Pacific Green's Strategic Sale: A Boost for Australia's Energy Transition

Pacific Green Technologies, Inc. (OTCQB: PGTK) has announced a significant milestone in its Australian expansion with the signing of binding documentation for the sale of 100% of the shares in its Limestone Coast North Energy Park to Intera Renewables (Intera). This strategic move represents an enterprise value of A$460 million (US$293 million) and is set to accelerate the region's grid stability and net-zero transition.

The Limestone Coast North Energy Park is a 250MW / 500MWh battery energy storage development located in the Limestone Coast region of South Australia. The project, scheduled to begin commercial operations in early 2027, will significantly boost energy storage capacity, enhancing the state's energy stability and supporting its transition to net-zero emissions.



The sale of the Limestone Coast North project to Intera, a renewable energy platform established and majority owned by funds managed by Palisade Investment Partners, is a testament to Pacific Green's ability to develop and manage utility-scale battery projects. As part of the Transaction, Pacific Green will be retained to manage the construction of the project through to commercial operations, after which Palisade Integrated Management Services (PIMS) will carry out asset management activities through its role as Intera's asset manager.

The Limestone Coast North project is expected to store up to 60% of South Australia's residential solar output, preventing an average of 80,000 tonnes of carbon dioxide emissions annually. This aligns with Pacific Green's commitment to advancing the transition to sustainable energy solutions and contributing to Australia's net-zero emissions goals.

Scott Poulter, Pacific Green's CEO, commented on the agreement: "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, 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."

Joel Alexander, Pacific Green Australia Managing Director and CEO, commented: "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."

The sale of the Limestone Coast North project to Intera Renewables is a strategic move that will provide Pacific Green with a substantial financial boost, secure long-term revenue streams, and allow the company to focus on its core competencies. This transaction further solidifies Pacific Green's position as one of Australia's leading utility-scale battery developers, with a 10GWh development pipeline in the works.

As the world transitions towards renewable energy sources, battery energy storage systems (BESS) play a crucial role in managing intermittency, enhancing grid stability, and reducing emissions. Pacific Green's strategic sale of the Limestone Coast North project is a testament to the company's commitment to advancing the energy transition and contributing to Australia's net-zero emissions goals.