Ashurst advises Amp Energy on innovative fully merchant Bungama BESS project development and financing
19 February 2025
Global law firm Ashurst has advised Amp Energy on the development and financing of Stage 1 of the Bungama Battery Energy Storage System (BESS). Bungama BESS is the first utility-scale BESS project in Australia to be financed with a non-recourse debt package by commercial lenders on a fully merchant basis.
Bungama BESS is located approximately 6 kilometres east of Port Pirie, South Australia. Stage 1 is targeted for the first quarter of 2026 and will have a 150 MW / 300 MWh capacity which will support essential grid services, including frequency control ancillary services, fast frequency response, and energy arbitrage to enhance grid flexibility and stability. Amp Energy is a global renewable energy and hydrogen developer backed by Carlyle. Amp Energy partnered with Wärtsilä and Enerven to deliver this project.
The financing was provided by Commonwealth Bank of Australia, Westpac Institutional Bank and Export Development Canada.
Ashurst has previously worked with Amp Energy on the innovative global devex financing which funded the early stage development of Bungama BESS and the Hunterston BESS in North Ayrshire, Scotland.
Partner Chris Redden said:
"The financing of the Bungama BESS project on a fully merchant basis is a significant event in the project financing of energy storage projects in Australia. It's a market first and we are proud to be at the forefront of energy storage development and financing in Australia. By supporting such projects, we are contributing to a sustainable future and helping South Australia achieve its goal of net 100% renewable energy by 2027. Our continued collaboration with Amp Energy underscores our commitment to supporting innovative and impactful energy solutions."
The Ashurst team was led by partner Chris Redden, who was assisted by: partners David Jardine, Andrew Gay and Michael Voros, counsel Douglas Fung, senior associates Priscilla Umaria, Mike Webb, Ellise O'Sullivan, Stephen Blair, Jacinta Pitos, Robert Gough, Alysha McCuish and Michelle Gaynor, and associates Athena Krisanaleela, Emmelyn Wu, Jonathan Chew, Connor McFadden, Sasha Stijacic, Betul Tumenci, Nancy Mao, Callum Roberts, Sarah Waring and Suman Prusty (Projects & Energy Transition); and partner Carl Della-Bosca (Corporate Transactions).
