JLL advises Pacific Green Technologies on the sales of two battery energy storage systems in UK, totalling 349MW
Leading energy storage platform sells BESS projects to the Sosteneo Energy Transition Fund for a combined Enterprise Value of £284m
LONDON, 13 November, 2023 – JLL’s Energy and Infrastructure Advisory team acted as exclusive sell-side M&A advisor to Pacific Green, a leading renewables developer, on the sale of two battery energy storage system (BESS) projects located in Kent, England, with a total capacity of 349MW. The two projects consisted of 100MW BESS Richborough Energy Park and in-construction 249MW BESS Sheaf Energy Park, which is expected to begin operations in July 2025. This represents two of the largest energy storage transactions in Europe.
Following a competitive process, the projects were sold to the Sosteneo Energy Transition Fund, which is managed by Sosteneo SGR S.p.A., a specialist manager of greenfield infrastructure projects related to the energy transition and part of the Generali ecosystem of asset management firms.
Richborough Energy Park and Sheaf Energy Park offer advantageous locations for the deployment of BESS due to their proximity to interconnectors, renewable energy generators, and the increasing power flow across the region. They will play significant roles in supporting the expansion of renewable energy in region by providing essential frequency support and energy balancing to the electricity network.
With these sales, the JLL’s overall BESS transactions will exceed 5GW across 36 transactions. This further strengthens JLL's leading position in Europe, with successful deals in both Great Britain and Continental Europe.
Scott Poulter, Chairman & CEO of Pacific Green, said: “We are thrilled to have worked with JLL on the sale of these two energy parks, which represent some of the largest and most advanced BESS transactions in the world.”
Max Stirling, Director, Energy & Infrastructure Advisory, EMEA, JLL, added: “These transactions represent pivotal moments for the BESS industry, marking the start of a highly attractive operational market and reconfirming why BESS is one of the most highly sought asset class. It was a pleasure to work with the outstanding team at Pacific Green and we look forward to further collaboration in future.”
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