Amp financial close on South Australian battery

Amp Energy has closed project finance for construction of the first stage of its Bungama BESS and solar development project in South Australia.

Construction of the 150 MW/300 MWh first phase of the multi-stage project started in October and the BESS, around 6 km east of Port Pirie in mid-north South Australia, is expected to come online in the first quarter of 2026.

Finnish technology company Wärtsilä will supply the BESS and Adelaide-based Enerven is balance-of-plant contractor and maintenance provider. Amp, based in Canada and backed by US investor The Carlye Group, is overseeing construction management and will undertake long-term asset management for the project.

Amp’s head of Australia, Daniel Kim, said the project will support South Australia’s push to 100% renewable energy by 2027 and will enhance energy reliability and security in Australia’s National Electricity Market grid.

“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,” said Kim. Power-to-X refers to the use of excess electricity for non-grid uses, such as the manufacture of green synthetic fuels.

Non-recourse senior debt finance for the project – the first Australian utility-scale battery to be financed by commercial banks on a merchant basis – has been provided by the Commonwealth Bank of Australia and Westpac, along with Export Development Canada. Carlyle provided capital via Amp.

Carlyle’s global infrastructure managing director, Richard Hoskins, said the successful close of project finance is another step in Amp’s push to become a leading developer and operator of renewable energy and battery energy storage projects in Australia. “Carlyle is pleased to provide the capital necessary to enable such an important project to start construction,” he said.

Amp’s Australian development pipeline includes 1.5 GWh of battery energy storage capacity; 2,059 MW of solar generation – including the 119 MW Hillston and 39 MW Molong solar farms; 1.4 GW of wind sites; and a giga-scale green hydrogen project at Cape Hardy on South Australia’s Eyre Peninsula, that will include 1 GW of electrolysis as part of its first stage.

From pv magazine Australia.