Triple Point and Innova announce extension of debt facility

Triple Point, the purpose-led investment manager, and Innova, a leading independent energy developer, have announced the refinancing and extension of the existing debt facility closed in 2023 to support the development of Innova’s portfolio of solar and battery energy storage systems (BESS) in the UK, strengthening further the strategic relationship between the two companies.

Innova is one of the largest developers of renewable energy and data centres in the UK, with over 50 DNO and Transmission connected sites under development or in operation across England and Wales, with a combined solar and storage capacity exceeding 8GW and over 7GW of Data Centres. Innova offers an integrated approach to renewable energy development and operations, with capabilities spanning the full life cycle of a project. This includes planning, grid connections, project rights development, financing, construction, asset management, power purchase agreements, and long-term operations.

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 Europe. To date, Triple Point has financed for over 4.8GW of UK battery and solar assets in development, reinforcing its position as a leading provider of debt capital for the UK energy transition.

Daniel Mushin, Chief Investment Officer at Innova said: “We are delighted to have completed this new facility with Triple Point. The fact that we were able to finalise this facility during a period of increased uncertainty in the renewables sector is a testament to the long-term relationship and collaborative approach taken by both companies.”

Ariane Brunel, Investment Director at Triple Point said: “We’re proud to support Innova, a long-standing client, as it accelerates the roll-out of its UK energy storage and solar portfolio. As one of the UK’s leading renewable developers, Innova is well placed to play a pivotal role in decarbonising the UK power sector.”

On this transaction, Triple Point was advised by TLT, Eclipse Power and JLL and Innova was advised by Burges Salmon.