UK wind, solar and storage developer The Renewables Infrastructure Group has bought battery storage investor Fig Power.
TRIG owns wind, solar and battery storage projects totalling 2.8GW in six European countries, and said the acquisition of Fig Power would help it to further bolster its pipeline. Fig Power was founded in 2022 as a spinout from consultancy Hydrock and is backed by private equity investor BGF.
Richard Crawford, head of energy income funds at InfraRed Capital Partners, which is investment manager for TRIG, said: “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.”
Henry Easterbrook, chief executive 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.”