Pacific Green Reaches Financial Close for £120 Million (US$146 Million) of Funding for Its 249 MW / 373.5 MWh Sheaf Energy Park Battery Development
Dover, DE, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. ("Pacific Green", OTCQB: PGTK) announces that it has reached financial close on a £120 million (US$146 million) senior debt facility (the “Facility”) for Pacific Green’s 249 MW / 373.5 MWh Sheaf Energy Park battery energy storage system in Kent, England (“Sheaf Energy Park”).
- Dover, DE, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc. ("Pacific Green", OTCQB: PGTK) announces that it has reached financial close on a £120 million (US$146 million) senior debt facility (the “Facility”) for Pacific Green’s 249 MW / 373.5 MWh Sheaf Energy Park battery energy storage system in Kent, England (“Sheaf Energy Park”).
- The Facility is provided by a two-bank syndicate, with National Westminster Bank plc (“NatWest”) and UK Infrastructure Bank Limited (“UKIB”) contributing £60 million (US$73 million) each.
- The Facility will be used to fund the development and construction of Sheaf Energy Park, following which repayment will occur on a 10 year amortization profile upon the start of commercial operations.
- Scott Poulter, Pacific Green’s CEO, commented: “Sheaf Energy Park represents one of the largest project-financed battery energy storage systems in the world.