Pacific Green Technologies to double battery pipeline this year

US-based energy storage company Pacific Green Technologies has announced a target of more than 12GWh in battery storage capacity across four global markets for this year.

The company, which operates from Delaware, US, has said that, with pipeline growth to 6GWh in 2023, the company is doubling down on utility-scale battery energy storage systems (BESS) as a priority focus for 2024 and beyond.

Specifically, having already entered the emerging Italian and Australian energy storage markets, as well as moving its first project into operation at Richborough, UK – the company is looking at Australia and Italy as continued hotspots for pipeline expansion, while recharging its origination portfolio in the maturing UK market and taking its first steps into the nascent Polish market.

Pacific Green is targeting a minimum of 1GWh capacity in each market it enters.

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Pacific Green’s targets for 2024 include:

• UK – operation / development / origination

December 2023 saw the company commission and connect to the power grid the 99.8MWh Richborough Energy Park, achieving financial close at neighbouring 373.5MWh Sheaf Energy Park – one of the first and largest non-recourse debt financed BESS sites in the world, transferring ownership of both projects to energy transition fund Sosteneo.

2024 priorities include progressing the construction of Sheaf Energy Park ahead of its July 2025 commissioning date and further expanding the UK origination portfolio.

• Australia – development / origination

Last year, the company secured land exclusivity agreements for two major BESS projects in Southern Australia – the first a 1GW/2GWh project in Portland; the second a 0.5GW/1GWh project in Limestone Coast.

Development is underway for these projects, which will add significantly to regional BESS capacity in Southern Australia and are slated for commercial operation in 2026.

The company now aims to more than double its greenfield origination pipeline to more than 6GWh.

• Italy – development / origination

Having acquired a majority shareholding in five battery energy parks in Italy from originator Sphera Energy in 2023, totalling 2.8GWh capacity, Pacific Green’s team in Italy is targeting financial close on its first 1,500MWh of storage capacity this year, ahead of the start of commercial operations in 2026.

The team also aims to further expand its origination portfolio to almost 5GWh in total.

• Poland – origination

Pacific Green intends to enter the nascent Polish market in 2024, targeting an initial origination pipeline of approximately 400MWh storage capacity.

Scott Poulter, chief executive of Pacific Green Technologies, said in a release:

“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 commercialise 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.”