Pacific Green sells its energy storage project in Australia for A$460mn

Pacific Green Technologies, a company specialising in energy storage solutions, has announced the sale of its Limestone Coast North Energy Park project to Intera Renewables. The transaction, valuing the asset at A$460mn (US$293mn), marks a significant step in the company’s expansion in Australia. The signed agreement includes the transfer of all Limestone Coast North shares to Intera, a platform majority-owned by Palisade Investment Partners.

A strategic project for Australia’s energy network

Located in the Limestone Coast region of South Australia, Limestone Coast North is a battery energy storage project with a capacity of 250MW/500MWh. Commercial operations are scheduled to commence in early 2027. This asset is the first in a 10GWh pipeline that Pacific Green is developing across Australia.

As part of the transaction, Pacific Green will remain responsible for the project’s construction until it becomes operational. Once online, Palisade Integrated Management Services will oversee asset management within Intera’s portfolio. This acquisition marks Palisade’s first entry into large-scale energy storage.

An expanding energy storage portfolio

Beyond Limestone Coast North, Pacific Green is advancing other developments in Australia. A second project, Limestone Coast West, with a capacity of 250MW/1,000MWh, is finalising grid connection approvals, with construction expected to begin in September 2025. Additionally, the Portland Energy Park, a 1,000MW/2,500MWh site comprising four battery assets in Victoria, is in the final development approval phase and is set to begin construction in March 2026.

In November 2024, the company also secured land rights in Wagga Wagga to develop its first project in New South Wales. With these initiatives, Pacific Green aims to establish itself as a key player in large-scale energy storage in Australia. The company leverages its expertise from Europe to accelerate its deployment in the country.

A strategic partnership with Palisade Investment Partners

Scott Poulter, Chief Executive Officer of Pacific Green, highlighted the importance of the agreement, stating: “We are delighted to conclude this transaction with Palisade, one of Australia’s leading infrastructure fund managers. Limestone Coast North is a critical project for South Australia’s electricity network and represents a key first step in our 10GWh pipeline.”

Simon Parbery, Executive Director at Palisade, added: “This project is a strategic advancement for our investors and strengthens our platform dedicated to renewable energy.”

The development of Limestone Coast North was financed by Australian Philanthropic Services Foundation. Several institutions advised on the transaction, including Macquarie Capital for Palisade and Azure Capital for Pacific Green.