Supporting the growth of Tag Energy in the UK BESS market
30 October 23
30 October 23
Long-term agreement funding development of Innova’s energy storage and solar assets
Triple Point, the purpose led investment manager and Innova, the renewable energy business, have agreed a debt facility of up to £40 million to support Innova’s accelerated growth in UK Solar and Energy Storage Systems (ESS).
This latest facility builds on the long-standing partnership between Triple Point and Innova, which began in 2017 when Triple Point provided debt funding for operational subsidised solar assets owned by Innova. The latest £40 million debt facility will provide funding to support a diverse range of projects, from those at an early stage of development through to those ready to build.
Innova develops, builds, and operates a range of innovative, environmentally sustainable, long-term renewable energy solutions. The company holds one of the UK’s largest portfolios of renewable energy generation sites - with over 60 Distribution Network Operators (DNO) and National Grid connected sites under development in the UK that have a combined solar and storage capacity in excess of 24GW.
Innova’s long-term mission is to create utility-scale renewable energy projects using multi-technologies that take large energy intensive users off-grid, positively improving the environment, and benefiting local businesses and communities.
Steve Gordon, Head of Corporate at Triple Point commented; “We have a strong, long-standing relationship with Innova, and this significant deal represents an exceptional opportunity – supporting the acceleration of the energy transition industry and backing one of the UK’s leading operators.”
Daniel Mushin, Investment Director at Innova said: “This facility with Triple Point represents an exciting milestone in Innova’s mission to help the UK meet its Net Zero targets by providing significant funding towards our accelerated growth in UK Solar and ESS. We are delighted to continue our collaboration with Triple Point on this facility, and we look forward to seeing how our already long-standing relationship continues to develop for the future.”