White & Case advises lenders on Amp's landmark merchant-financed battery storage project in Australia

Global law firm White & Case LLP has advised the lenders to Amp Energy on the project financing for the construction of the first stage of its 250 MW / 500 MWh Bungama battery energy storage system (BESS) project and 339 MWdc Solar Development project located near Port Pirie in South Australia.

"As the first utility-scale BESS project to be project financed with a non-recourse debt package by commercial lenders on a fully merchant basis, the Bungama BESS project financing represents a key milestone for the financing of energy storage projects in the Australian renewables sector," said White & Case Partner Joel Rennie, who led the Firm's deal team. "The grid stability BESS projects provide are a crucial component of Australia's energy transition."

The project financing reached financial close on January 30, 2025. Construction for the Bungama BESS project is planned for the first quarter of 2026 and when complete will significantly enhance the reliability of the National Electricity Market (NEM) as it transitions to a more sustainable power infrastructure.

The non-recourse financing was provided by the Commonwealth Bank of Australia, Westpac Institutional Bank and Export Development Canada.

The White & Case team which advised on the transaction was led by partner Joel Rennie (Sydney) and included partners Tim Kennedy (Sydney), Fiona Curl and Andrea Reeves (both Melbourne), counsel Alexis Fong (Melbourne), associates Isabella Jarrett, Kirsten Sugden, Matthew Weetman, Siqi Chen (all Sydney) and David Lagesse (Melbourne).

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