Pacific Green enters Polish energy storage market with double acquisition
June 25 2024 - 7:00AM
Pacific Green enters Polish energy storage market with double
acquisition
- Pacific Green Technologies, Inc. ("Pacific Green", OTCQB: PGTK)
plans to acquire a majority stake in two Polish battery energy
storage projects from an international developer present in the
Polish Market. The balance of shares in each 50MW project will be
acquired upon the realisation of project milestones.
The deal marks Pacific Green’s entry into the Polish market,
with the two projects offering 400MWh of storage capacity, and
setting the business on a path towards its target of 1GWh in the
Polish market. Earlier this year, Pacific Green set out its plans
to deliver more than 12GWh of battery energy storage across four
global markets, including Poland.
Grid applications for the projects - one located in the Warsaw
region, the other in the South-West - have been lodged, ahead of
anticipated participation in the Polish Capacity Market Auction in
Q4 this year. Based on this, both projects are expected to reach
ready to build status in late 2024.
Dane Wilkins, Pacific Green’s Managing Director,
said: “Poland’s traditional reliance on thermal baseload
power is transitioning rapidly to non-dispatchable renewable
assets, to meet obligations under the EU’s Fit for 55 and Net-Zero
commitments. This will necessitate grid-scale storage adoption
across the country.
“The Polish energy storage market is expanding rapidly, the
Polish government is setting in place a strong regulatory framework
with widening revenue opportunities, and I’m delighted we are
planning our first projects there and partnering with world class
developers.
“The Pacific Green team will work closely with its partner on
the ground, applying the development and construction expertise
we’ve already built up in other geographies, as well as our global
supply chain connections.”
Scott Poulter, Pacific Green’s Chief Executive,
said: “Developing next-generation battery energy parks at
scale and speed is our priority focus and entry into Poland
represents another important milestone for the business.”
-ENDS-
About Pacific Green Technologies, Inc.:Pacific
Green is a global energy storage and environmental technology
company, on a mission to advance the transition to sustainable
energy solutions.
The business is focused on rapidly building a global portfolio
of utility-scale battery energy storage systems (BESS), with a
current pipeline of 12GWh of energy storage capacity in
development, construction or operation.
Pacific Green’s team brings together extensive technology,
project development and project finance expertise – having
commercialised numerous pioneering technologies and steered major
international energy and infrastructure projects successfully
through financing and development.
This in-house expertise is complemented by strategic
relationships cultivated with trusted partners at all levels of the
global environmental supply chain – providing access to the very
best technology and manufacturing capabilities on offer, alongside
internationally respected financial institutions and project
partners.
For more information, visit: www.pacificgreen.com
Notice Regarding Forward-Looking
Statements:
This news release contains “forward-looking
statements,” as that term is defined in Section 27A of the United
States Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this news release which are not
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statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, the continued development of the Project, any
potential business developments and future interest in Pacific
Green’s battery, solar and environmental technologies.
Actual results could differ from those projected
in any forward-looking statements due to numerous factors. Such
factors include, among others, the continuation of the development
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release, and Pacific Green assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
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plans, expectations and intentions contained in this news release
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expectations or intentions will prove to be accurate. Investors
should consult all the information set forth herein and should also
refer to the risk factors disclosure outlined in Pacific Green’s
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