Adelaide, Australia – Amp Energy (‘Amp’), a global energy transition platform backed by the Carlyle Group, has successfully closed project financing to construct the first stage of its 250 MW / 500 MWh Bungama Battery Energy Storage System (the “BESS project”) and 339 MWdc solar development project (the “Project”) located approximately 6 kilometers east of Port Pirie, South Australia.
Stage 1 of the multi-stage project will be instrumental in supporting the South Australian Government’s target of net 100% renewable energy by 2027, while driving prosperity through decarbonised economic development. The BESS project will also enhance energy security and reliability in the National Electricity Market (“NEM”) as it transitions to a cleaner, more resilient power grid.
The non-recourse senior debt financing facilities for Stage 1 of Bungama BESS are provided by the Commonwealth Bank of Australia (“CBA”), Westpac Institutional Bank (“Westpac”), and Export Development Canada (“EDC”). The financing also provides Letters of Credit to support the project security obligations.
“We are delighted to complete financing for Stage 1 of Bungama BESS, a critical milestone that enables the construction and operations of this major project,” said Daniel Kim, Head of Amp Energy Australia. “This milestone is a significant achievement for Amp and marks a crucial step in our mission to build a high-quality Power-to-X platform in Australia and accelerate the energy transition. Securing financing for the first stage would not have been possible without the strong support and sophistication of our project lenders and capital partner, Carlyle.”
“Carlyle is pleased to provide the capital necessary to enable such an important project to start construction. This milestone is another step in Amp Energy's strategy to become a leading developer and operator of renewable and battery storage projects in Australia,” said Richard Hoskins, Managing Director at Carlyle Global Infrastructure. “We are proud to support Daniel and the whole Amp Energy Australia team as they work to execute their ambitious goals.”
Neil Fraser, Australian Head of Energy at CBA said, “We are delighted to support Amp in this landmark transaction which represents the first fully merchant battery financed by commercial banks in Australia. Bungama’s strategic location near Port Pirie has the highest penetration of renewable energy generation in mainland Australia. BESS assets like Bungama will play a critical role in supporting the reliability of the grid by balancing and firming renewable generation.”
“Westpac is pleased to be a key financier of Amp’s Bungama BESS, the first utility-scale battery to be project financed by commercial lenders on a full merchant basis,” said Jon Pooley, Executive Director, Energy, Infrastructure & Resources at Westpac. “Westpac is committed to supporting projects which help make Australia’s energy supply reliable and affordable, and we’re proud that 87% of our lending to electricity generation is renewable. We would like to take this opportunity to congratulate Amp and Carlyle on this exciting transaction and for trusting Westpac’s execution capability in the sector.”
“As Canada's Export Credit Agency, EDC is proud to support Amp's continued global growth,” said George Monize, Managing Director, Head of Indo-Pacific at EDC. “Amp has consistently demonstrated a strong commitment to innovative energy solutions, and this project will provide crucial battery storage solutions to increase adoption of renewable energies. EDC's support to this project highlights our focus on this sector and on helping Canadian companies tap into the vast opportunities in the Indo-Pacific region.”
Amp has contracted global technology group, Wärtsilä, to supply the BESS and provide a long-term service agreement. Enerven has been contracted as the Balance of Plant contractor and maintenance provider. ElectraNet and Amp have executed a Transmission Connection Agreement to connect Bungama BESS to the NEM and ElectraNet is currently constructing the 275kV connection. Amp will undertake the construction management and long-term asset management for the project.
Amp was commercially advised on the financing by Victor Martinez. Ashurst advised in multiple areas of project development and acted as borrower’s counsel with White & Case acting as lenders’ counsel. Transaction due diligence advisors were Ashurst, Aurora, Arup, Alvarez & Marsal, JPA, and Aon.
Commercial Operations Date (“COD”) for Bungama BESS Stage 1 is targeted for the first quarter of 2026.
About Amp Energy
Amp Energy is a global energy transition platform, which delivers renewables, battery storage, green hydrogen and powerled AI data centers at scale. Since its inception 15 years ago, Amp has developed and built or contracted more than 14 GW of assets globally. Amp is backed by Carlyle, one of the world’s largest and most diversified global investment firms with USD447 billion of assets under management across 3 business segments and 612 investment vehicles. Amp has global operations throughout North America, the UK, Australia, Japan and Spain.
Amp entered the Australian market in 2017 and has since built a diverse portfolio. In addition to Bungama BESS, Amp currently has a development pipeline which includes 1,500 MWh of BESS, 2,059 MW of solar PV, 1,400 MW of wind, and the Cape Hardy Green Hydrogen Project located on the eastern side of the Eyre Peninsula, South Australia, with 1,000 MW of electrolysis as part of Stage 1.
For more information, please contact us at bungama@amp.energy or communications@amp.energy.
