Next chapter in green energy park project unveiled

Pacific Green Technologies, Inc. has signed binding documentation for the sale of 10 0per cent of the shares in its Limestone Coast North Energy Park to Intera Renewables in a deal representing an enterprise value of A$460 million.

The Limestone Coast North Energy Park is Pacific Green’s 250MW / 500MWh battery energy storage development in the Limestone Coast region of South Australia, which will begin commercial operations in early 2027.

Intera is the renewable energy platform established, and majority owned by funds managed by Palisade Investment Partners, an Australian based infrastructure and real assets manager.

The asset, the first of two energy parks being developed in Limestone Coast by Pacific Green, will significantly strengthen the region’s grid stability and help further accelerate Australia’s net-zero transition.

As part of the Transaction, Pacific Green will be retained to manage the construction of the project through to commercial operations following which Palisade Integrated Management Services (PIMS) will carry out asset management activities through its role as Intera’s asset manager.

The Limestone Coast North project marks the latest milestone in a major period of growth for Pacific Green in Australia.

It is the first of a 10GWh development pipeline of battery energy parks the company is rolling out throughout the country.

Limestone Coast West, a 250MW / 1,000MWh battery energy storage development is finalising grid approvals with construction expected to commence in September this year.

Portland Energy Park, 1,000MW / 2,500MWh across four co-located battery assets in Victoria, is finalising development approval with construction expected to commence in March next year.

In November last year, Pacific Green announced the acquisition of land rights in Wagga Wagga, where the company will develop its first NSW project.

Pacific Green is aiming to be one of Australia’s leading utility-scale battery developers, by building a multigigawatt platform nationwide.

The deployment is aided by the team’s significant experience developing battery energy parks in Europe.

Scott Poulter, Pacific Green’s CEO said they were delighted to have entered this agreement with Palisade, one of Australia’s leading infrastructure fund managers.

“Limestone Coast North is critical to South Australia’s Electricity network and is the first of Pacific Green’s 10 GWh Australian pipeline,” Mr Poulter said. “We are also very pleased to enter into the first of a portfolio of long term tolling Power Purchase Agreements with Zen Energy.”

Palisade executive director Simon Parbery said they were excited to be working with Pacific Green on this significant project for both their investors, and Australia’s broader clean energy transition goals.

“Limestone Coast North represents Palisade’s first investment in large-scale energy storage, providing both attractive risk adjusted returns, as well as long term strategic benefits for our Australian renewables platform,” Mr Parbery said.

Pacific Green Australia managing director and CEO Joel Alexander said it was a significant milestone for their Australian business and underscores our focus on assets that represent clear commercial feasibility and deliver net-zero objectives for Australia.

“The backing of Palisade, a leading global infrastructure and real assets manager, will accelerate the build out of the Limestone Coast North Energy Park and ensure it reaches operational stage by early 2027,” he said.

For more information, visit Pacific Green’s website: www.pacificgreen.com