May 12, 2022 / Pacific Green Technologies, Inc. (the "Company" or "PGTK", (OTCQB: PGTK)) announces that it has entered into an agreement with Green Power Reserves Limited (“GPR”), wherein GPR has made an equity investment of £13 million (US$16.0 million) for a fifty percent shareholding in Pacific Green Battery Energy Parks 1 Limited (“PGBEP”).
The proceeds from the investment will be used to provide the equity financing for the construction of the 99.98 MW battery energy storage system (“BESS”) the Company is developing in Kent, England. As part of the investment, Paolo Revelli, Managing Director of GPR, has agreed to join the Board of Directors of PGBEP and its subsidiary, Richborough Energy Park Limited.
Scott Poulter, PGTK’s Chief Executive, commented: “Paolo is a veteran portfolio manager who has been a pioneer in the renewables sector in the UK and Europe. We are delighted to have GPR as partners in developing Richborough Energy Park.”
Paolo commented: “The BESS market in the UK is a rapidly-growing sector in the renewable energy mix, finding a partner capable of delivering projects at grid-scale was critical for us. Having seen Pacific Green’s rapid transition from a single technology supplier in the marine industry to a fully-integrated renewable energy developer, we are confident in Pacific Green’s delivery capabilities.”
Scott added, “We are very pleased to have reached this milestone with Richborough Energy Park, as part of Pacific Green’s 1.1 GW UK-based pipeline. With a grid connection in mid-2023, I anticipate many more updates with project milestones and new energy project announcements over the next weeks and months.”