DAVY VIEW

While TRIG’s acquisition of Fig Power is relatively small in the context of the overall portfolio, it highlights the importance of the battery storage opportunity to the group. The transaction brings several strategic benefits, including an improved portfolio revenue outlook and returns opportunity. By acquiring a development platform, it also brings optionality, de-risking its expansion into battery storage given the current backdrop. Finally, it states that its recent commitment to reduce RCF borrowings to c.£150m (from £364m at Dec-23) takes account of the Fig Power investment and that it is “at advanced stage of divestment activities”.