM) when it becomes operational in 2026. The project highlights Australia’s commitment to expanding its renewable energy infrastructure.
As part of the financing process, DNV conducted comprehensive technical due diligence, covering various aspects such as technology, design, grid connection, and compliance with environmental and safety standards. Their expertise provided the confidence needed by the eleven-bank lender group to finalize the AUD 650 million debt financing in July 2024. This achievement follows DNV’s previous support for Akaysha Energy’s AUD 250 million financing for the Ulinda and Brendale BESS portfolio earlier in the year.
The Orana project, developed by Akaysha Energy, which is backed by global asset management firm BlackRock, is a significant addition to the company’s extensive portfolio of BESS projects in Australia and abroad. DNV’s involvement underscores the importance of technical expertise in advancing large-scale renewable energy projects, ensuring they meet the necessary standards for success.
The successful financing of the Orana project marks a critical milestone in Australia’s clean energy transition, contributing to greater grid stability and the integration of renewable energy sources. DNV’s ongoing support during the construction and commissioning phases will further reinforce the project’s impact on the National Electricity Market.
Australia continues to be a leading market for BESS projects in the Asia-Pacific region, driven by the need for grid stability as renewable energy adoption accelerates. As the regulatory environment evolves, projects like Orana will be crucial in meeting the Australian Energy Market Operator’s (AEMO) forecasted demand for energy storage capacity by 2050. Financial incentives from the Australian government are also playing a vital role in promoting the widespread adoption of BESS across the country.
