UK independent energy developer Balance Power has secured a GBP 5.1 million (USD 6.59 million/EUR 6.05 million) debt facility from investment management firm Triple Point, the company announced on Tuesday.
The funds will be allocated to support the development of Balance Power's pipeline of battery energy storage system (BESS) and solar power projects in the UK.
Additionally, the financing will be used to acquire a shovel-ready solar project located in South West England.
Founded in 2017, Balance Power has a project pipeline exceeding 1,870 MW, which includes 1,839 MW of BESS and 31 MW of solar capacity. The company's portfolio will expand with the acquisition of a 6-MWp solar project near Plymouth from Regener8 Power.
This acquisition marks Balance Power's first behind-the-meter solar scheme to enter the procurement phase, though financial details of the transaction were not disclosed.
