Pacific Green Enters into An Agreement to Sell Its 99MW Richborough Energy Park Battery Development
Pacific Green Enters into An Agreement to Sell Its 99MW Richborough Energy Park Battery Development For GBP 74 Million (US$93 million)
DOVER, DE - Pacific Green Technologies, Inc. announces that it has entered into a sale and purchase agreement ("Agreement") to sell 100% of the shares in Pacific Green Battery Energy Parks 1 Limited ("PGBEP1") to Sosteneo Fund 1 HoldCo S.a.r.l. for GBP 74 million (US$93 million).
PGBEP1 is the holding company for 100% subsidiary, Richborough Energy Park Limited, Pacific Green's 99MW battery energy storage system ("BESS") at Richborough Energy Park ("REP") which begins operations later this summer.
Under the terms of the Agreement entered into, the consideration is payable pursuant to operational milestones related to the battery park as it connects to the grid and becomes operational. Pacific Green will receive an advance of GBP 20m upon signing of the Agreement with an anticipated completion over the following weeks.