Innova Renewables (Innova), a subsidiary of the Innova group and a producer of solar, batteries, and energy storage systems (ESS), has received a £5 million debt investment from infrastructure investor Triple Point Energy Transition (TENT).
The money will aid Innova in funding its pipeline of projects across the UK.
The 12-month-term facility offers investors contractual returns that are significantly greater than the Group’s target return of 7-8%, demonstrating the Group’s investment strategy’s adaptability, which is advantageous given the state of the market.
With a total portfolio of over 20GW, Innova’s development pipeline for UK distribution-connected renewable energy projects currently stands at over 1.5GW and is anticipated to grow to over 2GW.
Innova’s larger goal is to build 5 GW of renewable energy capacity over the next three to five years and more than 20 GW of renewable energy capacity in the UK over the next ten years. This includes early-stage development of merchant and private wire solar and ESS assets.
According to the investor, TENT is also projected to benefit from other opportunities through the facility for future funding on comparable conditions.
TENT’s chair, John Roberts, said “Facilitating the development of large-scale clean energy infrastructure is the key task that will unlock the UK’s achievement of Net Zero targets.”
“Our aim is to actively support this vital journey whilst also delivering attractive shareholder returns.”
“Innova is a well-established integrated developer and operator of solar and ESS assets, and we are delighted to be able to help the business achieve its aim of accelerating the decarbonisation of the grid, through long term and sustainable solutions.”
Managing director of Innova Renewables, Robin Dummett, added “Achieving the Government’s ambitious goals for solar and ESS deployment requires substantial funding for the development of renewable energy assets.”
“We are delighted to be partnering with TENT to grow our pipeline of solar and ESS assets, and are actively exploring further ways to work together on future opportunities.”
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