The Renewables Infrastructure Group Ltd (TRIG) has announced today the acquisition of Fig Power, a British energy storage developer with a 1.7 GW battery capacity spread across the country. They plan to enter the solar energy market.
Based in Bristol, Fig Power’s portfolio consists of nine more advanced projects with a total capacity of 400 MW and grid offers that apply from 2025 to 2033, as well as around 1.3 GW of exclusive sites. It was previously a subsidiary of Hydrock Consultants Limited.
TRIG will invest approximately £20 million ($25.2 million / €23.4 million) over the next two years for the transaction, with half of it being paid as an upfront fee and the remaining part being tied to ongoing development-related expenditures.
It’s worth noting that Fig Power plans to self-fund its business by selling a portion of its pipeline after development. The business financing plan will be subject to annual budget reviews and TRIG’s decisions, as stated in the announcement.
TRIG’s asset absorbs technological diversity and enhances its growth potential.
TRIG has projects in wind, photovoltaic, and battery energy storage across six European countries, with a total generation capacity of over 2.8 GW.
The London-listed company is currently in an advanced stage of divestment actions, and the proceeds will be used to reduce the revolving credit facility (RFC) liabilities, which stood at £364 million at the end of 2023. In August 2023, it agreed to sell 35 MW of Irish wind farms to Norwegian energy company Statkraft AS.
(1 GBP = 1.262 USD / 1.171 EUR)
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FAQ section:
1. Who is The Renewables Infrastructure Group Ltd?
The Renewables Infrastructure Group Ltd (TRIG) is a British company that invests in renewable energy projects such as wind and solar energy, as well as energy storage. They have projects in wind, photovoltaic, and battery energy storage across six European countries.
2. What is Fig Power?
Fig Power is a British battery energy storage developer. The company, which was acquired by TRIG, has a portfolio of nine advanced projects with a total capacity of 400 MW, offering grid electricity services from 2025 to 2033, as well as approximately 1.3 GW of exclusive sites.
3. What are TRIG’s plans after acquiring Fig Power?
After acquiring Fig Power, TRIG plans to enter the solar energy market. The company intends to invest approximately £20 million over the next two years for this transaction.
4. What are TRIG’s capabilities?
TRIG possesses technological diversity and develops its growth potential. They have projects in wind, photovoltaic, and battery energy storage, with a total generation capacity of over 2.8 GW.
5. What does TRIG plan to do with the proceeds from the divestment?
TRIG is currently in an advanced stage of divestment actions. The proceeds will be used to reduce the revolving credit facility (RFC) liabilities, which stood at £364 million at the end of 2023.
6. Does TRIG have any other investment plans?
The company does not mention any other investment plans in this news.
Definitions:
1. TRIG – The Renewables Infrastructure Group Ltd, a British company investing in renewable energy sources.
2. Fig Power – a British battery energy storage developer acquired by TRIG.
3. Exclusive sites – areas where the company has exclusive rights to develop and operate projects.
4. Pipeline – a set of projects that the company plans to develop in the future.
Suggested related links:
– trig-ltd.com
– renewablesnow.com
The source of the article is from the blog girabetim.com.br