Transaction announced to sell 100% of shares in Pacific Green Battery Energy Parks 2 Limited

Pacific Green announced that it has entered into a transaction to sell 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (PGBEP2) to Sosteneo for GBP210 million (US$258 million).

PGBEP2 serves as the holding entity for its wholly-owned subsidiary, Sheaf Energy Limited, overseeing Pacific Green’s 249 MW / 373.5 MWh battery energy storage system located in Kent, England, known as Sheaf Energy Park. Sosteneo HoldCo operates as an investment vehicle for the Sosteneo Energy Transition Fund, managed by Sosteneo SGR S.p.A., a specialized manager focusing on greenfield infrastructure projects related to the energy transition and affiliated with the Generali ecosystem of asset management firms.

As part of the transaction, Pacific Green and Sosteneo have mutually granted options to buy or sell shares in PGBEP2. Additionally, within the framework of the transaction, Sosteneo will extend a capital expenditure loan. This, combined with the senior debt facility, will ensure complete funding for the development and construction phases of Sheaf Energy Park. The commercial operations of Sheaf Energy Park are scheduled to commence in July 2025.