Akaysha Energy has inked a long-term offtake agreement with Gunvor Group for its large-scale battery energy storage system (BESS) project. The agreement includes a risk-hedging offtake product known as a battery revenue swap agreement which will ensure revenue certainty for the project. The project is currently under construction and is expected to begin operations by 2026.
Furthermore, this project will have a capacity of 205 MW / 410 MWh. It will be able to charge from excess solar generation and store enough energy to power approximately 200,000 homes for up to two hours. Additionally, the project has grid forming capability which will strengthen network voltage stability in nearby Queensland transmission infrastructure.
Both companies are expanding in the renewable energy sector. In July 2024, Akaysha Energy secured A$650 million in funding for the development of the Orana BESS in New South Wales, Australia. In the same month, Gunvor Group partnered with Quercus Real Assets to develop up to 3 GW of solar photovoltaic capacity in Italy.
