Pacific Green Technologies, Inc. has announced the sale of its Limestone Coast North Energy Park to Intera Renewables in a deal valued at $460 million.
The 250MW / 500MWh battery energy storage development, located in South Australia’s Limestone Coast region, is set to commence commercial operations in early 2027.
The transaction marks a significant milestone in Australia’s renewable energy landscape. Intera Renewables, a platform established and majority-owned by Palisade Investment Partners, will acquire 100 per cent of the shares in the project.
This acquisition aligns with Australia’s push towards grid stability and accelerating its net-zero transition.
As part of the agreement, Pacific Green will continue to manage the construction of the project until it becomes operational.
Subsequently, Palisade Integrated Management Services (PIMS) will take over asset management responsibilities.
Scott Poulter, Pacific Green’s CEO, expressed enthusiasm about the deal, highlighting its importance to South Australia’s electricity network and Pacific Green’s broader 10 GWh Australian pipeline.
Simon Parbery, Executive Director for Palisade, emphasised the project’s significance for investors and Australia’s clean energy transition goals.
The Limestone Coast North Energy Park is the first of two energy parks Pacific Green is developing in the region.
Pacific Green aims to establish itself as a leading utility-scale battery developer in the country, leveraging its experience from similar projects in Europe.
This sale underscores the growing importance of large-scale energy storage in Australia’s renewable energy strategy.
The project is expected to play a crucial role in enhancing grid stability and supporting the nation’s transition to clean energy.
The transaction was supported by various advisors, with Macquarie Capital, Kidder Williams, KWM, Clayton Utz, and Ekistica advising Palisade, while Azure Capital, WSP, and Allens Linklaters advised Pacific Green.
