Akaysha Energy has closed A$460 million in project financing for the construction of its Elaine battery storage (BESS) project in southwest Victoria, Australia. Elaine BESS project is backed by eight leading banks and also has a 15-year Virtual Tolling Agreement (VTA) with Snowy Hydro. Construction began in October 2025, and once fully operational the 311 MW/1,244 MWh Elaine battery storage system will support the integration of more wind and solar projects into Australia’s National Electricity Market (NEM). It is also expected to mitigate the risk of transmission outage in Victoria’s grid.
Elaine Battery Energy Storage System (BESS) Project Factsheet
Developer: Akaysha Energy
Location: Southwest Victoria, Australia
Power Capacity: 311 MW
Energy Storage Capacity: 1,244 MWh in 4-hour duration.
Project Financing: A$460 million. Also includes A$75 million letters of credit.
Off-take: 15-year Virtual Tolling Agreement with Snowy Hydro.
EPC/Technology Partners: Tesla for battery units and Consolidated Power Projects for engineering, procurement, and construction.
Construction Start: October 2025
Status: Construction underway. Project financing also closed.
Significance: Akaysha’s first Victorian project. Also comes after successful completion of 350 MW Waratah Super Battery project. Waratah is currently in partial operation and expects to be fully operational by the end of 2025.
Project Timeline
October 2024: Akaysha commissions the 350 MW Waratah Super Battery in NSW.
October 2025: Construction begins on Elaine BESS in southwest Victoria.
November 2025: A$460 million construction financing closed.
2025 onward: Construction and integration into NEM operations expected, with dispatch and grid-service activities under VTA.
Overview on Akaysha’s Elaine Battery Energy Storage System (BESS) Project in Victoria, Australia
Elaine battery storage (BESS) project will deliver 311 MW of power and 1,244 MWh in a 4-hour duration setup when fully commissioned. The Victoria BESS project is being developed in partnership with Tesla and Consolidated Power Projects (CPP). Additionally, Elaine BESS project financing features letters of credit totaling A$75 million. The eight banks supporting it include BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, SMBC and Societe Generale.
Akaysha Energy ‘s Virtual-Tolling Agreement with Snowy Hydro will also allow Elaine battery storage facility to participate in market dispatch. It will also be involved in reserve services and transmission support roles. These will enhance Victoria’s grid reliability and allow for better utilization of renewables. As Akaysha noted, the Elaine BESS will help manage “transmission outage risks, support the integration of more wind and solar … and contribute to reliable electricity supply for the state.”
