BGF completes successful exit of Bristol-based Fig Power

The distributed energy storage developer has been acquired by The Renewables Infrastructure Group, a FTSE 250 investment firm.

13 February 2024

BGF has announced the successful exit of Fig Power, an innovative developer of distributed energy storage and generation assets.

The business has been acquired by The Renewables Infrastructure Group (TRIG), a FTSE 250 investment company. TRIG has a portfolio of wind, solar and battery storage projects across six countries in Europe with aggregate net generating capacity of over 2.8GW.

Fig Power was founded as a standalone company in 2022, having spun-out from award-winning engineering design, energy and sustainability consultancy Hydrock, also based in Bristol. BGF has backed Hydrock since 2018, providing significant investment to support the company’s organic and acquisitive growth strategy.

BGF, which has a minority stake in Fig Power, worked alongside Hydrock as it successfully launched Fig as a significant developer of battery storage sites to support the renewable energy market. Following the sale to TRIG, Fig Power will be in a position to further selectively accelerate development activity as it continues on its mission to develop assets that will help the UK deliver clean, reliable energy generation and storage.

Henry Easterbrook, CEO of Fig Power, said: “BGF has been an excellent partner, and its support has played a critical role in the foundation of our business. I look forward to the next stage of growth as we move forward with our goal of helping our clients and partners meet their decarbonisation targets, drive economic growth, support communities and create new asset value streams.”

“TRIG’s track record and large scale in the renewables market make it the ideal capital and delivery partner, allowing us to develop and construct operational assets, combining to form an end-to-end, integrated approach to delivering the energy transition.”

Paul Oldham, investor at BGF, said: “We are very pleased to announce our exit from Fig Power, following a successful launch period. Fig Power is at the heart of a rapidly maturing energy storage sector, and it has been a privilege to help its strong team to establish and grow the business. We’re sure that, under the stewardship of TRIG, the business is destined for great things.”

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