Pacific Green sells 99MW UK storage project for £74m
Pacific Green Technologies has entered into a sale and purchase agreement to sell 100 per cent of the shares in Pacific Green Battery Energy Parks 1 Limited (PGBEP1) to Sosteneo Fund 1 HoldCo S.à.r.l. for £74 million ($93 million).
PGBEP1 is the holding company for 100 per cent subsidiary, Richborough Energy Park Limited, Pacific Green's 99MW battery energy storage system at Richborough Energy Park, near Sandwich in Kent, UK. The energy park will begin operations later this summer.
Under the terms of the deal,, the consideration is payable pursuant to operational milestones related to the battery park as it connects to the grid and becomes operational. Pacific Green will receive an advance of £20 million upon signing of the agreement.