Investment manager Triple Point and large-scale clean energy company Ethical Power have announced a new partnership designed to scale up the UK’s renewable energy infrastructure.
A £7m debt facility from Triple Point will provide crucial financing for early-stage solar and battery energy storage (BESS) systems developed by Ethical Power. This step supports the national goal of a completely carbon-free energy network by 2035.
Jessica Fisher, senior investment manager at Triple Point, said: “We are pleased to have agreed a partnership with Ethical Power given their expertise and strong track record in developing the energy infrastructure of the future. Together we will work to achieve a fully carbon-free and resilient electricity system by 2035.”
This agreement highlights the growing trend of investment firms recognizing the crucial role of renewable energy within the ongoing energy transition. Triple Point’s substantial funding is in line with Britain’s increasing focus on solar energy and BESS solutions to strengthen the resilience of the electricity grid while reducing energy costs for consumers. It adds to a wave of similar investments in renewables in the UK, such as NatPower UK’s planned £10 billion investment in solar and battery projects.
Long-term goals
The partnership between Triple Point and Ethical Power promises several positive outcomes for the UK energy landscape. Ethical Power’s vertically integrated approach to sustainable project development should translate into an accelerated delivery of reliable green energy sources.
Their existing pipeline of 175 MW of solar and 225 MW of BESS in Britain, in addition to over 1 GW in construction and development globally, represents an important step in the UK’s transition away from fossil fuels. The long-term aim of the partnership is not only to increase clean energy generation, but also to improve energy security and affordability for UK consumers.
“There is a strong alignment between Ethical Power and Triple Point, who share a mutual commitment to building renewable energy infrastructure,” said Stephen Williams, CFO at Ethical Power.
“This is our first loan with Triple Point and we hope to build a long-term relationship with them as a highly aligned financial partner for Ethical Power. The funding will enable us to further develop a number of exciting development opportunities in renewable energy, helping us build a more sustainable future for all.”
Solar Power Portal’s publisher Solar Media will host the British Solar Summit on June 4 and 5, 2024 in London. The event will explore Britain’s new utility and rooftop solar landscape, look at the opportunities within a GW+ annual market, and much more.
