• Swindon & Wiltshire M&A, deals
• Thursday February 15 2024
• Author Name: Peter Davison

Bristol-based battery storage developer Fig Power acquired

Bristol-based battery storage developer Fig Power has been acquired by Renewables Infrastructure Group (TRIG), a green investment firm.

The deal means a successful exit of the business from Bristol-based investor BGF (pictured).

Fig Power has a 1.7GW development pipeline, including 400MW with grid connection offers and a further 1.3GW of exclusive sites.

TRIG has a portfolio of wind, solar and battery storage projects across six countries in Europe with aggregate net generating capacity of over 2.8GW

Fig Power was founded as a standalone company in 2022, following a spin out from engineering design consultancy Hydrock, with support from private equity investor, BGF.

Fig Power’s CEO, Henry Easterbrook, said: “TRIG’s market presence and scale makes it the ideal capital and delivery partner allowing us to develop and construct operational assets, combining to form an end-to-end, integrated approach to delivering the energy transition.”

“Fig Power is at the heart of a rapidly maturing energy storage sector. Working with stakeholders to deliver in an increasingly dynamic environment. Our new partnership enables Fig Power to scale our impact through the creation of economic, environmental and social value through the amalgamation of expertise.”

Investor BGF, which had a minority stake in Fig Power, worked alongside Hydrock as it successfully launched Fig as a significant developer of battery storage sites to support the renewable energy market.

Paul Oldham, investor at BGF, said: “We are very pleased to announce our exit from Fig Power following a successful launch period.

“Fig Power is at the heart of a rapidly maturing energy storage sector and it has been a privilege to help its strong team to establish and grow the business. We’re sure that, under the stewardship of TRIG, the business is destined for great things.”