The Renewables Infrastructure Group (TRIG), a London-listed investor advised by InfraRed Capital Partners, has acquired Fig Power, a battery storage company with a 1.7GW development pipeline in the UK.

The acquisition will enhance TRIG’s technological diversification and significantly broaden its development pipeline.

The development pipeline of Bristol-based Fig Power includes nine advanced projects with a combined capacity of 400MW, and 1.3GW of exclusive sites.

The company’s two-hour battery storage projects primarily serve the UK wholesale and balancing markets.

TRIG has announced plans to invest £20m ($26.4m) over the two years up to 2026 into Fig Power.

This investment is split evenly between the initial purchase price and ongoing development costs.

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Fig Power is also aiming to self-finance its operations by selling parts of its developed pipeline.

Beyond building a strong pipeline of projects for TRIG, Fig Power also foresees opportunities to sell developed projects to third-party buyers and may explore development prospects in the solar photovoltaic sector.

InfraRed Capital Partners energy income funds head Richard Crawford stated: “Flexible capacity, of which battery storage is a key component, is core to the energy transition and important to the rollout of renewables. Batteries, therefore, represent an important investment sector for TRIG, providing diversifying and often complementary revenues to the portfolio.

“Adding development capabilities within TRIG’s investment portfolio creates the opportunity to capture higher returns for shareholders and generate a proprietary pipeline through a team that is closely aligned with TRIG’s objectives. Fig Power will leverage the development experience of TRIG’s managers.”

In July 2022, TRIG announced that it would buy an additional 2.4% equity stake in the 1.2GW Hornsea One offshore wind farm in the UK.