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17 January 24
17 January 24
Long-term agreement to fund development of TBC Partners’ energy storage assets for renewable energy integration across the UK
Triple Point, the purpose led investment manager and TBC Partners, a joint-family office focused on impact and energy transition, have agreed a debt facility of £5 million to support TBC Partner’s development of Battery Energy Storage System (BESS) assets in the UK.
The £5 million debt facility is the start of a new long-term partnership between Triple Point and TBC Partners. It will provide funding to support a portfolio of three BESS projects across the UK, which will contribute to balancing the electrical grid and bringing new renewable energy projects online. Once energised, the TBC Partners BESS Portfolio will store enough energy to power approximately 2,485,000 homes for a two-hour period, significantly bridging the issue of intermittent power supply.
TBC Partners is a family office focused on developing and empowering innovative platforms in the energy transition and impact space. It was founded by Paul Gazzard, Matthew Clare and Richard Shardlow, a team experienced in developing businesses and building asset portfolios into investable platforms. Having exited their first platform Arlington Energy, to a Sovereign Wealth Fund in 2022, TBC Partners first task is to complete the development of 870 MW/1,740MWh of UK BESS.
Jessica Fisher, Investment Manager at Triple Point commented, “We are delighted to have formed a partnership with the TBC Partners team, given their experience and track record in building one of the leading storage development businesses in the UK. Addressing the intermittency issue of renewable energy sources is crucial for realising a fully decarbonised and resilient electricity system by 2035. This deal represents a significant opportunity to scale renewable energy integration across the UK, through our unique debt financing offering for energy transition asset developers."
Richard Shardlow, Partner at TBC Partners said: “As a funder in energy transition the team at Triple Point have shown high levels of engagement and a refined understanding of the asset class that TBC Partners has brought to them. We are delighted to take this first step in partnership to develop platforms and unlock projects together across the energy transition and impact verticals.”