Akaysha Energy signs agreement with Gunvor for a BESS in Queensland

Akaysha Energy has signed a long-term purchase agreement with Gunvor Group for a 205 MW/410 MWh battery energy storage system (BESS) in Brendale, Queensland. This partnership aims to ensure revenue stability and optimise project operations.

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Akaysha Energy, a specialist in large-scale battery energy storage systems, has signed a long-term purchase agreement with Gunvor Group, a major player in energy trading. This contract concerns the Brendale battery energy storage system (BESS) project in Queensland. Currently under construction, this 205 MW/410 MWh infrastructure is expected to be operational between early and mid-2026.

A key project for grid stability

Located in the northern suburbs of Brisbane, the Brendale BESS will be capable of storing and redistributing electricity from excess solar production. Its capacity will allow it to power up to 200,000 homes for two hours. The project will integrate grid-forming technology to stabilise voltage within Queensland’s major transmission infrastructure.

The signed agreement is based on a “Battery Revenue Swap Agreement” mechanism, ensuring financial stability for Akaysha Energy while maintaining the flexibility required to adjust operations based on market signals.

An expanding portfolio

This agreement marks Akaysha Energy’s third over-the-counter contract, reinforcing its strategy of optimising project profitability. It follows a A$650 million debt financing secured from a syndicate of eleven banks to fund the construction of its 1,660 MWh BESS in Orana. This project is complemented by a 12-year, 200 MW virtual purchase agreement with EnergyAustralia.

In July 2023, Akaysha Energy also finalised a battery revenue swap agreement with Re2 Capital for its 150 MW BESS in Ulinda Park, in Queensland’s Western Downs. With this latest transaction with Gunvor, Akaysha Energy’s total contracted capacity across its four assets under construction now exceeds 1.6 GW.

A favourable market dynamic

The agreement highlights the growing profitability of large-scale batteries and their ability to generate revenues through wholesale market pricing, which is expected to accelerate the deployment of energy storage infrastructure in Australia.

Paul Curnow, Managing Director and Chief Commercial Officer at Akaysha Energy, stated: “This agreement with Gunvor highlights the increasing sophistication of financial products Akaysha is developing with its partners to support Australia’s evolving energy landscape. The partnership ensures revenue certainty for the Brendale BESS while maintaining the flexibility needed to adapt to market dynamics.”

David Maher, Head of APAC Power Trading & Origination at Gunvor, added: “This partnership will be a key component of Gunvor’s Asia-Pacific strategy as we strengthen our commitment to the energy transition and risk management. This agreement illustrates the growing importance of batteries in delivering flexible and reliable energy solutions.”

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