Pacific Green Technologies, Inc has announced the completion of the sale of its Limestone Coast North Energy Park development to Intera Renewables in a transaction valued at AUD 460 million (USD 293 million).
The deal marks a key milestone in Pacific Green’s expansion in the Australian energy market, with the Limestone Coast North Energy Park being the first project in the company’s 10GWh Australian pipeline to reach financial close, as revealed in a news release.
The 250MW / 500MWh battery energy storage development, located in South Australia’s southeast, is part of a broader initiative to strengthen the region’s renewable energy capacity.
With the transaction finalised, ownership of the project has 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.
Following financial close, construction is set to commence this month, with commercial operations targeted for February 2027.
Gransolar Group has been issued a Notice to Proceed as the Balance of Plant contractor, while Trina Storage has been selected to supply the battery energy storage system.
Pacific Green will retain a role in the project as construction manager, overseeing Gransolar and Trina Storage while providing supply chain management and quality assurance through its Shanghai-based support team.
Pacific Green CEO Scott Poulter emphasized the significance of the project, stating, “With Limestone Coast North, our team has capitalised on our global footprint to create 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.”
Palisade’s Executive Director, Simon Parbery, highlighted the strategic importance of the acquisition, saying, “We are delighted to achieve this significant milestone for Intera, and look forward to partnering with Pacific Green in delivering this key project through to commissioning and operations, providing both sustainable long-term returns to Intera’s investors and supporting Australia’s energy de-carbonation ambitions.”
Joel Alexander, CEO and Managing Director of Pacific Green Australia, noted the efficiency of the development process, stating, “The relative speed in which we’ve got to this point is testament to our market-leading development model but also to the two teams involved; our own and our counterparts at Intera and Palisade. I am truly thrilled to commence construction and deliver one of South Australia’s largest energy parks.”
Advisory firms involved in the transaction included Macquarie Capital, Kidder Williams, KWM, Clayton Utz, and Ekistica for Palisade, while Pacific Green was advised by Azure Capital, WSP, and Allens Linklaters. Development capital was provided by the Australian Philanthropic Services Foundation.
