TRIG has acquired a 100% equity interest in Fig Power, a UK-based developer focused on battery storage with a 1.7GW development pipeline, including 400MW with grid connection offers and a further 1.3GW of exclusive sites. The expected outlay over the next two years is c. £20m – approximately half for the upfront consideration and half relating to ongoing development expenditure.
(Pictured: Broxburn battery storage project – TRIG’s first investment into the battery storage sector in 2017)
Fig Power, based in Bristol, is formerly a sister company of Hydrock Consultants Limited. Their management team brings extensive industry experience and a proven track record of success in the energy sector.
In acquiring Fig Power, TRIG diversifies its portfolio further by adding a complementary technology and enhances its revenue diversification. In addition to securing a pipeline of projects for TRIG to build, Fig Power will sell developed projects to third parties, crystallise development value for TRIG, and in over two years is expected to be self-funding.
Richard Crawford, Head of Energy Income Funds at InfraRed Capital Partners, said:
“Flexible capacity, of which battery storage is a key component, is core to the energy transition and important to the rollout of renewables. Batteries, therefore, represent an important investment sector for TRIG, providing diversifying and often complementary revenues to the portfolio.
Adding development capabilities within TRIG’s investment portfolio creates the opportunity to capture higher returns for shareholders and generate a proprietary pipeline through a team that is closely aligned with TRIG’s objectives. Fig Power will leverage the development experience of TRIG’s Managers. InfraRed has a track record of investing in flexible energy platforms for over a decade, most recently in Statera Energy. RES has been a pioneer in UK battery storage.
Fig Power also builds on the four development-stage battery investments that TRIG added in 2022. Preliminary construction works on the first of these projects began in January 2024 and we expect to start groundworks on the second project in H2 2024.”
Henry Easterbrook, CEO at Fig Power, said:
“TRIG’s market presence and scale makes it the ideal capital and delivery partner allowing us to develop and construct operational assets, combining to form an end-to-end, integrated approach to delivering the energy transition.
Fig Power is at the heart of a rapidly maturing energy storage sector. Working with stakeholders to deliver in an increasingly dynamic environment. Our new partnership enables Fig Power to scale our impact through creation of economic, environmental, and social value through the amalgamation of expertise”.
Information for editors
The Renewables Infrastructure Group (“TRIG”) is a leading London-listed renewable energy infrastructure investment company. TRIG is advised by InfraRed Capital Partners as its investment manager and RES as its operations manager.
TRIG seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.
TRIG is invested in a portfolio of wind, solar and battery storage projects across six countries in Europe with aggregate net generating capacity of over 2.8GW; enough renewable power for 1.9 million homes and to avoid over 2.4 million tonnes of carbon emissions per annum. TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.
Further details can be found on TRIG’s website at www.trig-ltd.com.