Renewables Infrastructure Group (TRIG) has decided to invest £20 million in the acquisition of Fig Power, a company specializing in energy storage solutions. Despite recent declines in the stock prices of specialist battery funds, this investment highlights the importance of the renewable energy sector.
TRIG, valued at £3.3 billion, primarily invests in wind and solar energy. The fund has now acquired 100% of the shares in this Bristol-based company, which was previously associated with Hydrock Consultants Limited. TRIG paid £10 million upfront, with the second half financing the development of Fig Power’s 1.7 GW British development potential.
This acquisition doubles TRIG’s capabilities in battery energy storage projects, adding nine additional assets with a capacity of approximately 400 MW and connection times to the grid from 2025 to 2033. Additionally, it enables the development of an additional 1.3 GW of exclusive locations for new storage facilities.
FAQ
1. What is Fig Power?
Fig Power is a company specializing in energy storage solutions.
2. Why did Renewables Infrastructure Group (TRIG) invest in Fig Power?
TRIG invested £20 million in Fig Power to expand its capabilities in battery energy storage projects.
3. What are the benefits of this investment for TRIG?
The investment in Fig Power doubles TRIG’s capabilities in battery energy storage projects by adding nine additional assets with a capacity of approximately 400 MW and connection times to the grid from 2025 to 2033. Additionally, it enables the development of an additional 1.3 GW of exclusive locations for new storage facilities.
4. What are TRIG’s main areas of investment?
TRIG primarily invests in wind and solar energy.
5. What is the value of TRIG?
TRIG is valued at £3.3 billion.
Definitions:
– Energy storage solutions: Technologies and systems that enable the storage and retention of energy for later use.
– Investment: The expenditure of financial resources to achieve profit or gain future benefits.
– Acquisition: The purchase, takeover, or acquisition of shares in another company for business development purposes.
– Battery: An electrical device used to store and deliver electrical energy within a specific timeframe.
– Exclusive locations: Places that are accessible only to specific individuals or entities.
Links:
– TRIG Homepage
The source of the article is from the blog foodnext.nl