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US-based battery development company Pacific Green has announced today it is selling Limestone Coast North Energy Park in SA to Intera Renewables - owned by investment firm Palisade - in a deal worth $460 million.
Limestone Coast North Energy Park, a 250-megawatt storage project set to begin operations in early 2027, is the first project in Pacific Green’s 10GWh battery development pipeline in Australia.
The park is one of two assets being developed in Limestone Coast to enhance grid stability, supporting Australia’s net-zero transition. Under the transaction, Pacific Green will oversee construction until commercial operations, after which Palisade Integrated Management Services (PIMS) will take over asset management.
“We are delighted to have entered this agreement with Palisade, one of Australia’s leading infrastructure fund managers. Limestone Coast North is critical to South Australia’s Electricity network and is the first of Pacific Green’s 10 GWh Australian pipeline,” Pacific Green CEO Scott Poulter.
“We are also very pleased to enter into the first of a portfolio of long-term tolling Power Purchase Agreements with Zen Energy.”
Limestone Coast West, a 250MW / 1,000MWh storage project, is finalising grid approvals ahead of construction in September 2025, while the 1,000MW / 2,500MWh Portland Energy Park in Victoria is set to begin construction in March 2026.
In November 2024, Pacific Green secured land rights in Wagga Wagga for its first NSW project.
“We are excited to be working with Pacific Green on this significant project for both our investors, and Australia’s broader clean energy transition goals,” Palisade executive director Simon Parbery.
“Limestone Coast North represents Palisade’s first investment in large-scale energy storage, providing both attractive risk-adjusted returns, as well as long-term strategic benefits for our Australian renewables platform.”
Palisade was advised by Macquarie Capital, Kidder Williams, KWM, Clayton Utz and Ekistica.
“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,” Pacific Green Australia managing director and CEO Joel Alexander.
“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."
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