The sale of battery developer Akaysha Energy has entered the binding bid phase, NPM understands.

Owner BlackRock is aiming for a full sale of the Australia based developer but may settle for a new capital partner, sources said.

Melbourne-based Akaysha has assets in Australia, the US, Germany and Japan.

The sale entered the binding bid phase a few weeks ago, it is understood.

Sell-side advisor Macquarie Capital is organising site visits and due diligence for multiple interested parties, sources told NPM.

Non-binding indicative offers were due in the first week of July, as reported, after the sale was launched early this year.

Akaysha recently completed two tests on its 850 MW capacity Waratah Super Battery in New South Wales. Full capacity, with final approval from the state government, is expected to be weeks away, as reported.

A concurrent portfolio refinancing of some of the Australian assets is ongoing, with talks of five, seven and ten-year tenors across AUD 1.75bn to AUD 1.8bn (USD 1.24bn to USD 1.28bn) of assets.

RBC Capital Markets is advising Akaysha on the refinancing of four operating batteries – Waratah, Ulinda Park, Brendale and Orana – and Elaine, which is under construction, as reported.

While Akaysha has a strong Australian presence, its development opportunities in the US and Germany may help attract different kinds of buyers, the sources said.

Globally, it has 1.9 GWh under construction or operating and 40 Whrs of projects in its development pipeline, its website states.

Copenhagen Energy and Akaysha Energy have formed a joint venture to progress large-scale batteries in Germany, with plans to take a project out of their German JV to be ready-to-build within around 12 months, as reported.

Akaysha Energy and Macquarie Capital declined to comment.