Pacific Green Technologies is selling the Limestone Coast North Energy Park in Australia to Intera Renewables for an enterprise value of A$460m (€281m).
The Limestone Coast North Energy Park is a 250MW battery energy storage development in the Limestone Coast region of South Australia which will begin commercial operations in early 2027.
Intera is majority owned by funds managed by Australia-based infrastructure and real assets manager Palisade Investment Partners, alongside Australian industry superannuation funds Aware Super and HESTA and the country’s green bank, the Clean Energy Finance Corporation.
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.
Scott Poulter, Pacific Green’s CEO, said: “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 10GWh Australian pipeline.
“We are also very pleased to enter into the first of a portfolio of long term tolling Power Purchase Agreements with Zen Energy.”
Simon Parbery, executive director for Palisade, said: “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 both attractive risk-adjusted returns, as well as long term strategic benefits for our Australian renewables platform.”
Joel Alexander, Pacific Green Australia MD and CEO, said: “This is a significant milestone for our Australian business and underscores our 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.”
To read the latest IPE Real Assets magazine click here.
