Pacific Green, an energy storage project developer, signed a binding agreement to sell 100% of the shares in its 250 MW/500 MWh Limestone Coast North Energy Park to Intera Renewables, a clean energy investor. The transaction amounted to an enterprise value of A$460 million (~$293 million).
The project, in the Limestone Coast region of South Australia, is expected to begin commercial operation in early 2027.
Pacific Green will manage the project’s construction until commercial operations begin, during which time Palisade Integrated Management Services will provide asset management activities on Intera’s behalf.
The project is the first of a 10 GWh development pipeline of battery energy storage projects the company is rolling out in Australia. Pacific Green is finalizing grid approvals to develop the 250 MW/1,000 MWh Limestone Coast West battery energy storage project, with construction expected to begin in September 2025.
Azure Capital, WSP, and Allens Linklaters advised Pacific Green, while Macquarie Capital, Kidder Williams, KWM, Clayton Utz, and Ekistica advised Palisade on the transaction.
Joel Alexander, Pacific Green Australia’s 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.”
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, 38 energy storage projects were acquired in 2024 compared to 28 project M&A transactions in 2023.
In February 2025, Source Galileo, a renewable energy project developer, announced the sale of a 40 MW battery energy storage project to Trina Solar International System Business Unit (ISBU), Trina Solar’s downstream project development arm.
