The Renewables Infrastructure Group (TRIG), known for its investments in green energy, has announced the acquisition of Bristol-based battery storage developer Fig Power. This move adds a significant 1.7GW development pipeline to TRIG’s portfolio, which includes 400MW of projects with grid connection offers and an additional 1.3GW on exclusive sites.

The acquisition, involving 100% equity in Fig Power, aims to diversify TRIG’s investment portfolio by incorporating complementary technology and enhancing revenue streams. TRIG has previously stated its ambition to deepen its involvement in the UK’s battery storage sector, marking this acquisition as a strategic step towards achieving that goal.

Fig Power will not only contribute to TRIG’s project development pipeline but also engage in the sale of developed projects to third parties. This strategy is expected to materialize development value for TRIG and lead to the subsidiary becoming self-funding within two years.

Richard Crawford, from InfraRed Capital Partners, underscored the importance of battery storage as essential for flexible capacity in the energy sector. He pointed out that battery technology is crucial for the transition to renewable energy sources and, therefore, represents a vital investment area for TRIG. This addition is expected to yield higher returns for shareholders and generate a proprietary pipeline of projects, closely aligned with TRIG’s strategic objectives.

Following the integration of Fig Power, TRIG is set to commence preliminary construction works on the first of four battery projects acquired in 2022, with groundworks for a second project anticipated to start in the latter half of 2024. This expansion reflects TRIG’s commitment to enhancing its role in the renewable energy landscape through strategic investments in battery storage.