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.”

Pacific Green | www.pacificgreen.com