Explore nine firms financing battery storage projects in Australia, from major banks and government funds to specialist lenders supporting energy storage growth.
Australia's battery storage sector is moving faster than almost any other part of the country's energy transition. As coal plants edge toward retirement and renewable penetration climbs, grid-scale batteries have become essential for keeping the lights on during peak demand and smoothing out the variability of solar and wind. But building these projects takes more than good engineering; it requires capital and, increasingly, structured financing that can absorb project-specific risk.
A growing group of banks, government-backed funds and specialist financiers have stepped into this space over the past few years, each bringing a different approach to funding battery storage assets. Below is a look at some of the firms currently active in financing battery storage projects across Australia.
1. Basis Energy Group
Basis Energy Group has built a reputation as one of the more specialised players in Australian battery storage financing, working directly with developers to structure funding around a project's specific revenue profile rather than applying a one-size-fits-all lending model.
Its focus tends to sit at the intersection of project finance and energy market strategy, helping developers de-risk projects before they reach financial close. What sets the firm apart is its willingness to work on the commercial structuring side as much as the capital side, an approach that has made it a recurring name in conversations about how mid-sized Australian battery projects get funded.
2. Clean Energy Finance Corporation (CEFC)
As Australia's government-owned green bank, the CEFC has been one of the most active participants in battery storage finance for years. It has backed everything from utility-scale batteries to distribution-connected storage programs, often acting as a cornerstone investor that helps unlock additional private capital.
3. Infradebt
This Canberra-based renewable energy financier specialises in debt funding for infrastructure projects, including battery storage. Infradebt has partnered with government programs to accelerate the development of smaller, distribution-connected storage assets that might otherwise struggle to attract mainstream lenders.
4. NSW Energy Security Corporation
A newer entrant, this state-backed vehicle was established specifically to close funding gaps for large-scale battery projects in New South Wales. Its early investments have focused on projects that deliver system-wide grid benefits, particularly as the state's coal fleet winds down.
5. Westpac Banking Corporation
Among Australia's major banks, Westpac has been an active lender in the renewable energy and storage space, participating in syndicated financing deals for large battery projects alongside international partners.
6. HSBC (Sydney Branch)
HSBC's Australian operations have taken part in several notable battery storage financing packages, often as part of multi-bank syndicates supporting large developers with multi-project pipelines.
7. BNP Paribas (Australia Branch)
The French bank's Australian arm has been a consistent participant in battery storage project finance deals, frequently working alongside other international lenders on large syndicated facilities.
8. Sumitomo Mitsui Banking Corporation
This Japanese bank has developed a strong presence in Australian energy infrastructure lending, including battery storage and regularly appears in financing consortiums for large-scale projects.
9. Société Générale
Rounding out the list, Société Générale has been involved in structuring and co-financing several major Australian battery storage deals, bringing international project finance experience to a rapidly maturing local market.
What to look for when evaluating a financing partner
Not every financier approaches battery storage the same way and developers weighing their options should think beyond who offers the lowest cost of capital.
A few things worth considering:
- Revenue structuring experience
Battery projects often rely on a mix of contracted and merchant revenue, so a financier familiar with structures such as tolling agreements or revenue swaps can make a meaningful difference in how bankable a project appears. - Track record with similar project sizes
A firm well-suited to a 500MW utility-scale asset may not be the right fit for a smaller distribution-connected project and vice versa. - Flexibility around construction and merchant risk
Storage projects carry different risk profiles than solar or wind and lenders vary widely in how comfortable they are underwriting that risk. - Local market knowledge
Understanding the nuances of Australia's National Electricity Market, state-based storage targets and capacity investment schemes is increasingly important as more government support mechanisms come online.
Final thoughts
Australia's battery storage pipeline is only going to grow from here and so will the range of financing approaches available to developers. Some projects will continue to rely on traditional bank syndicates, while others are increasingly turning to structures that shift revenue risk in more creative ways, including revenue swap agreements, which allow developers to secure more predictable cash flows without giving up long-term upside. As the market matures, the firms that can combine capital with genuine structuring expertise are likely to remain the ones developers turn to first.
Ultimately, the right financing partner depends on a project's size, risk profile and revenue strategy, but the firms above represent a solid starting point for developers navigating Australia's evolving battery storage finance landscape.
