- Company doubles down on BESS as a priority focus in 2024, having expanded its global pipeline to 6GWh in 2023.
- Australia and Italy are hotspots for significant expansion of origination portfolio, alongside entry into Polish market.
- Further expansion of UK portfolio, as pioneering Richborough project enters first full year of operation and construction is underway at huge Sheaf project.
6th February 2024 / Global energy storage and environmental technology company, Pacific Green Technologies, Inc. ("Pacific Green", OTCQB: PGTK) is targeting more than 12GWh of battery energy storage capacity across four global markets.
Having achieved rapid pipeline growth to 6GWh in 2023 - taking scale positions in the emerging Italian and Australian energy storage markets, as well as moving its first project into operation at Richborough, UK – the company is doubling down on utility-scale battery energy storage systems (BESS) as a priority focus for 2024 and beyond.
Australia and Italy remain hotspots for significant further pipeline expansion, with the company also seeking to recharge its origination portfolio in the maturing UK market, as well as taking its first steps into the nascent Polish market.
Pacific Green is targeting a minimum of 1GWh capacity in each market it enters. Its targets for 2024 include:
UK – operation / development / origination
Recent strategic milestones have included commissioning the 99.8MWh Richborough Energy Park, achieving financial close at neighbouring 373.5MWh Sheaf Energy Park - one of the first and largest non-recourse debt financed BESS sites in the world, and transferring ownership of both projects to energy transition fund Sosteneo.
2024 priorities include progressing construction of Sheaf Energy Park ahead of its July 2025 commissioning date and further expanding the UK origination portfolio.
Australia – development / origination
Having last year secured land exclusivity agreements for two major BESS projects in Southern Australia with 3GWh of storage capacity, Pacific Green aims to more than double its greenfield origination pipeline to 6GWh+.
Pacific Green’s Australian team is targeting financial close on its first 500MWh of storage capacity this year, ahead of the start of commercial operations in 2026.
Italy – development / origination
Having acquired a majority shareholding in five battery energy parks in Italy from originator Sphera Energy in 2023, totalling 2.8GWh capacity, Pacific Green’s team in Italy is targeting financial close on its first 1,500MWh of storage capacity this year, ahead of the start of commercial operations in 2026.
The team also aims to further expand its origination portfolio to almost 5GWh in total.
Poland - origination
Pacific Green intends to enter the nascent Polish market in 2024, targeting an initial origination pipeline of approximately 400MWh storage capacity.
Scott Poulter, Pacific Green’s Chief Executive, said:
“We’re focused on rolling out next-generation battery energy parks at scale and at speed – drawing on a unique combination of technology, project development and project finance expertise, alongside relationships cultivated with trusted partners throughout the BESS supply chain.
“Our work in 2023 demonstrated the speed and efficiency with which our team can bring forward vital new BESS assets and deliver significant value to our shareholders – and we intend to continue building the pace in 2024 and beyond.
“The role of battery storage in advancing the energy transition is no longer debatable – but to achieve the momentous growth that’s needed in operational capacity, the market needs to double down on its efforts to originate workable projects and commercialise and deploy the technology efficiently. We’re laser focused on building the pipeline, the team and the international relationships needed to make a real difference in this sector.”
Publish date: 06 February, 2024