LONDON: TRIG, a leading renewable energy investment company, has announced the acquisition of Fig Power, an energy projects developer specialising in battery storage. The deal is worth c. £20m over the next two years, with half of the amount paid upfront and the rest invested in ongoing development.
Fig Power has a 1.7GW development pipeline in the UK, consisting of nine advanced projects and several exclusive sites. The projects are expected to participate in the UK wholesale and balancing markets, which are more lucrative and stable than the ancillary services market. Fig Power may also explore opportunities in solar PV development.
TRIG aims to secure a pipeline of projects to build and operate, as well as to sell some of the developed projects to third parties and generate value for its shareholders. The company also plans to reduce its RCF borrowings by divesting some of its existing assets.
Richard Crawford, Head of Energy Income Funds at InfraRed Capital Partners, TRIG’s investment manager, said that battery storage is a key component of the energy transition and an important investment sector for TRIG. He added that Fig Power will leverage the development experience of TRIG’s managers, who have a strong track record of investing in flexible energy platforms.
Fig Power is a former sister company of Hydrock Consultants Limited, a multi-disciplinary engineering consultancy. The acquisition marks TRIG’s expansion into the battery storage sector, following its investment in four development-stage battery projects in 2022.
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