Revera Energy, an independent energy infrastructure platform backed by Carlyle, has completed the expansion of its credit facility to $150 million. The expanded facility is intended to support the development and construction of battery energy storage system (BESS), solar, and green hydrogen projects in pipeline across Australia’s National Energy Market (NEM) and UK. The financing has been arranged with the involvement of Nomura Securities International, Inc., which acted as sole bookrunner and lead arranger. Norton Rose Fulbright served as lender’s counsel, while A&O Shearman acted as borrower’s counsel.
The increased funding will support several projects in Australia. This includes the construction of the 150 MW/300 MWh Bungama Stage 1 BESS project in South Australia, which is expected to achieve commercial operation in the second quarter of 2026. Additionally, the facility will enable progress on at least 600 MW/2,400 MWh of further BESS capacity across the NEM. An additional 250 MW project is expected to reach notice to proceed in the third quarter of 2026. Moreover, most of this pipeline has already secured land, grid access, and planning approvals, and the funding will also support optimisation of 158 MW of operational solar assets in New South Wales.
In UK, the financing will support development of at least 1,000 MW/2,000 MWh of BESS projects. The first 200 MW project is expected to reach notice to proceed in the first quarter of 2026, followed by two additional projects totalling 800 MW over the subsequent 12 months. All of these projects have secured land, grid connections, and capacity market contracts. Furthermore, they are expected to address transmission constraints by enabling renewable generation from Scotland to reach demand centres in England.