Balance Power secures £5.1m Triple Point BESS & solar credit facility - Tamarindo
Summary
Investment manager Triple Point has agreed a debt facility of \xa35.1 million to support Balance Powers development of battery energy storage systems (BESS) and solar PV projects in the UK.The funding will also facilitate the acquisition of a shovel-ready 6MWp Roborough solar project from Regener8 Power in south-west England. The acquisition is Balance Powers first behind-the-meter project to enter the procurement phase.Hamish Tate, investment manager at Triple Point, said: We are thrilled to partner 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 our commitment to supporting developers of energy assets that drive the UK towards a cleaner, more secure energy future.Craig Griffiths, CFO at Balance Power added: Securing this investment is a significant milestone for Balance Power, marking a pivotal moment in our journey to revolutionise the clean energy landscape. Its 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.