Pacific Green Technologies, Inc. (OTCQB: PGTK) has announced the successful financial close and sale of its 250MW/500MWh Limestone Coast North Energy Park to Intera Renewables in a deal valued at $460 million (US$293 million).
This milestone marks the first project in Pacific Green’s ambitious 10GWh Australian battery energy storage pipeline to reach financial close.
The Limestone Coast North Energy Park, located in South Australia’s southeast, is one of two co-located battery parks designed to enhance grid stability and support Australia’s net-zero transition.
Ownership of the energy park has now been transferred to Intera Renewables, a renewable energy platform established and majority-owned by funds managed by Palisade Investment Partners, an Australian infrastructure and real assets manager.
With financial close achieved, construction of the energy park is set to commence this month under the direction of Gransolar Group as the Balance of Plant contractor.
Trina Storage has also been contracted to supply the 250MW/500MWh battery energy storage system (BESS).
Commercial operations are targeted for February 2027.
Pacific Green will remain involved as construction manager, leveraging its Shanghai-based support team for supply chain management and quality assurance.
This ensures high standards during the execution phase.
The rapid progress of Limestone Coast North — from site acquisition through grid approvals, community engagement, and contractor appointments — highlights Pacific Green’s market-leading development model.
The project also includes a long-term offtake agreement with Zen Energy, further solidifying its commercial viability.
Scott Poulter, CEO of Pacific Green, stated: “Limestone Coast North sets a template for responsible development and financing of utility-scale storage in Australia.
“Our partnerships with Palisade, Zen Energy, Gransolar, and Trina Storage have been crucial in achieving this milestone.”
Simon Parbery, Executive Director at Palisade, remarked: “This project aligns with our commitment to sustainable returns for investors while advancing Australia’s decarbonisation goals.”
The sale underscores Pacific Green’s growing footprint in Australia’s renewable energy sector.
The company is also advancing other projects in its pipeline, including the Limestone Coast West Energy Park (250MW/1,000MWh), slated for construction later this year, and the Portland Energy Park in Victoria.
Advisors for the transaction included Macquarie Capital and Kidder Williams for Palisade, while Pacific Green was supported by Azure Capital and WSP.
Development capital was provided by the Australian Philanthropic Services Foundation.
This landmark deal not only highlights Pacific Green’s commitment to renewable energy but also positions Intera Renewables as a key player in Australia’s transition to a sustainable energy future.
