ENERGY STORAGE

TRIG acquires UK battery storage developer Fig Power

February 14, 2024

Renewables investment company TRIG has acquired a 100 per cent equity interest in UK-based battery storage developer Fig Power.

A TRIG statement said Bristol-based Fig Power has a 1.7GW development pipeline “including 400MW with grid connection offers and a further 1.3GW of exclusive sites”.

TRIG said the “expected outlay over the next two years” would be around £20 million, which amounts to approximately half for the upfront consideration and half relating to ongoing development expenditure.

In addition to securing a pipeline of projects for TRIG to build, Fig Power will sell developed projects to third parties. TRIG said that, in “over two years”, Fig Power will be expected to be self-funding.

Richard Crawford, head of energy income funds at InfraRed Capital Partners, which manages TRIG 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.”

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”.