British cleantech solutions company Pacific Green Technologies has reached financial close and completed the sale of 100% of the shares in its Limestone Coast North Energy Park (LCNEP) to Intera Renewables in a deal representing an enterprise value of $460 million (USD 292 million).
The (LCNEP) is Pacific Green’s 250 MW / 500 MWh battery energy storage system (BESS) development and one of two battery parks to be co-located near Mount Gambier, 450 kilometres southeast of Adelaide, South Australia (SA).
Pacific Green Chief Executive Officer Scott Poulter said the Limestone Coast North is a template for the responsible development and financing of utility-scale storage in Australia.
“Key to this has been cultivating strong relationships with respected partners like Palisade and Zen Energy, Gransolar and Trina Storage who share our commitment to bringing stability to the Australian grid,” Poulter said.
Ownership will transfer to Sydney-headquartered clean energy developer Intera Renewables, which is majority owned by funds managed by Australian infrastructure manager Palisade Investment Partners (PIP).
Palisade Executive Director Simon Parbery said the company looks forward to partnering with Pacific Green in delivering the project.
“All the way through to commissioning and operations, providing both sustainable long-term returns to Intera’s investors and supporting Australia’s energy de-carbonation ambitions,” Parbery said.
Notices to proceed have been issued to Gransolar Group as balance of plant contractor who will begin construction in March 2025, with commercial operations targeted for February 2027, and Trina Storage to supply the 250 MW / 500 MWh BESS.
Pacific Green will continue its involvement as construction manager, directing Gransolar and Trina Storage, and provide supply chain management and quality assurance.
A long term offtake agreement with Sydney-based Zen Energy has been secured.
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