Triple Point, the purpose-led investment manager and Ethical Power, the utility-scale solar and battery storage company, have agreed a debt facility of £7 million to support Ethical Power’s development of early-stage Solar and Battery Energy Storage Systems (BESS) projects in the UK.
The £7 million debt facility is the start of a new partnership between Triple Point and Ethical Power. The funding will support expansion of the UK’s green energy infrastructure therefore ultimately contributing to keeping energy costs down and balancing the electrical grid.
Triple Point has a long track-record of providing unique debt financing for energy transition asset developers that support the renewable energy integration across the UK – and has provided financing for over 16 gigawatts (GW) of UK Solar and BESS assets in development.
Jessica Fisher, Senior Investment Manager at Triple Point commented, “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 be working towards realising a fully decarbonised and resilient electricity system by 2035.”
Ethical Power is the UK’s only independent vertically integrated energy infrastructure company. Its end-to-end capabilities add value across the entire lifecycle of green energy infrastructure projects. The company’s current pipeline of renewable energy projects in development in the UK represents 175 megawatts (MW) solar and 225MW BESS, on top of over 1GW in construction and development globally.
Stephen Williams, CFO at Ethical Power said: “There’s a strong alignment between Ethical Power and Triple Point who share a mutual commitment towards building out renewable energy infrastructure. This is our first loan with Triple Point, and we hope to build a long-term relationship with them as a very well-matched financial partner for Ethical Power. With the funding in place, we’ll be able to progress a number of exciting development opportunities in the renewable energy space, building a more sustainable future for all.”