BlackRock Real Assets, the realty investment arm of global asset manager Blackrock, has agreed to buy out Melbourne-based battery storage and renewable energy development Akaysha Energy for an undisclosed amount.
As part of the proposed acquisition, BlackRock Climate Infrastructure, a fund managed by BlackRock Real Assets, will inject over A$1 billion ($700 million) into Akaysha’s string of nine big batteries portfolio across Australia with a 1-GW-plus capacity.
The most advanced project in Akaysha’s portfolio is the 150 MW, 300 MWh Ulinda Park battery next to the Kogan Creek coal generator in the Western Downs region of Queensland that it is co-developing, along with another two batteries in Queensland, with Renewable Energy Partners.
It also operates the Palmerston Battery Energy Storage System (BESS) in Tasmania, which will use grid forming inverter technology to offer Virtual Synchronous Machine services to the Tasmanian network.
According to reports, the 1-GW capacity installation within the National Electricity Market (NEM) is intended to support the grid and help save more than 15 million tonnes of carbon dioxide (CO2) emissions over the lifetime of the projects.
Akaysha Energy was set up in 2021 with a focus on the end-to-end development of BESS and renewable energy projects. The company plans to expand into other Asia-Pacific markets, including Japan and Taiwan.
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