Business
Pacific Green Completes Sale of 250MW / 500 MWh Limestone Coast North Battery Energy Park Development
Pacific Green Completes Sale of 250MW / 500 MWh Limestone Coast North Battery Energy Park Development.
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"\n Sydney, March 20, 2025 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. (\"Pacific Green\", OTCQB: PGTK) announces that it has reached Financial Close and completed the sale of 100% of the shares in its Limestone Coast North Energy Park to Intera Renewables (Intera) in a deal representing an enterprise value of A$460 million (US$293 million) (the “Transaction”). The Limestone Coast North Energy Park is Pacific Green’s 250MW / 500MWh battery energy storage development and is one of two battery parks to be co-located on a site in the south east of South Australia. The project is the first of the company’s 10GWh Australian project pipeline to reach Financial Close. This achievement underscores Pacific Green’s commitment to delivering innovative energy solutions and contributing to a sustainable future. With the transaction now completed, ownership of the energy park will be transferred to Intera. Intera is the renewable energy platform established, and majority owned by funds managed by Palisade Investment Partners (Palisade), an Australian based infrastructure and real assets manager. Notice to Proceed has been issued to Gransolar Group as Balance of Plant contractor who will begin construction this month, with commercial operations targeted for February 2027. In addition, Notice to Proceed has been issued to Trina Storage to supply the 250MW / 500MWh battery energy storage system (BESS). Pacific Green will continue its involvement as construction manager, directing Gransolar and Trina Storage. Leveraging its 50-strong Shanghai-based support team, Pacific Green will also provide supply chain management and quality assurance for the project. This will ensure the highest standards of execution, drawing on Pacific Green’s extensive experience delivering utility-scale BESS and renewable energy assets. The rapid progression of the project from inception to Financial Close highlights Pacific Green’s market-leading development model. This focuses on creating robust opportunities for investors seeking sustainable returns, through close management of every aspect of project development. Pacific Green’s team has brought Limestone Coast North through site acquisition planning and grid approvals, battery energy storage system (BESS) procurement, community engagement, appointment of constr...