Pacific Green is to sell a 250MW Australian battery energy storage system (BESS) to Intera Renewables in a deal worth $460m (US $293m).
Due to begin commercial operations in early 2027, the Limestone Coast North Energy Park is a 250MW / 500MWh BESS in South Australia.
Pacific Green announced it has signed binding documentation for the sale of 100% of the shares in the energy park to Intera, a renewable energy platform established and majority owned by funds managed by Australian-based Palisade Investment Partners.
The battery storage site is one of two energy parks being developed in the Limestone Coast region by Pacific Green.
The company’s chief executive 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.”
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.
Palisade executive director Simon Parbery 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.”
Limestone Coast North is the first of a 10GWh development pipeline of battery energy parks that Pacific Green is rolling out throughout Australia.
Grid approvals are being finalised for Limestone Coast West, a 250MW / 1000MWh battery energy storage development, with construction expected to commence in September 2025.
Development approval is also being finalised for the 100MW / 2500MWh Portland Energy Park, which will operate across four co-located battery assets in Victoria. Construction is expected to begin 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.