Australian battery developer Akaysha Energy has engaged Macquarie Capital to advise on a range of potential capital options, a company spokesperson said.

This news service flagged last August that BlackRock-backed Akaysha had plans to return to the equity markets in 2026 to seek expansion capital.

A source familiar with the matter said Akaysha is still reviewing its options and could opt for a debt refinancing instead of an equity raise.

In November, a transformer at Akaysha’s Waratah Super Battery project suffered significant damage. An official at GIP, part of the BlackRock group, told local press that Waratah’s issue was just “a bump in the road for Akaysha”. Nevertheless, a banker watching the sale said she was monitoring how the incident would impact Akaysha.

Last month, Bloomberg reported that Akaysha is weighing fundraising options and could seek several hundred million dollars at a valuation exceeding USD 1bn.

Akaysha CEO Nick Carter told this news service last year that the company could source more capital from its existing investor BlackRock Real Assets, which acquired Akaysha in 2022 through its Global Renewable Power Fund III, or seek funding from other investors.

Akaysha is one of the most prominent battery energy storage systems (BESS) developers in Australia, operating the 850 megawatt/1,680 megawatt-hour Waratah Super BESS, as well as developing 10 projects that could store 20 gigawatt-hour of power with a further 10 GWh in the pipeline.

BESS projects require massive funding to develop, and multiple BESS developers are expected to tap the market this year for capital, according to an investor who has been approached to fund similar assets.

Akaysha has previously secured multiple rounds of debt financing, including project financing. In November 2025, the developer raised AUD 460m project financing for the Elaine BESS in Victoria, supported by eight international and domestic banks including BNP Paribas, CIBC, Commonwealth Bank of Australia, ING, Mizuho, MUFG, Sumitomo Mitsui Banking Corporation (SMBC) and Societe Generale.

Separately, the company raised an AUD 300m corporate debt facility in September, supported by a syndicate of global and domestic banks, including BNP Paribas, Deutsche Bank, ING, SMBC, and Westpac.

In addition to Elaine, Akaysha has financed two other utility scale batteries in Queensland and two in New South Wales.

It sought to sell project equity in its Ulinda Park and Brendale batteries in 2024 but pulled that process as the offers did not meet expectations. Goldman Sachs advised on the sale.

At that time, Akaysha had more than AUD 3bn (USD 2bn) of equity and debt committed to funding the portfolio.