Business
Pacific Green Completes Transaction to Sell Its 99MW Richborough Energy Park Battery Development for £74 Million (US$93 Million)
Pacific Green Completes Transaction to Sell Its 99MW Richborough Energy Park Battery Development for £74 Million (US$93 Million).
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"DOVER, DE / ACCESSWIRE / June 28, 2023 / Pacific Green Technologies, Inc. ("Pacific Green"), (OTCQB:PGTK) announces that it has completed the sale of 100% of the shares in Pacific Green Battery Energy Parks 1 Limited ("PGBEP1") to Sosteneo Fund 1 HoldCo S.à.r.l, an energy transition focused fund for £74 million (US$93 million).PGBEP1 is the holding company for 100% subsidiary, Richborough Energy Park Limited, Pacific Green's 99MW battery energy storage system ("BESS") at Richborough Energy Park ("REP") which begins operations later this summer.Scott Poulter, Pacific Green's CEO, commented: "The sale of Richborough Energy Park creates the platform for Pacific Green to now scale its Battery Park division internationally. This is a very exciting time for the business and we are proud to be part of the drive to net-zero."Pacific Green were advised by JLL Energy and Infrastructure and Gowling WLG.About Pacific Green Technologies, Inc.:Pacific Green is focused on addressing the world's need for cleaner and more sustainable energy. The Company offers Battery Energy Storage Systems and Concentrated Solar Power (CSP) to complement its marine environmental technologies and emissions control divisions. Pacific Green has offices in the USA, Canada, United Kingdom, Australia, Saudi Arabia and China.For more information, visit Pacific Green's website:www.pacificgreentechnologies.comAbout Sosteneo Energy Transition Fund:Sosteneo Energy Transition Fund is a Luxembourg Sca Sicav-Raif collective investment vehicle managed by Generali Investments Luxembourg S.A.Generali Investments Luxembourg S.A, is a Luxembourg based Management Company that sets up and operates a wide range of investment fund structures on behalf of Generali Group asset management companies and third-party clients.Notice Regarding Forward-Looking Statements:This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the con...