Pacific Green sells South Australian battery park for $460 million

British cleantech solutions company Pacific Green has inked a $460 million agreement to sell its 250 MW / 500 MWh Limestone Coast North battery energy park development to clean energy investor Intera Renewables.

February 21, 2025 Ev Foley

Image: Pacific Green

Pacific Green has inked a $460 million (USD 293 million) agreement to sell its 250 MW / 500 MWh Limestone Coast North battery energy park (LCN BEP) development to clean energy investor Intera Renewables.

Intera is the renewable energy platform established and majority owned by funds managed by Australian-based infrastructure fund managers Palisade Investment Partners (PIP).

Located 10 kilometres from Mount Gambier adjacent to an existing substation, and 450 kilometres south of Adelaide, South Australia, the LCN BEP will begin commercial operations in early 2027.

The company says Lime Coast North will enable a reduction in thermal energy to approximately 1 TWh between 2035 and 2060 national electricity market-wide, leading to an estimated reduction in emissions of approximately 0.8 Mega TCO2e over the same time frame.

For every 1 unit of generation provided by LCN BEP, 0.25 units of thermal generation is avoided in the system, it says.

Pacific Green Australia Managing Director and Chief Executive Officer Joel Alexander said the agreement is a significant milestone for the company’s Australian business and underscores a 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,” Alexander said.

As part of the transaction, Pacific Green will be retained to manage the construction of the project through to commercial operations, after which asset management activities be carried out by Palisade Integrated Management Services (PIMS) through its role as Intera’s asset manager.

Palisade Executive Director Simon Parbery said 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.

LCN BEP is one of two assets included at the Limestone Coast Energy Park (LCEP) that also includes the 250 MW / 1,000 MWh LC West EP, which received financial backing in 2024 through the Capacity Investment Scheme (CIS) Victoria and South Australia CIS tender bid.

The LCEP is designed to store nearly 60% of South Australia’s residential solar output for up to a four-hour period and will link to the Heywood Interconnector between the South Australian and Victorian grids.

The 1,000 MW / 2,500 MWh Portland Energy Park, Victoria, located 360 kilometres southwest of Melbourne, is in its final development approval stage, with construction of its four co-located battery assets expected to commence in March 2026.

Pacific Green Chief Executive Officer Scott Poulter said LCN BEP 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,” Poulter said.

In November 2024, Pacific Green announced the acquisition of land rights in Wagga Wagga, where the company will develop its first NSW project.

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