Major Financial Milestone
Pacific Green Technologies, Inc. (OTCQB: PGTK) has successfully closed a £120 million (US$146 million) senior debt facility for its Sheaf Energy Park battery storage system in Kent, England. The facility is a collaboration between National Westminster Bank plc (NatWest) and UK Infrastructure Bank Limited (UKIB), each contributing £60 million (US$73 million).
Project Overview
The Sheaf Energy Park boasts a substantial 249 MW / 373.5 MWh battery energy storage system, making it one of the world’s largest project-financed facilities of its kind. The financial close marks a critical step in the development and construction phase.
Financial Contributors
NatWest and UKIB’s involvement in the funding reflects confidence in the project’s viability. The Facility will facilitate the development of Sheaf Energy Park, with repayment structured over a 10-year amortization profile upon the commencement of commercial operations.
Leadership Perspectives
Scott Poulter, CEO of Pacific Green, expressed satisfaction with the financial close, highlighting Sheaf Energy Park’s significance. Jacob Lloyd, Head of Specialist Asset Finance at NatWest, commended Pacific Green’s growth in the renewable energy sector. John Flint, CEO of UKIB, emphasized the urgency of expanding storage capacity to support the rapid integration of renewables into the grid.
About Pacific Green Technologies, Inc.
Pacific Green focuses on providing cleaner and more sustainable energy solutions. Beyond the Sheaf Energy Park, the company offers Battery Energy Storage Systems and Concentrated Solar Power. With a global presence, Pacific Green is actively contributing to the evolution of environmental technologies.
Forward-Looking Statements
While Pacific Green believes in the reasonableness of forward-looking statements, uncertainties exist that may impact actual results. Factors such as economic conditions and the continued development of Sheaf Energy Park could influence outcomes. Investors are advised to consider risk factors outlined in Pacific Green’s reports filed with the Securities and Exchange Commission.
Source:koreabizwire.com
