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November 1, 2023

Triple Point and Innova Partner to Fuel UK Solar and Energy Storage Growth

In a fresh alliance Triple Point has joined forces with Innova, they've sealed a potent financial package of £40 million

In a strategic collaboration set to power the future of renewable energy, London-based Triple Point, a purpose-driven investment manager, has joined hands with Innova, a visionary player in the renewable energy sector. Together, they've sealed a dynamic debt facility of up to £40 million, specifically designed to supercharge Innova's expansion within the UK Solar and Energy Storage Systems (ESS) landscape. This significant step forward not only deepens their existing partnership but also signifies a crucial milestone in advancing the transition towards sustainable energy solutions.

Established in 2014 by founders Robin Dummett and Andrew Kaye, Innova stands at the forefront of innovation in renewable energy. Their mission is nothing short of transformative: to create large-scale renewable energy projects using a diverse array of technologies. These projects are engineered to liberate energy-intensive users from the traditional grid, thereby fostering a more sustainable environment and nurturing local businesses and communities.

Innova's dedication to this mission is unwavering. They continue to innovate, build, and operate sustainable, long-term renewable energy solutions. Their commitment is evident through their ongoing development of over 60 Distributed Network Operator (DNO) and grid-connected sites across the UK, boasting an impressive combined capacity of over 24 gigawatts in solar and storage resources.

Steve Gordon, Head of Corporate at Triple Point, emphasized the strength of their partnership with Innova and the pivotal role of this deal. He stated, "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."

Daniel Mushin, Investment Director at Innova, echoed the sentiment of excitement and shared the profound impact this facility would have in realizing Innova's mission. He 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."

The partnership between Triple Point and Innova is not just a financial agreement; it's a commitment to the green energy revolution. By empowering Innova's growth in the UK Solar and ESS sectors, this collaboration contributes to a brighter and more sustainable future. It's a testament to the pivotal role that renewable energy plays in steering the UK towards its Net Zero goals.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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