Pacific Green Announces Sale of 250MW Battery Project to Intera Renewables for A$460 Million

Pacific Green to Sell 250MW Battery Project

Pacific Green Technologies, Inc. announced on February 21, 2025, that it has signed binding documents to sell 100% of its shares in the Limestone Coast North Energy Park to Intera Renewables. This transaction, which has an enterprise value of A$460 million (approximately US$293 million), involves the development of a 250MW / 500MWh battery energy storage facility located in the Limestone Coast region of South Australia. The commercial operations of the Limestone Coast North Energy Park are slated to begin in early 2027.

Intera Renewables, a renewable energy platform primarily owned by funds managed by Palisade Investment Partners, is looking to enhance the grid stability of the region while contributing to Australia’s transition to net-zero emissions. This battery storage project is the first of two energy parks being developed by Pacific Green in the Limestone Coast area.

As part of the agreement, Pacific Green will oversee the construction of the project until it becomes operational. Afterward, Palisade Integrated Management Services (PIMS) will take over asset management responsibilities as Intera’s asset manager.

Scott Poulter, CEO of Pacific Green, expressed enthusiasm about the agreement, stating, “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.” He also highlighted a new partnership with Zen Energy, marking the initiation of a series of long-term tolling Power Purchase Agreements.

Simon Parbery, Executive Director for Palisade, commented on the significance of the project, noting, “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 attractive risk-adjusted returns and long-term strategic benefits for our Australian renewables platform.”

Joel Alexander, Managing Director and CEO of Pacific Green Australia, emphasized that this agreement marks a significant milestone for the company in Australia, highlighting their commitment to commercially feasible assets that support net-zero objectives.

The Limestone Coast North Energy Park is part of a broader expansion strategy for Pacific Green, which aims to establish a multi-gigawatt battery storage network across Australia. The company is currently finalizing grid approvals for Limestone Coast West, another 250MW / 1,000MWh battery project, with construction expected to begin in September 2025. Additionally, the Portland Energy Park, which will feature 1,000MW / 2,500MWh across four co-located battery assets in Victoria, is set to start construction in March 2026. In November 2024, Pacific Green also secured land rights in Wagga Wagga for its first project in New South Wales.

With substantial experience in developing battery energy parks in Europe, Pacific Green aims to position itself as one of Australia’s leading utility-scale battery developers.

Key Facts:
– Pacific Green has signed binding documents for the sale of its Limestone Coast North Energy Park to Intera Renewables.
– The deal is valued at A$460 million (US$293 million).
– Limestone Coast North is a 250MW / 500MWh battery energy storage project in South Australia, with commercial operations expected to commence in early 2027.
– This project will enhance grid stability and support Australia’s net-zero transition.

About Pacific Green:
Pacific Green Technologies Inc. is a global leader in grid-scale battery development, currently operating and developing a diverse portfolio of projects worldwide, with a growing presence in Australia. The company is committed to creating a cleaner environment by delivering innovative energy storage solutions that facilitate Australia’s transition to net-zero emissions while fostering community partnerships to generate broader social value.