Pacific Green Signs a Landmark Offtake Framework Agreement with Re2 Capital to Support 2GWh of BESS Projects in Australia

Rhea-AI Summary

Pacific Green Technologies (PGTK) has signed a significant framework agreement with Re2 Capital for capacity revenue swap arrangements across four Battery Energy Storage System (BESS) projects in Australia. The 7-10 year agreement will support 2GWh of new storage capacity across South Australia, Victoria, New South Wales, and Queensland.

This industry-first agreement, combined with the company's recent 1.5GWh agreement with ZEN Energy, brings Pacific Green's total revenue-underwritten capacity to 3.5GWh in Australia. The deal represents a crucial advancement in Pacific Green's development of its 7GWh Australian project portfolio and aims to strengthen the National Electricity Market while supporting renewable energy integration.

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Sydney, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Pacific Green Technologies, Inc., a global leader in battery energy storage solutions, is pleased to announce that its Australian battery storage business has signed a landmark framework agreement with Re2 Capital Ltd. (“Re2”). The agreement covers seven to 10-year capacity revenue swap arrangements across four Battery Energy Storage System (BESS) projects located in South Australia, Victoria, New South Wales, and Queensland, in support of 2GWh of new storage capacity.

This industry-first agreement marks a major milestone in Pacific Green’s growth trajectory, significantly accelerating the route to market for its 7GWh Australian project portfolio.

Scott Poulter, Group CEO of Pacific Green, commented:

“Following our recent agreement with ZEN Energy for 1.5GWh, we are delighted to now also sign this first-of-its-kind framework agreement with Re2 for 2GWh in Australia.”

“Combined, these strategic framework agreements with Re2 and ZEN Energy enable Pacific Green to guarantee revenue underwriting 3.5GWh of battery projects in Australia and signify a major milestone for Pacific Green’s development business.”

Richard Oduntan, CEO of Re2 Capital commented:

“This framework agreement with Pacific Green is a milestone for both companies and the wider energy market. Through this framework agreement, we hope to further enable the development of critical infrastructure that will strengthen the National Electricity Market in Australia and facilitate continued renewable energy penetration.”

Scott Poulter, Chairman & CEO
Pacific Green Technologies, Inc.
T: +1 (302) 601-4659

FAQ

What is the size of Pacific Green's (PGTK) new agreement with Re2 Capital?

The agreement covers 2GWh of new storage capacity across four BESS projects in Australia, with 7-10 year capacity revenue swap arrangements.

How much total battery storage capacity does Pacific Green (PGTK) have underwritten in Australia?

Pacific Green has secured revenue underwriting for 3.5GWh of battery projects in Australia, combining the 2GWh Re2 Capital agreement and 1.5GWh ZEN Energy agreement.

Where are Pacific Green's (PGTK) new BESS projects located in Australia?

The BESS projects are located across four states: South Australia, Victoria, New South Wales, and Queensland.

What is the total size of Pacific Green's (PGTK) Australian project portfolio?

Pacific Green has a 7GWh Australian project portfolio, of which 3.5GWh is now revenue-underwritten through agreements with Re2 Capital and ZEN Energy.

What is the duration of Pacific Green's (PGTK) agreement with Re2 Capital?

The framework agreement covers seven to 10-year capacity revenue swap arrangements.