The Renewables Infrastructure Group has bought Fig Power, a UK battery developer with a 1.7 GW pipeline, for about $25.25 million. Spread across the pipeline, that is roughly $0.015 million per MW, the lowest per MW price among UK battery company deals in Leap that disclose both a value and a capacity. The headline number, though, is not quite a purchase price.
Key takeaways
- The Renewables Infrastructure Group (TRIG) announced on 13 February 2024 that it had acquired 100 percent of Fig Power, a Bristol-based UK battery storage developer, for a consideration of about $25.25 million over two years.
- Roughly half of the Fig Power consideration was to be paid upfront, with the other half going towards ongoing development expenditure, and the purchase included a minority stake acquired from private equity investor BGF.
- Fig Power has a 1.7 GW UK development pipeline, made up of nine late-stage battery projects totalling 400 MW with grid offers between 2025 and 2033, and 1.3 GW of early-stage sites.
- Fig Power's four-hour storage scheme in Cheshire secured 15 years of contracted revenue at $79.56 per kW per year in the February 2023 T-4 Capacity Market auction, equal to approximately half the scheme's capital cost.
- Enerdatics records 15 UK battery corporate transactions announced between January 2023 and December 2025; at about $0.015 million per MW of pipeline, Fig Power is the lowest priced of those with a disclosed value and capacity.
What did TRIG actually pay for Fig Power?
Less than the headline suggests, at least to the sellers. The $25.25 million is spread over two years. About half was to be paid upfront. The other half goes into development spending, which means it funds work on Fig Power's own projects rather than leaving the business as cash to the founders and BGF.
That changes how the price reads. Counted in full, $25.25 million across 1.7 GW is about $0.015 million per MW. Counted against the 400 MW of late-stage projects alone, it is about $0.063 million per MW. If only the upfront half is treated as the price of the company, both figures roughly halve.
Fig Power was founded in 2022 as a spin-out from Hydrock, an engineering design, energy and sustainability consultancy. It develops battery projects from origination through construction and into operation, and has said it may look at solar development too. The deal included a minority stake held by BGF, a private equity investor that had backed the company.
How does TRIG expect Fig Power to pay its own way?
By selling projects before they are built. Leap's record states that Fig Power is expected to self-fund its business by selling part of its pipeline once developed and before construction. TRIG anticipates opportunities to sell developed projects to third parties and to crystallise the development value of the pipeline. Funding of the business plan is subject to annual budget reviews and at TRIG's discretion.
That model fits TRIG's position at the time. Leap records that TRIG was at advanced stages of several divestments to reduce borrowings under its revolving credit facility, or RCF, a bank line that can be drawn and repaid as needed. Those borrowings stood at about $459 million at the end of 2023. A fund cutting debt does not want a developer that needs a steady flow of fresh capital. A structured payment, half tied to development work, and a plan to fund growth from project sales keep the cash call small.
InfraRed Capital Partners acts as TRIG's investment manager and Renewable Energy Systems (RES) as its operations manager. PKF Francis Clark acted as financial advisor and Freeths as legal advisor to Fig Power.
What revenue does a Fig Power battery actually earn?
Mostly trading revenue. Fig Power's two-hour projects are expected to participate principally in the UK wholesale and balancing markets. Leap's record notes that this means individual projects will not depend on the ancillary services market, where the system operator pays batteries for services that help keep the grid stable.
The exception is the Cheshire scheme. The UK Capacity Market pays generators and storage to be available at times of system stress, and awards those contracts in competitive auctions. A T-4 auction procures capacity four years ahead of delivery. Fig Power's four-hour Cheshire battery won a 15-year agreement at $79.56 per kW per year in the February 2023 T-4 auction. Leap's record states that this secured revenue equals approximately half the capital cost of the scheme. For a buyer, that is the one asset in the pipeline with long-dated, contracted income behind it.
Enerdatics records 15 UK battery corporate transactions announced between January 2023 and December 2025, and 11 carry a disclosed value. Among development-stage platforms, EQT's agreement to buy Statera Energy from InfraRed Capital Partners in November 2023 for $620 million covered 10.7 GW, about $0.058 million per MW. Fidra Energy's $602.97 million equity commitment from EIG and the National Wealth Fund in September 2025 covered 3.1 GW, about $0.19 million per MW. Fig Power, at about $0.015 million per MW, sits below both. At the operating end of the market, Foresight Group's $446.23 million acquisition of Harmony Energy Income Trust in May 2025 priced 395.4 MW at about $1.13 million per MW.
What does the Fig Power deal signal for UK battery storage?
It shows how cheaply an early-stage UK battery pipeline could change hands in early 2024 when most of it sat years from a grid connection. Fig Power's late-stage projects carry grid offers stretching to 2033. A grid offer is the network operator's terms for connecting a project, including the date. The further out that date, the less a pipeline is worth today, and the 1.3 GW of early-stage sites sit further back still.
It also shows a listed fund adding development exposure while reducing debt, and paying for it in a way that limits the cash it has to commit. TRIG's later moves fit the same balance sheet logic, from its exit from the Beatrice offshore wind farm to a bond used to term out its RCF exposure.
The wider UK market has since moved towards much larger, transmission-connected battery projects, as Fidra's 1 GW Enderby acquisition shows. Whether Fig Power's pipeline sells at a profit before construction is the test of the plan TRIG bought into.
Frequently asked questions
How much did TRIG pay for Fig Power?About $25.25 million over two years, with roughly half paid upfront and half going towards ongoing development expenditure. The deal was announced on 13 February 2024.
How big is Fig Power's battery pipeline?About 1.7 GW in the UK: nine late-stage projects totalling 400 MW with grid offers from 2025 to 2033, and about 1.3 GW of early-stage sites.
Who sold Fig Power to TRIG?Fig Power's shareholders, including private equity investor BGF, which held a minority stake. Fig Power was spun out of the consultancy Hydrock in 2022.
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