Innova agrees £40m Triple Point solar-storage debt facility

November 1, 2023

Investment manager and renewable energy business Innova have agreed a debt facility of up to £40 million to support Innova’s growth in the UK solar and energy storage system (ESS) market. 

The new debt facility will provide funding to support a “diverse range of projects, from those at an early stage of development through to those ready to build,” a Triple Point statement said.

Innova has more than 60 distribution network operators (DNO) and National Grid-connected sites under development in the UK that have a combined solar and storage capacity in excess of 24GW.

Steve Gordon, head of corporate at Triple Point, said: “We have a strong, long-standing relationship with Innova, and this significant deal represents an exceptional opportunity – supporting the acceleration of the energy transition industry and backing one of the UK’s leading operators.”

Daniel Mushin, investment director at Innova, added: “This facility with Triple Point represents an exciting milestone in Innova’s mission to help the UK meet its net zero targets by providing significant funding towards our accelerated growth in UK solar and ESS. We are delighted to continue our collaboration with Triple Point on this facility, and we look forward to seeing how our already long-standing relationship continues to develop for the future.”