The Renewables Infrastructure Group (TRIG) has acquired a 100 per cent equity interest in Fig Power, a UK-based developer focused on battery storage with a 1.7 GW development pipeline, including 400 MW with grid connection offers and a further 1.3 GW of exclusive sites. The expected outlay over the next two years is approximately £20 million, approximately half for the upfront consideration and half relating to ongoing development expenditure.
Fig Power, based in Bristol, was formerly a sister company of Hydrock Consultants Limited. In acquiring Fig Power, TRIG diversifies its portfolio further by adding complementary technology and enhancing 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, it is expected to be self-funding.
TRIG is a leading London-listed renewable energy infrastructure investment company. Further, it is advised by InfraRed Capital Partners as its investment manager and RES as its operations manager. The company is invested in a portfolio of wind, solar and battery storage projects across six countries in Europe with an aggregate net generating capacity of over 2.8 GW; enough renewable power for 1.9 million homes and to avoid over 2.4 million tonnes of carbon emissions per annum.
