Amajor battery energy development planned for Mount Gambier has changed hands, with a new partnership formed in a bid to accelerate construction of the project.
Pacific Green Technologies has signed binding documentation for the sale of 100% of the shares in its Limestone Coast North Energy Park to Intera Renewables in a deal representing an enterprise value of $460m.
The Limestone Coast North Energy Park is Pacific Green’s 250MW/500MWh battery energy storage development which is set to begin commercial operations in early 2027.
A Pacific Green spokesperson said the company will continue to manage the project from construction through to commercial operations and will lead community and supplier engagement at the site.
“We will also honour commitments made to use local suppliers and look forward to further engagement with suppliers and the community,” the spokesperson said.
“We are pleased to share that we have finalised the sale of our Limestone Coast North Energy Park. The transaction will accelerate construction of the project and ensure the commencement of operations in early 2027.”
Intera is the renewable energy platform established, and majority owned by funds managed by Palisade Investment Partners, an Australian based infrastructure and real assets manager.
The Mount Gambier project is the first of two energy parks being developed in the Limestone Coast by Pacific Green, which they believe will significantly strengthen the region’s grid stability and help further accelerate Australia’s net-zero transition.
“As part of the transaction, Pacific Green will be retained to manage the construction of the project through to commercial operations following which Palisade Integrated Management Services will carry out asset management activities through its role as Intera’s asset manager,” the spokesperson said.
“Limestone Coast North marks the latest milestone in a major period of growth for Pacific Green in Australia. It is the first of a 10GWh development pipeline of battery energy parks the company is rolling out throughout the country.
“Limestone Coast West, a 250MW/1000MWh battery energy storage development is finalising grid approvals with construction expected to commence in September 2025.
“Portland Energy Park, 1000MW/2500MWh across four co-located battery assets in Victoria, is finalising development approval with construction expected to commence in March 2026.
“In November 2024, Pacific Green announced the acquisition of land rights in Wagga Wagga, where the company will develop its first NSW project.
“Pacific Green is aiming to be one of Australia’s leading utility-scale battery developers, by building a multi- gigawatt platform nationwide. The deployment is aided by the team’s significant experience developing battery energy parks in Europe.”
Pacific Green chief executive Scott Poulter said the company was delighted to have entered the agreement with Palisade.
“Limestone Coast North is critical to South Australia’s electricity network and is the first of Pacific Green’s 10 GWh Australian pipeline,” he said.
“We are also very pleased to enter into the first of a portfolio of long term tolling power purchase agreements with Zen Energy.”
Palisade executive director Simon Parbery said he was 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 both attractive risk- adjusted returns, as well as long term strategic benefits for our Australian renewables platform,” he said.
Pacific Green Australia Managing Director and chief executive Joel Alexander said it was a significant milestone for the Australian business and underscores its focus on assets that represent clear commercial feasibility and deliver net-zero objectives for Australia.
“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,” he said.
About Pacific Green Technologies, Inc.:
Pacific Green is a global energy storage and environmental technology company, on a mission to advance the transition to sustainable energy solutions.
The business is focused on rapidly building a global portfolio of utility-scale battery energy storage systems (BESS), with a current pipeline of 14GWh of energy storage capacity in development, construction or operation.
Pacific Green’s team brings together extensive technology, project development and project finance expertise – having commercialised numerous pioneering technologies and steered major international energy and infrastructure projects successfully through financing and development.
This in-house expertise is complemented by strategic relationships cultivated with trusted partners at all levels of the global environmental supply chain – providing access to the very best technology and manufacturing capabilities on offer, alongside internationally respected financial institutions and project partners.
