US private equity giant The Carlyle Group has agreed terms to acquire a majority stake in South Australia’s 500MWh Bungama battery energy storage system, as part of a circa $200 million financing package that also includes an industry-first debt package.
The acquisition would see it co-own the SA battery project with its Canadian developer Amp Energy. While Carlyle has been an investor in Amp’s Toronto-based parent since writing a $US374 million cheque in four years ago, that deal did not give it ownership of individual projects like Bungama.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
