Triple Point originates a £5.1 million debt facility with Balance Power

Triple Point originates a £5.1 million debt facility with Balance Power

New partnership to scale-up Balance Power’s clean energy projects across UK

LONDON, 18 JULY: Triple Point, the purpose-led investment manager, and Balance Power, a leading independent energy developer, have today announced a debt facility of £5.1 million to support Balance Power’s development of battery energy storage systems (BESS) and solar PV projects in the UK.

The £5.1 million debt facility is the start of a new partnership between Triple Point and Balance Power that will help the UK move forward in building a clean and secure energy system. The funding will support Balance Power’s BESS and solar PV projects, including the acquisition of a shovel-ready 6MWp solar project from Regener8 Power in South West England. The Roborough project, near Plymouth, will generate clean electricity for energy-intensive businesses that will reduce industry emissions and pave the way for a new route to business decarbonisation. This acquisition marks Balance Power’s first behind-the-meter project to enter the procurement phase.  

Triple Point has an established track-record of originating unique debt financing for energy transition asset developers that support the renewable energy integration across the UK and has originated financing for over 16.7 gigawatts (GW) of UK BESS and solar assets in development.

Balance Power has led the way in decentralised energy projects since 2017, working with landowners, communities, and councils across the UK to decarbonise the power system and energy-intensive businesses. The company’s current pipeline of renewable energy projects totals more than 1.87GW of new, clean electricity capacity, across BESS (1,839MW) and solar (31MW) projects, making it a front runner in the UK’s clean energy sector. With a growing pipeline of both utility-scale and behind-the-meter projects, Balance Power is paving the way for a new energy landscape.  

Hamish Tate, Investment Manager at Triple Point commented, "We are thrilled to have helped originate an opportunity 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 the commitment of the lenders we support to work with 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.”