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Pacific Green Technologies, a battery energy storage solutions developer, has announced that its Australian battery energy storage business has completed a financing raise of AU$77 million ($49.9 million) for a 7GWh battery pipeline.
The syndicated facility, raised with the Longreach Credit Investors and Australian Philanthropic Services Foundation, will be provided over a 24-month period to fund the development of a 7GWh pipeline and expand the platform within the Australian market.
Commenting in a release was Scott Poulter, Group CEO of Pacific Green: “We are pleased to welcome Longreach Credit Investors and to expand our existing relationship with Australian Philanthropic Services Foundation as partners.
“This capital allows Pacific Green to expand our platform footprint and accelerate the development of our portfolio of BESS projects across the Australian National Electricity Market (NEM).”
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Said Alex Nisbet, chief commercial officer of Longreach Credit Investors: “This partnership illustrates Longreach Credit’s commitment to supporting high-quality Australian businesses by providing customised debt solutions that enable them to realise their growth ambitions.”
Chris Cuffe, chairman of Australia Philanthropic Services Foundation: “We are very excited to continue supporting Pacific Green as it drives the energy transition forward in Australia.”
Pacific Green’s financing win comes as Australia sees a boom in battery project investments.
Storage investment trends
According to the country’s Energy Market Operator (AEMO) in their Connections Scorecard from earlier this year in June, the country has been experiencing a surge in new generation and storage capacity.
Commenting in a release at the time was AEMO executive general manager system design Merryn York, who said the pipeline of new projects reaching full output in the NEM reached a record level in the 2024-25 financial year.
“The investment pipeline in the NEM continues to build, which is critical as decades-old generation approaches retirement,” York said.
The new projects that are now competing in the NEM include standalone batteries (1.3GW), grid-scale solar (1.52GW), wind (1.42GW), hybrid solar plus battery (0.13GW), and gas (43MW).
AEMO said they had identified several investment trends in the latest scorecard, particularly in standalone batteries and hybrid projects.
“We’re seeing more hybrid projects, typically solar and grid-scale batteries, and standalone batteries with grid-forming inverters,” said York.
In addition to the seven grid forming batteries in the NEM today, a further 78 totalling 15.6GW are progressing through the pipeline.
“These trends show how investors are adjusting to the economics of negative wholesale electricity prices and using grid forming technology to support power system security,” added York.
The scorecard was developed alongside the country’s network service providers and market participants to track the progress of new generation and storage projects connecting to the NEM from application, registration and commissioning stages, through to full operation.
