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Loans Payable and Interest Payable - Schedule of Loans Payable and Interest Payable (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Mar. 31, 2024
Schedule of Loans Payable and Interest Payable [Abstract]    
Loans payable – BESS project finance [1] $ 7,903
Short-term loans [2],[3] 3,453
Other short-term borrowings [4] 84
Total 11,440
Interest payable [5] $ 2,634
[1]

On August 15, 2024, Pacific Green Technologies (Australia) Limited (“PGTA”), a wholly owned subsidiary of the Company, entered into a AUD 11,000,000 loan agreement with an independent third party lender to fund further development of our Australian BESS portfolio. The loans do not bear interest but incur a fixed premium of 20% of the loan principal, payable in full upon repayment of the principal. The loan principal is to be repaid in full at the earlier of six months or the sale of one of the Company’s Australian BESS projects.

 

The loan is secured against PGTA’s direct or indirect shareholdings in the Company’s Australian BESS projects. The Company has also provided the lender a guarantee in the event of default.

 

This loan was refinanced in December 2024 with an effective date of February 26, 2025. Refer to Note 16 for further details.
[2]

Pacific Green Energy Parks (UK) Limited, a wholly owned subsidiary of the Company, entered into four separate loan agreements with a group of independent third party lenders for a total £900,000 between May 15 and May 28, 2024. The Company also entered into a loan agreement with an independent third-party lender in the same group for $1,270,000 on May 28, 2024. The five loans are identical in terms. The loans incur a fixed premium of 20% of principal, payable in full on repayment of principal. The loans were repayable on December 31, 2024, or earlier if certain liquidity events occur (whose conditions were not met).

  

Should the Company default on the loan(s), the lender(s) can elect to convert up to 100% of the amounts outstanding to the equivalent value of ordinary shares in the Company at the Default Conversion Strike Price (defined as 0.7 x the Company’s average share price on the 10 business days before and after the Event of Default).

 

Between November 2024 and January 2025, certain loans were refinanced and certain loans were repaid. Refer to Note 16 for further details.
[3] The Company entered into five separate loan agreements between August 12, 2024 and September 24, 2024 with four third-party lenders and one related party as follows: ● The related party loan was agreed on August 13, 2024 with Shead Group Pty Ltd, an entity controlled by Alex Shead, for the Company to borrow AUD 200,000. ● The other loans with independent third parties were for a total AUD 750,000 and GBP 75,000. The loans all incur a fixed 20% premium payable upon repayment of principal. The loans were all repaid between January 8, 2025 and March 31, 2025.
[4] On April 17, 2024, Pacific Green Technologies (Australia) Pty Ltd, a wholly owned subsidiary of the Company, entered into a financing arrangement with a third-party lending provider in Australia to borrow $180,000 (AUD 276,000) for an insurance policy with monthly repayments of $18,000 per month over 10 months. This was repaid on January 3, 2025.
[5] Interest payable at March 31, 2024 related to the Company’s previous loan payable to Sheaf Storage Limited, an independent third party, which was entered into on December 15, 2022, of $9,262,000 (£7,500,000) for the acquisition of Sheaf Energy Limited. The interest payable of $2,634,000 (£2,085,000) due to Sheaf Storage Limited is in relation to the profit share (18%) on the net equity proceeds from the sale of Sheaf Energy Limited and Pacific Green Battery Energy Parks 2 Limited. On April 4, 2024, the Company repaid interest payable of $2,634,000 to Sheaf Storage Limited in full.