Pacific Green Nabs 51% of 500-MW Italian BESS Portfolio

• Pacific Green Technologies Inc has taken a majority stake in a 500-MW/2,800-MWh portfolio of BESS projects in Italy, with the CEO noting the move as part of their European expansion. Construction of the facilities to start in late 2025, with a 35-year operating lifespan.

Pacific Green Technologies Inc has taken a 51% stake in a 500-MW/2,800-MWh portfolio of battery energy storage system (BESS) projects in Italy from Sphera Energy Srl. The portfolio comprises five assets, with the remaining 49% of the shares to be acquired once development milestones are met. The permits are expected to be obtained in the fourth quarter of 2024. Construction of the facilities is scheduled to start in late 2025, with an expected 35-year operating lifespan. Pacific Green’s CEO Scott Poulter noted the Italian move is part of the company’s European expansion, building on the success of the 100-MWh Richborough Energy Park and the 375-MWh Sheaf Energy in the UK.

What Milestones Does Pacific Green Need to Meet for its 51% Stake in an Italian BESS Portfolio?

• Sphera Energy Srl is expected to obtain permits for the 500-MW/2,800-MWh BESS portfolio by the fourth quarter of 2024
• Pacific Green Technologies Inc is due to receive the remaining 49% of the shares upon meeting development milestones
• Construction of the five assets is due to commence in late 2025, and the facilities will have a 35-year operating lifespan
• The move is part of Pacific Green’s European expansion, building on the success of the 100-MWh Richborough Energy Park and the 375-MWh Sheaf Energy in the UK
• Milestones for Pacific Green include ensuring the portfolio is financially viable, obtaining the necessary permits, and developing an operational plan for the BESS
• Pacific Green will also need to meet a number of environmental and safety standards before it can acquire the remaining 49% stake