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IN BRIEF: Renewables Infrastructure Group buys battery firm Fig Power

13th Feb 2024 09:24

Renewables Infrastructure Group Ltd - invests in wind, solar and battery storage projects in Europe; advised by InfraRed Capital Partners Ltd - Buys Fig Power, a battery storage developer based in Bristol that was formerly associated with Hydrock Consultants Ltd. Renewables Infrastructure expects to spend about GBP20 million on the investment over the next two years, half for the up-front purchase price and half for ongoing development expenses. After that, Fig is expected to be self-funding. Fig, whose slogan is 'firm, flexible energy', has a 1.7 gigawatt development pipeline in the UK, of which 400 megawatts are in nine advanced projects.

Renewables Infrastructure also says it is "at an advanced stage on divestment activities", cash from which would be used to reduce borrowings that stood at GBP364 million at the end of 2023.

Current stock price: 99.70 pence

12-month change: down 25%

By Tom Waite, Alliance News editor

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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