The funding injection allows Balance to continue to grow its BESS and solar portfolio. Image: GridBeyond.

Investment manager Triple Point and energy developer Balance Power have announced the securing of a £5.1 million debt facility to boost Balance’s solar and battery energy storage system (BESS) developments in the UK.

This represents a new partnership between the two firms, both of which are significant players in the solar and BESS sectors.

The £5.1m funding injection will allow Balance to further its BESS and solar PV projects across its 1.87GW BESS (1.839GW) and solar (31MW) pipeline. Part of the funding will be used to acquire the 6MWp Roborough project from Regener8 Power. The Roborough project, located near Plymouth in the South West of England, is ready to begin construction and, once complete, will generate clean power for local energy-intensive businesses.

Hamish Tate, investment manager at Triple Point, commented: “We are thrilled to partner with Balance Power in advancing essential BESS and solar PV projects that bring much-needed renewable energy infrastructure to the UK. By reducing reliance on fossil fuel technology, these initiatives tackle high energy costs and contribute to balancing the electrical grid. This debt facility highlights our commitment to supporting developers of energy assets that drive the UK towards a cleaner, more secure energy future.”

Craig Griffiths, CFO at Balance Power, said: “Securing this investment is a significant milestone for Balance Power, marking a pivotal moment in our journey to revolutionise the clean energy landscape. The funding will allow us to continue delivering vital clean energy infrastructure, helping the UK transition to cleaner sources of energy and bringing bills down for consumers. It’s also a vote of confidence in our innovative approach that prioritises collaboration with all our stakeholders, and represents a key moment as we increasingly look to acquire projects at different stages of development to bolster our growing pipeline of solutions.”

BESS and solar investment: the future is sunny

With the UK surpassing 16GW of solar capacity in May 2024, the market for solar and BESS investment presents a wealth of opportunity for investors.

Triple Point has formed other major financial partnerships in recent months; in May, the firm partnered with clean energy company Ethical Power on a £7 million debt facility to help Ethical Power grow its solar and BESS presence in the UK.

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