Pacific Green Technologies has signed binding documentation to divest its Limestone Coast North energy park, a 250MW/500 megawatt hours (MWh) battery energy storage development in South Australia, to Intera Renewables.
The transaction, valued at A$460m ($293m), marks a significant step in Pacific Green’s strategy to expand its battery energy park portfolio across Australia.
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The Limestone Coast North energy park, set to begin commercial operations in early 2027, is the first of two energy parks being developed by Pacific Green in the Limestone Coast region.
The development is expected to enhance grid stability and support Australia’s transition to net zero emissions.
Intera Renewables, backed by Palisade Investment Partners, will take over the asset, with Pacific Green managing its construction until commercial operations commence.
Palisade executive director Simon Parbery stated: “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.”
Post-construction, Palisade Integrated Management Services will assume asset management responsibilities.
This transaction is part of Pacific Green’s broader 10 gigawatt hours (GWh) development pipeline in Australia.
Pacific Green CEO Scott Poulter 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.”
The company is also progressing on projects such as the Limestone Coast West and Portland Energy Park, with construction timelines set for September 2025 and March 2026 respectively.
Limestone Coast West will feature a 250MW/1,000MWh battery energy storage system and is currently finalising grid approvals.
Portland Energy Park will have 1,000MW/2,500MWh storage capacity across four co-located battery assets in Victoria. Its development approval is currently being finalised.
