v3.25.2
Noncontrolling Interest
9 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
7. Noncontrolling Interest

 

On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited (“Amkest Group”) to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green’s environmental technologies within the region. The Company holds 70% interest in the joint venture.

 

On September 27, 2023, the Company purchased 51% of the capital of four Italy Project Companies from Sphera. The Company paid Sphera €1,000,000 ($1,051,000) and recorded noncontrolling interest of €960,100 ($1,010,000).

 

Details of the carrying amount of the noncontrolling interests are as follows:

 

   December 31,
2024
$000
   March 31,
2024
$000
 
         
Noncontrolling interest attributable to BESS - Italy   960    1,007 
Noncontrolling interest attributable to Saudi Arabia   (281)   (249)
Non-controlling interest(1)   679    758 

 

(1) As of December 31, 2024, net income attributable to noncontrolling interest was $80,000 loss for the nine months ended December 31, 2024 split as follows; Net income attributable to noncontrolling interest – BESS Italy was a loss of $47,000 and $33,000 loss was attributable to noncontrolling interest – Saudi Arabia.