Pacific Green Technologies, Inc. (OTCQB: PGTK), a leading global energy storage and environmental technology company, has set its sights on achieving over 12GWh of battery energy storage capacity across four key global markets.
After experiencing rapid growth to 6GWh in 2023, including establishing strong positions in emerging markets like Italy and Australia, and successfully launching its first project in Richborough, UK, Pacific Green is now intensifying its focus on utility-scale battery energy storage systems (BESS) as a primary objective for 2024 and beyond.
Australia and Italy continue to be focal points for substantial pipeline expansion, with the company also venturing into the mature UK market while making initial strides in the burgeoning Polish market.
In each market it enters, Pacific Green is aiming for a minimum capacity of 1GWh. Key targets for 2024 include:
United Kingdom – Operations, Development, and Origination
Recent achievements in the UK include commissioning the 99.8MWh Richborough Energy Park and reaching a financial close on the 373.5MWh Sheaf Energy Park, one of the world’s largest non-recourse debt-financed BESS sites. Both projects have been transferred to the energy transition fund Sosteneo. Plans for 2024 involve advancing the construction of Sheaf Energy Park and expanding the origination portfolio in the UK.
Australia – Development and Origination
Pacific Green secured land exclusivity agreements for two major BESS projects in Southern Australia with 3GWh of storage capacity last year. The company aims to double its greenfield origination pipeline to over 6GWh and targets financial close on its first 500MWh of storage capacity in 2024, with commercial operations expected to commence in 2026.
Italy – Development and Origination
Following the acquisition of a majority shareholding in five battery energy parks in Italy totaling 2.8GWh capacity, Pacific Green’s team in Italy is working towards financial close on its first 1,500MWh of storage capacity in 2024, with commercial operations set to begin in 2026. Expansion of the origination portfolio in Italy is also a key objective.
Poland – Origination
Pacific Green plans to enter the nascent Polish market in 2024, aiming for an initial origination pipeline of approximately 400MWh storage capacity.
Scott Poulter, Chief Executive of Pacific Green, emphasized the company’s commitment to scaling up battery energy parks swiftly and efficiently.
Poulter stated, “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 commercialize 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.”
