Triple Point, the purpose-led investment manager and Ethical Power, the utility-scale solar and battery storage company, have agreed a debt facility of £7 million to support Ethical Power’s development of early-stage Solar and Battery Energy Storage Systems (BESS) projects in the UK.
The £7 million debt facility is the start of a new partnership between Triple Point and Ethical Power. The funding will support expansion of the UK’s green energy infrastructure therefore ultimately contributing to keeping energy costs down and balancing the electrical grid.
International legal practice Osborne Clarke advised Triple Point on the partnership. The energy and infrastructure finance team was led by partner Caroline Saul, supported by associate director Cameron Houston, associate Sophia Luton Rich and trainee Joe Sandon, while energy partner Matt Lewy led on the corporate elements of the matter, assisted by senior associate Ben Parker and associate Courtney Cox.
Triple Point has a long track-record of providing unique debt financing for energy transition asset developers that support the renewable energy integration across the UK – and has provided financing for over 16 gigawatts (GW) of UK Solar and BESS assets in development.
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.”
Ethical Power is the UK’s only independent vertically integrated energy infrastructure company. Its end-to-end capabilities add value across the entire lifecycle of green energy infrastructure projects. The company’s current pipeline of renewable energy projects in development in the UK represents 175 megawatts (MW) solar and 225MW BESS, on top of over 1GW in construction and development globally.
Osborne Clarke has an established and well-respected position as one of the leading legal practices advising on energy projects and transactions. For over 20 years, it has helped clients to seize new opportunities and meet the challenges of making energy generation clean, affordable and secure. The combination of the international team’s experience and understanding of the energy sector means they are regularly called upon to support businesses on all aspects of their commercial, regulatory, corporate, finance and construction legal needs.
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