King & Wood Mallesons (KWM) is pleased to have advised Intera Renewables (Intera), the renewable energy portfolio company managed by Palisade Investment Partners (Palisade), on its agreement to acquire a 100% interest in the Limestone Coast North Battery Energy Storage System (BESS) from Pacific Green Technologies (Pacific Green) for an enterprise value of AUD460m.
Palisade has been an early investor in the clean energy sector and manages and operates a diverse portfolio of renewable energy assets in Australia and the US. These assets total over 2GW of installed generation capacity on a 100% ownership basis, including 1.7GW in Australia, making Palisade and Intera one of Australia’s largest renewable energy investors.
The KWM team was led by Partner Roderick Smythe with support from Partners Tim Ma, Chris Dynon, and Chris Pitson, Energy Consultant Damiano Castelli, Senior Associates Morgan Clune and Edward Kus and Solicitors Louisa Thornton and Celine Stylianou. This multi-sectorial team once again demonstrates KWM’s strong and multi-faceted energy capability.
Commenting on the transaction, Roderick Smythe said:
“We are proud to have worked alongside the Palisade team on another significant transaction to bolster Australia’s energy market. Having been involved in the initial establishment of the Intera renewable platform it has been a privilege to assist on its first acquisition – the Limestone Coast North Battery – a significant strategic step in the development of the Intera business."
The Project, acquired at construction commencement, is expected to begin commercial operations in 2027 and already has a long-term offtake agreement in place.
This transaction highlights KWM’s ongoing success advising clients on BESS projects nationally, including recently for Recurrent Energy in successfully reaching financial close on the project financing of the Carwarp Solar Farm and BESS, and for the lenders on the $650M financing of Akaysha Energy’s Orana Battery Energy Storage System (BESS). Additionally, KWM has been advising AEMO Services on tender rounds 1-5 for Long-Term Energy Service Agreements (LTESA) under the NSW Electricity Infrastructure Roadmap.
