GBP 120M: Pacific Green Backs UK BESS Project

• Pacific Green Technologies secures £120 million loan for 249 MW/373.5 MWh BESS project in Kent, England. Project to start commercial operations in April 2025 and operated by Pacific Green's subsidiary. Loan repaid over 10-year amortization profile. Pacific Green also selling Richborough Energy Park for £74 million.

Pacific Green Technologies Inc (OTCMKTS:PGTK) has secured a funding deal for a 249-MW/373.5-MWh battery energy storage system (BESS) project in Kent, England. A senior debt of GBP 120 million has been provided by the UK Infrastructure Bank Ltd (UKIB) and National Westminster Bank plc, each contributing GBP 60 million. The project is due to start commercial operations in April 2025 and will be operated by Pacific Green Battery Energy Parks 2 Ltd, a subsidiary of Pacific Green, which acquired the rights from Tupa Energy Holdings Ltd. The loan will be repaid according to a 10-year amortization profile. Pacific Green is also selling its nearby Richborough Energy Park for GBP-74-million.

What Funding Deal Has Pacific Green Secured?

• Pacific Green Technologies Inc (PGTK) has secured a funding deal for a 249-MW/373.5-MWh battery energy storage system (BESS) project in Kent, England.
• The loan is worth GBP 120 million, split between the UK Infrastructure Bank Ltd (UKIB) and National Westminster Bank plc, each contributing GBP 60 million.
• The project is due to start commercial operations in April 2025 and will be operated by Pacific Green Battery Energy Parks 2 Ltd, a subsidiary of Pacific Green.
• The loan will be repaid according to a 10-year amortization profile.
• Pacific Green is also selling its nearby Richborough Energy Park for GBP-74-million.
• The project is expected to provide reliable and low-cost energy to the region for the next 25 years.
• Pacific Green's BESS project is the largest of its kind in the world and is expected to provide significant environmental benefits, helping the UK to meet its renewable energy targets.