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Pacific Green Signs Agreement to Sell Its 250MW / 500MWh Limestone Coast North Battery Energy Park Development
Pacific Green Signs Agreement to Sell Its 250MW / 500MWh Limestone Coast North Battery Energy Park Development.
About this update from Pacific Green Technologies Inc.
[{"type":"text","content":"\n Sydney, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. (\"Pacific Green\", OTCQB: PGTK) announces that it has signed binding documentation for 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 in the Limestone Coast region of South Australia (“Limestone Coast North”) 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 (Palisade), 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. Limestone Coast North 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 2025. 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 2026. In November 2024, 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 multi-gigawatt platform nationwide. The deployment is aided by the team’s significant experience developing battery energy parks in Europe. Scott Poulter, Pacific Green’s CEO, comme...