The Renewables Infrastructure Group acquire Fig Power
The Renewables Infrastructure Group (TRIG), the FTSE 250 listed investment company, has acquired Fig Power, a developer of distributed energy storage and generation assets. TRIG has a portfolio of wind, solar and battery storage projects across six countries in Europe with aggregate net generating capacity of over 2.8GW
Fig Power was founded as a standalone company in 2022, following a spin out from engineering design consultancy Hydrock, with support from private equity investor, BGF. Joining forces with TRIG at this time enables Fig Power to selectively accelerate development activity and deliver much needed essential battery storage projects in the UK.
Speaking about the investment, Henry Easterbrook, Fig Power’s CEO, 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 ” said Henry.
“Adding development capabilities within TRIG’s investments 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” said Richard Crawford, Head of Energy Income Funds at InfraRed Capital Partners.
Latest
4-hour storage scheme secures contracted revenue at Capacity Market auction.
Our 4-hour storage scheme in Cheshire secured 15-years’ of revenue at £63/kW/year from the T-4 Capacity Market auction in February 2023.
Planning approval was secured in late 2022 for the storage scheme sited on agricultural land in the village of Moston, near Sandbach. The 4-hour duration is more than twice the typical length of battery duration.
“It’s a great outcome from the T-4 Capacity Market auction for our scheme near Sandbach. It equates to a secured revenue income for our investor that is equivalent to approximately half the capex for the scheme,” said Henry Easterbrook, Fig Power’s CEO.
The T-4 Capacity Market auction recorded a record high of £63/kW/year, more than double the previous record high price. The number of battery storage assets in the auction continued to grow with over 65% of the storage capacity put forward securing contracts in an auction that buys most of the capacity needed for delivery in four years’ time.