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(Bloomberg) — Industry players and pension funds are among the suitors eyeing a stake of 50-60% in BlackRock-backed Australian battery developer Akaysha Energy Pty Ltd., according to people with knowledge of the matter.
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Akaysha would also consider a total acquisition, the people said.
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Macquarie Capital, mandated to court suitors for the company, has opened a data room and indicative bids are expected in July, the sources said, asking not to be named as the information is not public.
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Akaysha — a BlackRock Inc. portfolio company that develops and owns large-scale battery storage — has been considering options to raise funds for several months, including a stake sale.
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As part of a process codenamed “Project Ironbark,” the company has touted its position in Australia as a draw for investors, given the country’s leading position in large-scale batteries, according to a presentation seen by Bloomberg. Akaysha also pointed to growth opportunities in the US, Japan and Germany.
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The sources did not provide a valuation for the company, but peers include US-listed Fluence Energy and Brookfield Asset Management-backed French renewable developer Neoen SA. Akaysha is expected to record earnings before interest, tax, depreciation and amortization of over A$600 million ($428 million) by 2029, the people said.
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Akaysha declined to comment when contacted.
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Batteries trade volatility by charging up when electricity is cheap — often during solar-heavy periods in the middle of the day — then selling power back to the grid when prices are higher during evening peak usage periods. That’s been a particular boon for operators like Akaysha in Australia, which has one of the world’s most volatile power markets.
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Akaysha has a portfolio of about 2 gigawatts across five batteries, with nearly 10 gigawatts in the pipeline, it said in the presentation. At least four of the projects will be at the final investment decision stage within the next 18 months, according to the presentation.
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