Pacific Green Technologies has signed an agreement to sell its 250MW/500MWh Limestone Coast North Energy Park in South Australia to Intera Renewables, in a deal valued at $460 million.
The energy park, expected to begin commercial operations in early 2027, is the first of two battery energy storage developments planned by Pacific Green in Limestone Coast region in SA’s south-east.
Pacific Green CEO Scott Poulter highlighted the importance of the agreement.
“We are delighted to have entered this agreement with Palisade, one of Australia’s leading infrastructure fund managers,” he said. “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.”
Intera Renewables, the purchasing entity, is a renewable energy platform established and majority-owned by funds managed by Palisade Investment Partners, an Australian-based infrastructure and real assets manager.
Palisade Executive Director Simon Parbery said the company is excited to be working with Pacific Green.
“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,” Parbery said.
As part of the transaction, Pacific Green will oversee the construction of the project through to commercial operations, after which Palisade Integrated Management Services (PIMS) will assume asset management responsibilities.
Pacific Green Australia Managing Director and CEO Joel Alexander hailed the sale for the company’s Australian operations.
“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,” Alexander said.
“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.”
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