The sale of Pacific Green Technologies’ Limestone Coast North energy storage project in South Australia to Intera Renewables underscores a strategic shift in the country’s renewable energy landscape. The A$460 million (US$293 million) deal positions Pacific Green to strengthen its foothold in the Australian market while marking a significant advancement in large-scale energy storage investments for Intera, primarily backed by Palisade Investment Partners.
A critical aspect of the project is its 250MW/500MWh capacity, promising significant enhancement to the region’s energy grid. South Australia’s renewable energy infrastructure stands to gain from this capability, addressing the often-discussed challenges of energy intermittency in the state’s grid. The project, slated for operational commencement in early 2027, is the launchpad of a broader 10GWh pipeline Pacific Green intends to develop across Australia, reflecting an ambitious scale in energy storage capacity.
The transaction structure, wherein Pacific Green retains construction responsibilities, ensures a smooth transition in project management before Intera takes the helm for asset operations. This approach exemplifies a growing trend in the energy sector: leveraging specialist operational capabilities while transferring ownership to strategic investors. Palisade’s involvement, marking its first foray into large-scale storage, underscores investors’ increasing appetite for renewable solutions amid Australia’s energy transition narrative.
Further into Pacific Green’s portfolio, the company expands its footprint with subsequent projects like Limestone Coast West and Portland Energy Park. The former, featuring a 250MW/1,000MWh capacity, is on the brink of grid connection approvals, with projected construction initiation by September 2025. The latter, destined for Victoria, represents an even more substantial 1,000MW/2,500MWh capacity, with a construction timeline commencing in March 2026. Both projects highlight Pacific Green’s commitment to establishing a leading role in Australia’s energy storage sector, utilizing its pre-established European market expertise to expedite regional deployment.
Strategically partnered with Palisade, Pacific Green’s Chief Executive, Scott Poulter, has emphasized the pivotal nature of Limestone Coast North within South Australia’s electricity framework and its initiation along a planned 10GWh capacity build-out. Meanwhile, Palisade’s Executive Director, Simon Parbery, has noted the project’s alignment with investor interests, pushing the platform further into renewable domain strategies.
Behind the scenes, the development benefited from financial backing from the Australian Philanthropic Services Foundation, while Macquarie Capital and Azure Capital played advisory roles. This interinstitutional collaboration highlights financial and strategic partnerships’ essential role in propelling large-scale renewable projects to fruition, setting a standard for future transactions in Australia’s evolving energy landscape.
