Bristol battery storage developer powers ahead with £20m investment from its new owner

February 16, 2024

Fig Power, the Bristol-based energy storage and generation systems developer, is looking to expand further after being acquired by a green investment company.

New owner The Renewables Infrastructure Group (TRIG), a FTSE 250 investment company which mostly invests in wind and solar power, is to invest £20m into Fig Power over the next two years.

Founded as a standalone business in 2022 following its spin out from Bristol engineering design, energy and sustainability consultancy Hydrock, Fig Power has since become a significant developer of battery storage sites to support the renewable energy market.

It has a 1.7GW development pipeline in the UK, including nine more advanced projects up to 2033 and a further 1.3GW of exclusive sites.

TRIG, which has a portfolio of wind, solar and battery storage projects across six European countries with aggregate net generating capacity of over 2.8GW, said following its acquisition it would be in a position to further accelerate activity as it continued on its mission to develop assets to help the UK deliver clean, reliable energy generation and storage.

Fig Power’s acquisition by TRIG also allowed growth capital investors BGF to exit from the business.

BGF’s Bristol office has backed Hydrock since 2018, providing significant investment to support the company’s organic and acquisitive growth strategy.

BGF investor Paul Oldham said: “We are very pleased to announce our exit from Fig Power following a successful launch period.

“Fig Power is at the heart of a rapidly maturing energy storage sector and it has been a privilege to help its strong team to establish and grow the business.

“We’re sure that, under the stewardship of TRIG, the business is destined for great things.”

Fig Power CEO Henry Easterbrook added: “BGF has been an excellent partner, and its support has played a critical role in the foundation of our business.

“I look forward to the next stage of growth as we move forward with our goal of helping our clients and partners meet their decarbonisation targets, drive economic growth, support communities and create new asset value streams.

“TRIG’s track record and large scale in the renewables market make 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.”

TRIG is paying around half its £20m investment in Fig Power upfront with half going into ongoing development expenditure, including a possible move into solar power generation.

After two years TRIG is projecting Fig Power will be self-funding from the proceeds of selling a portion of its pipeline.

TRIG said adding Fig Power’s development capabilities to its investment portfolio created the opportunity to capture higher returns for shareholders and generate a pipeline through a team that was closely aligned with its objectives.

TRIG was advised by InfraRed Capital Partners, whose head of energy income funds Richard Crawford 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.”

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