Energy infrastructure platform Revera Energy has completed an expanded US$150 million credit facility to accelerate development and construction of its battery storage, solar and green hydrogen project pipeline across Australia and the UK.
The Carlyle-backed energy infrastructure platform was formed last year with a focus on the UK and Australia. It started by carving out assets from renewables developer Amp Energy, which is also backed by US multinational investment firm Carlyle.
The facility upsize with Japanese financial services company Nomura as Sole Bookrunner and Lead Arranger reflects institutional confidence in Revera’s development capabilities across two of the world’s top five battery storage markets, the firm said.
Law firm Norton Rose Fulbright served as lender’s counsel, while A&O Shearman acted as borrower’s counsel for the transaction, which is expected to be upsized further in the near term.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The additional capital will support the construction of the 150MW/300MWh Bungama Stage 1 battery storage project in South Australia, with commercial operation targeted for Q2 2026.
Revera previously secured financing for the first stage of what was then an Amp Energy project, before Carlyle’s shift.
The financing will also accelerate development of at least 600MW/2,400MWh of additional battery storage capacity across Australia’s National Energy Market (NEM), with the firm teasing that the next 250MW project is expected to reach notice to proceed in Q3 2026.
The majority of Revera’s Australian pipeline has secured land, grid connections, and planning approvals. The company also manages 158MW of operational solar PV power plants in New South Wales.
Financing to support 2,000MWh of battery storage in the UK
Revera plans to accelerate development of at least 1,000MW/2,000MWh of late-stage battery storage projects in the UK, with the first 200MW project expected to reach notice to proceed in Q1 2026.
Two additional projects totalling 800MW are expected to follow over the next 12 months, each having secured land, grid connections, and capacity market contracts.
The UK projects aim to strengthen grid resilience and address transmission bottlenecks that prevent stranded Scottish wind generation from reaching demand centres in England.
This infrastructure development supports national decarbonisation commitments and continued additions of renewable energy to the UK grid, with Revera targeting one of the largest battery energy storage system platforms in Europe.
“This funding enhancement accelerates Revera’s ability to take advantage of increasing demand in Australia and the UK for grid-scale storage and renewable energy generation capacity, supporting its continued progress as a leading player in the sector,” said Richard Hoskins, chairman of Revera Energy and managing director in Carlyle’s Infrastructure Group.
Hoskins noted that Australia’s NEM continues to integrate record levels of renewable energy, creating opportunities for battery storage to provide essential grid services. The UK’s net zero targets and grid modernisation requirements are driving demand for flexible energy infrastructure.
Andy Hoffman, CFO of Revera, described the facility upsize as “a transformational step in Revera’s growth as we scale our platform to meet the urgent infrastructure needs of both the Australian and UK energy markets.”
The increased financial capacity will enable the company to accelerate high-value development opportunities while reinforcing its commitment to delivering sustainable energy solutions.
The Energy Storage Summit Australia 2026 will be returning to Sydney on 18-19 March. It features keynote speeches and panel discussions on topics such as the Capacity Investment Scheme, long-duration energy storage, and BESS revenue streams. ESN Premium subscribers receive an exclusive discount on ticket prices.
To secure your tickets and learn more about the event, please visit the official website.
