Investment manager Triple Point and energy developer Balance Power have announced the securing of a £5.1 million debt facility to fuel the development of Balance’s solar and battery energy storage (BESS) systems in the UK.
This represents a new partnership between the two companies, both of which are major players in the solar and BESS sectors.
The £5.1 million funding injection will enable Balance to progress its BESS and solar PV projects through its 1.87 GW BESS (1.839 GW) and solar (31 MW) pipeline. Part of the funding will be used to acquire Regener8 Power’s 6MWp Roborough project. The Roborough project, located near Plymouth in south-west England, is ready to start construction and, once completed, will generate clean energy for local energy-intensive businesses.
Hamish Tate, investment manager at Triple Point, commented: “We are delighted to be working with Balance Power in advancing vital BESS and solar PV projects that are bringing much-needed renewable energy infrastructure to the UK. By reducing dependence on fossil fuel technology, these initiatives address high energy costs and help balance the electricity grid. This debt facility underlines our commitment to supporting energy asset developers moving Britain towards a cleaner, safer energy future.”
Craig Griffiths, CFO at Balance Power, said: “Securing this investment is a significant milestone for Balance Power and marks a pivotal moment in our journey to revolutionize the clean energy landscape. The funding will allow us to continue delivering vital clean energy infrastructure, helping the UK’s transition to cleaner energy sources and reducing bills for consumers. It is also a vote of confidence in our innovative approach that prioritizes collaboration with all our stakeholders, and represents a key moment as we look to acquire more and more projects at different stages of development to strengthen our growing pipeline of solutions.”
BESS and solar investment: the future is bright
With Britain surpassing 16 GW of solar capacity by May 2024, the solar and BESS investment market offers a wealth of opportunities for investors.
Triple Point has formed other major financial partnerships in recent months; in May, the company partnered with clean energy company Ethical Power on a £7m debt facility to help Ethical Power grow its solar and BESS presence in the UK.
Power purchase agreements (PPAs) for solar projects are also becoming increasingly popular, with Lynher Energy recently entering into a corporate power purchase agreement with an unnamed FTSE100 company for its 27MW Twitch Hill Solar Park, which is expected to come online in September this year .
