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Pacific Green Enters Into Transaction to Sell Its 249MW / 373.5MWh Sheaf Energy Park Battery Development for an Enterprise Value of £210 Million (US$258 Million)
Pacific Green Enters Into Transaction to Sell Its 249MW / 373.5MWh Sheaf Energy Park Battery Development for an Enterprise Value of £210 Million (US$258 Million).
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"\n Dover, DE, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. (\"Pacific Green\", OTCQB: PGTK) announces that it has entered into a transaction to sell 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo HoldCo”) for £210 million (US$258 million) (the “Transaction”). PGBEP2 is the holding company for 100% subsidiary, Sheaf Energy Limited, Pacific Green’s 249 MW / 373.5 MWh battery energy storage system in Kent, England (“Sheaf Energy Park”), which will begin commercial operations in July 2025. Sosteneo HoldCo is an investment vehicle for the Sosteneo Energy Transition Fund, managed by Sosteneo SGR S.p.A. (“Sosteneo”), a specialist manager of greenfield infrastructure projects related to the energy transition and part of the Generali ecosystem of asset management firms. Under the terms of the Transaction, Pacific Green and Sosteneo have granted each other respective options to buy or sell the shares in PGBEP2. As part of the Transaction, Sosteneo will provide a capital expenditure loan, which together with the senior debt facility, will fully fund the development and construction of Sheaf Energy Park. About Pacific Green Technologies, Inc.: Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. Pacific Green offers Battery Energy Storage Systems and Concentrated Solar Power to complement its environmental technologies division. Pacific Green has offices in the USA, Canada, United Kingdom, Australia, Saudi Arabia and China. For more information, visit Pacific Green’s website: www.pacificgreen.com 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 continued development of Sheaf Energy Park, the continuation of the Transaction, any potential business developmen...