Pacific Green Technologies, Inc. has finalized an agreement to sell 100% of the shares in its Limestone Coast North Energy Park to Intera Renewables in a transaction valued at A$460 million. The Limestone Coast North Energy Park is a 250 MW / 500MWh battery energy storage project located in the Limestone Coast region of South Australia. The project is expected to commence commercial operations in early 2027. Intera Renewables, the acquiring entity, is a renewable energy platform established and majority-owned by funds managed by Palisade Investment Partners, an Australian infrastructure and real assets management firm.
As part of the agreement, Pacific Green will continue to oversee the construction of the project until it reaches commercial operations. Following this phase, Palisade Integrated Management Services (PIMS) will assume responsibility for asset management on behalf of Intera. The sale of the Limestone Coast North Energy Park marks a significant milestone for Pacific Green as it continues to expand its presence in Australia’s battery energy storage sector. This project is one of two energy parks the company is developing in the Limestone Coast region and is expected to enhance grid stability while supporting Australia’s transition to net-zero emissions.
Beyond this project, Pacific Green is advancing a large-scale pipeline of battery energy storage developments across the country, totaling 10GWh. Its next major project, Limestone Coast West, a 250 MW / 1,000MWh battery energy storage facility, is in the final stages of obtaining grid approvals, with construction anticipated to begin in September 2025. Additionally, the company is developing the Portland Energy Park in Victoria, which will feature 1,000MW / 2,500MWh of battery storage capacity across four co-located assets. This project is currently finalizing development approvals, with construction scheduled to commence in March 2026. In November 2024, Pacific Green also secured land rights in Wagga Wagga, where it plans to develop its first battery energy storage project in New South Wales.
Scott Poulter, Pacific Green’s CEO, stated “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 10 GWh 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 Managing Director & CEO, remarked, “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 the operational stage by early 2027.”
Pacific Green aims to become a leading developer of utility-scale battery energy storage projects in Australia by leveraging its extensive experience in the sector, particularly in Europe. The company’s strategic expansion aligns with Australia’s growing demand for reliable energy storage solutions to support renewable power generation. The transaction was supported by a range of financial and legal advisors. Palisade was advised by Macquarie Capital, Kidder Williams, KWM, Clayton Utz, and Ekistica, while Pacific Green received advisory services from Azure Capital, WSP, and Allens Linklaters. Development capital for the project was provided by the Australian Philanthropic Services Foundation.
