Pacific Green Technologies, a global player in energy storage technology, has set its sights on surpassing 12GWh of battery energy storage capacity across four key international markets.
After achieving remarkable growth in its pipeline to 6GWh in 2023, which included establishing strong positions in the burgeoning Italian and Australian energy storage sectors, as well as initiating its inaugural project at Richborough, UK, the company is intensifying its focus on utility-scale battery energy storage systems (BESS) as a top priority for 2024 and beyond.
Australia and Italy continue to be focal points for significant pipeline expansion, with plans to also bolster its origination portfolio in the mature UK market while venturing into the emerging Polish market for the first time.
Pacific Green is aiming for a minimum of 1GWh capacity in each market it enters, with specific targets outlined for 2024:
United Kingdom – Operation/Development/Origination
Key milestones include commissioning the 99.8MWh Richborough Energy Park, achieving financial close at the neighboring 373.5MWh Sheaf Energy Park — a pioneering non-recourse debt financed BESS site — and transferring ownership of both projects to the energy transition fund Sosteneo. 2024 priorities entail advancing construction at Sheaf Energy Park ahead of its scheduled July 2025 commissioning and further expanding the UK origination portfolio.
Australia – Development/Origination
Following the securing of land exclusivity agreements for two major BESS projects in Southern Australia last year, totaling 3GWh of storage capacity, Pacific Green aims to double its greenfield origination pipeline to 6GWh+. The Australian team is targeting financial closure on its initial 500MWh of storage capacity this year, with commercial operations set to commence in 2026.
Italy – Development/Origination
With a majority shareholding in five battery energy parks in Italy acquired from Sphera Energy in 2023, totaling 2.8GWh capacity, Pacific Green’s Italian team is working towards financial close on its first 1,500MWh of storage capacity this year, anticipating commercial operations to begin in 2026. Expansion of the origination portfolio to nearly 5GWh is also on the agenda.
Poland – Origination
Pacific Green plans to enter the burgeoning Polish market in 2024, aiming for an initial origination pipeline of approximately 400MWh storage capacity.
Scott Poulter, Chief Executive of Pacific Green, commented, “We’re focused on rolling out next-generation battery energy parks at scale and speed — leveraging our unique blend of technology, project development, and finance expertise, along with trusted partnerships throughout the BESS supply chain. Our achievements in 2023 showcased our team’s ability to swiftly advance critical BESS assets and deliver substantial value to our shareholders.”