Michelmores has advised purpose led investment manager Triple Point on a long-term agreement to fund the development of TBC Partners’ energy storage assets.
Triple Point and TBC Partners, a joint-family office focused on impact and energy transition, have agreed a debt facility of £5 million to support TBC Partner’s development of Battery Energy Storage System (BESS) assets.
The debt facility will provide funding to support a portfolio of three BESS projects across the UK, which will contribute to balancing the electrical grid and bringing new renewable energy projects online. Once energised, the TBC Partners BESS Portfolio will store enough energy to power approximately 2,485,000 homes for a two-hour period, significantly bridging the issue of intermittent power supply.
The Michelmores team advising on the deal was led by Partner Karen Williams and Senior Associate Danielle Collett-Bruce, both from the Firm’s Banking team, alongside Partner from the Firm’s Commercial team, Ian Holyoak, as well as Partner Alex Watson and Solicitor Gruff Cartwright from the Firm’s Corporate team.
Danielle Collett-Bruce comments on the deal: “We are pleased to have advised Triple Point on this deal, which will support the drive towards balancing intermittent renewable energy generation on the grid. We are delighted to have played a role in this key project.”
Jessica Fisher, Investment Manager at Triple Point, adds: “We are delighted to have finalised our deal with TBC Partners at the start of this year, a significant step in scaling renewable energy integration throughout the UK. We appreciate the support from the Michelmores team in supporting this deal. Their collaborative and responsive approach has been appreciated. We look forward to working with them in future collaborations, aiming for more impactful deals ahead.”
This deal is very much in line with Michelmores’ own environmental principles as we to strive to address the use of renewable energy sources across the UK and work towards a fully decarbonised society. Michelmores has a strong legacy of helping clients to become more sustainable whilst also trying to reduce the impact that our own business has on the environment through initiatives such as Planet Mark.
Read more about the Michelmores’ Banking team on our website.
