On the 30th of October in London, Triple Point, the socially responsible investment manager, and Innova, the renewable energy company, have come to an agreement for a debt facility worth up to £40 million. This facility is intended to support Innova’s accelerated growth in the field of UK Solar and Energy Storage Systems (ESS).
This recent arrangement further strengthens the enduring partnership between Triple Point and Innova, which initially commenced in 2017 when Triple Point provided debt funding for Innova’s operational subsidized solar assets. The newly established £40 million debt facility will provide financial support for a wide spectrum of projects, ranging from those in early development stages to those ready for construction.
Innova specializes in the development, construction, and operation of a variety of innovative, environmentally sustainable, and long-term renewable energy solutions.
The company holds one of the United Kingdom’s most extensive portfolios of renewable energy generation sites, including over 60 Distribution Network Operators (DNO) and National Grid connected sites currently in development. These sites collectively have a solar and storage capacity exceeding 24GW.
Innova’s overarching goal is to create large-scale renewable energy projects that incorporate multiple technologies, effectively taking energy-intensive users off the grid. This approach aims to have a positive impact on the environment and bring benefits to local businesses and communities.
Head of Corporate at Triple Point, Steve Gordon, said “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.”
Investment Director at Innova, Daniel Mushin, stated “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.”
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