Investment manager Triple Point and utility-scale clean energy company Ethical Power have announced a new partnership designed to scale up renewable energy infrastructure in the UK.
A £7 million debt facility from Triple Point will provide crucial funding for early-stage solar and battery energy storage systems (BESS) developed by Ethical Power. The move supports the nation’s goal of a fully decarbonised energy grid by 2035.
Jessica Fisher, senior investment manager at Triple Point commented: “We are pleased to have agreed a partnership with Ethical Power, given their expertise and strong track record in developing the energy infrastructure of the future. Together we will be working towards realising a fully decarbonised and resilient electricity system by 2035.”
This agreement highlights the growing trend of investment firms recognising the critical role of renewable energy within the ongoing energy transition. Triple Point’s substantial funding aligns with the UK’s increasing focus on solar and BESS solutions to bolster grid resilience while reducing consumer energy costs. It adds to a wave of similar investments in UK renewables, such as NatPower UK’s planned £10 billion investment in solar and battery projects.
Long-term goals
The partnership between Triple Point and Ethical Power promises several positive outcomes for the UK’s energy landscape. Ethical Power’s vertically integrated approach to renewable project development should translate to accelerated delivery of reliable green energy assets.
Their existing pipeline of 175MW solar and 225MW BESS in the UK, in addition to over 1GW in construction and development globally, represents a significant step in the UK’s transition from fossil fuels. The long-term goal of the partnership is not only to increase clean power generation but also to improve energy security and affordability for UK consumers.
“There’s a strong alignment between Ethical Power and Triple Point who share a mutual commitment towards building out renewable energy infrastructure,” said Stephen Williams, CFO at Ethical Power.
“This is our first loan with Triple Point, and we hope to build a long-term relationship with them as a very well-matched financial partner for Ethical Power. With the funding in place, we’ll be able to progress a number of exciting development opportunities in the renewable energy space, building a more sustainable future for all.”
Solar Power Portal’s publisher Solar Media will host the UK Solar Summit on 4-5 June 2024 in London. The event will explore the UK’s new landscape for utility and rooftop solar, looking at the opportunities within a GW+ annual market, and much more.
