Sydney / 21st February, 2025 / Pacific Green Technologies, Inc. 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.
Scott Poulter, Pacific Green's CEO, commented: "We are 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. We are also very pleased to enter into the first of a portfolio of long term tolling Power Purchase Agreements with Zen Energy."
Simon Parbery, Executive Director for Palisade, stated: "We are excited to be working with Pacific Green on this significant project for both our 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."
Joel Alexander, Pacific Green Australia Managing Director and CEO commented: "This is a significant milestone for our 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."
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.
Palisade were advised by Macquarie Capital, Kidder Williams, KWM, Clayton Utz and Ekistica.
Pacific Green was advised by Azure Capital, WSP and Allens Linklaters. Development capital was provided by Australian Philanthropic Services Foundation.
Key Facts:
-Pacific Green has signed binding documentation for the sale of 100% of the shares in its Limestone Coast North Energy Park to Intera Renewables (Intera)
-The deal represents an enterprise value of A$460 million (US$293 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.
-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.
About us:
About Pacific Green
Pacific Green Technologies Inc. (Pacific Green) is a global leader in grid-scale battery development, currently operating and developing a portfolio of projects across the world. The company is now establishing a strong presence in Australia with battery storage projects in development in South Australia and Victoria.
Pacific Green is dedicated to creating a cleaner environment for our communities. We do this by delivering innovative energy storage solutions that enable Australia's net-zero transition. We also partner with communities where we deliver projects to develop wider social value beyond our core business.
