The debt facility will help develop Innova's project pipeline. Image: Innova.
The debt facility will help develop Innova’s project pipeline. Image: Innova.

Investment manager Triple Point and renewables developer Innova have agreed a debt facility of up to £40 million to accelerate Innova’s UK solar and energy storage system pipeline.

According to a statement released by the two companies, the debt facility will support a diverse range of Innova’s projects, from early-stage development to ready-to-build, by providing the necessary financial backing.

Innova develops, builds and operates various projects and holds what Triple Point calls “one of the UK’s largest” portfolios of renewable generation sites. The new funding agreement with Triple Point will help expand this further.

One such project that could receive support from this new debt facility is Innova’s 400MW/800MWh battery energy storage system (BESS) in Cumberland, UK.

Daniel Mushin, investment director at Innova, said: “This facility with Triple Point represents an exciting milestone in Innova’s mission to help the UK meet its net zero targets by providing significant funding towards our accelerated growth in UK Solar and ESS.

“We are delighted to continue our collaboration with Triple Point on this facility, and we look forward to seeing how our already long-standing relationship continues to develop for the future.”

Steve Gordon, head of corporate at Triple Point said: “We have a strong, long-standing relationship with Innova, and this significant deal represents an exceptional opportunity – supporting the acceleration of the energy transition industry and backing one of the UK’s leading operators.”