UK battery developer agrees to Palisade deal
British battery developer Pacific Green has agreed a deal to sell off the first stage of its grid-scale storage project in South Australia to Palisade Investment Partners’ green energy vehicle.
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British battery developer Pacific Green has agreed a deal to sell off the first stage of its grid-scale storage project in South Australia to Palisade Investment Partners’ green energy vehicle.
As part of the $460m deal, Pacific Green will manage construction of the Limestone Coast North Energy Park project, near Mount Gambier, before handing it over to Intera Renewables.
The 250MW/500GWh development represents the first stage of a broader 500MW/1.5GWh battery project planned for the site, and is expected to commence construction later this year before entering commercial operations in early 2027.
The second and final stage, Limestone Coast West, is finalising grid approvals with construction expected to commence in September 2025.
Pacific Green chief executive Scott Poulter said the company had also entered an agreement for Limestone Coast North to be the first in a portfolio of tolling power purchase agreements with Ross Garnaut-backed green energy retailer Zen Energy.
“We are delighted to have entered this agreement with Palisade, one of Australia’s leading infrastructure fund managers,” he said.
“Limestone Coast North is critical to South Australia’s electricity network and is the first of Pacific Green’s 10GWh Australian pipeline.”
Intera was established in 2023 as Palisade’s primary clean energy investment vehicle, which also has the backing of super funds including HESTA and Aware Super.
It currently owns five large-scale renewables projects across Australia, with more than 1GW of capacity, including the Snowtown 2 wind farm in South Australia, the Granville Harbour wind farm in Tasmania, the Macarthur wind farm in Victoria and the Ross River solar farm in Queensland.
Palisade executive director Simon Parbery said Limestone Coast North would be a significant addition to the Intera portfolio.
“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,” he said.
“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.”
Pacific Green has a 10GWh pipeline of renewables projects across Australia, including its 1000MW/2500MWh Portland Energy Park in Victoria, where it is finalising development approvals with construction expected to commence in March 2026.
In November 2024, Pacific Green announced the acquisition of land rights in Wagga Wagga, where the company will develop its first NSW project.
Palisade was advised by Macquarie Capital, Kidder Williams, KWM, Clayton Utz and Ekistica in the Limestone Coast North deal. Pacific Green was advised by Azure Capital, WSP and Allens Linklaters.
Originally published as UK battery developer agrees to Palisade deal
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