On February 6, 2025, Amp Energy, a Canadian clean energy developer headquartered in Toronto, has secured non-recourse senior debt financing for Stage 1 of its 250 MW / 500 MWh Bungama Battery Energy Storage System and 339 MWdc solar project located near Port Pirie, South Australia. The project supports South Australia’s target of net 100% renewable energy by 2027 and will enhance reliability in the National Electricity Market. The financing package includes Letters of Credit and was provided by Commonwealth Bank of Australia (CBA), Westpac Institutional Bank, and Export Development Canada (EDC). At the time of financial close, the estimated AUD 500 million deal was equivalent to approximately CAD 445 million.

Carlyle Group, a major investor in Amp since 2021, is providing capital support for this project, highlighting its ongoing commitment to the firm’s global renewable platform. Wärtsilä has been contracted to supply the battery storage system and provide long-term servicing. Enerven will serve as the Balance of Plant contractor and maintenance provider. Amp has executed a Transmission Connection Agreement with ElectraNet, which is currently constructing the 275kV connection infrastructure. Amp will manage both construction and long-term operations of the asset.

Ashurst acted as borrower’s counsel, while White & Case served as lenders’ counsel. Additional due diligence and advisory services were provided by Victor Martinez (commercial), Ashurst, Aurora, Arup, Alvarez & Marsal, JPA, and Aon. The project is the first fully merchant battery project in Australia to be financed by commercial lenders.