Pacific Green achieved rapid growth of its pipeline to 6 GWh in 2023, particularly in the emerging Italian and Australian energy storage markets, as well as moving its first project into operation at Richborough in the UK. The company is making utility-scale battery energy storage systems (BESS) a priority focus for 2024 and beyond.
Australia and Italy remain hotspots for significant further 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.
The company is targeting a minimum of 1 GWh capacity in each market it enters. In 2024, its priorities include progressing construction of Sheaf Energy Park in the UK, ahead of its July 2025 commissioning date and further expanding the UK origination portfolio, targeting financial close of its first 500 MWh of storage capacity in Australia, targeting financial close on its first 1,500 MWh in Italy and entering the nascent Polish market.
Pacific Green recently commissioned the 99.8 MWh Richborough Energy Park in the UK and achieved financial close at the neighbouring 373.5MWh Sheaf Energy Park - one of the first and largest non-recourse debt financed BESS sites in the world - transferring ownership of both projects to energy transition fund Sosteneo.
Last year, the company secured land exclusivity agreements for two major BESS projects in Southern Australia with 3 GWh of storage capacity and this year intends to more than double its greenfield origination pipeline to 6GWh+. The company also acquired a majority shareholding in five battery energy parks in Italy from originator Sphera Energy in 2023, totalling 2.8 GWh capacity. In Poland, Pacific Green is targeting an initial origination pipeline of approximately 400 MWh storage capacity.
“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” said Scott Poulter, Pacific Green’s Chief Executive. “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.”
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