InfraVia has acquired majority stakes in Mercia Power Response and Balance Power from Foresight Group to create a UK energy storage and flexible power platform.
Mercia Power, which had been majority owned by Foresight Group since 2015, provides flexible power services to the UK grid and operates 262MW of gas peaking and battery storage sites, with an additional 400MW in development.
Balance Power is a developer of battery storage sites with a 1.4GW pipeline and a track record of 39 delivered projects.
Real asset manager InfraVia said it is combining the two specialised flexible energy businesses into Supernova Power. Management from Mercia Power and Balance Power will hold a minority equity interest in Supernova Power, alongside Foresight Group, which is also retaining a minority stake.
Financial details were undisclosed.
InfraVia said Supernova Power “will be scaled to provide a suite of capabilities across development, construction, operations, energy management and financing, allowing for the accelerated build-out of the existing portfolio of battery storage sites and further acquisitions across flexible power technologies”.
Aymar de Tracy, partner at InfraVia Capital Partners, said: “The UK is a mature and sophisticated energy market providing attractive opportunities for investment where battery storage and gas peakers are essential to the stability of the grid and the transition to renewables over the long run.
“Mercia and Balance founders and management teams are key players in this market and we are pleased to partner with them to accelerate the build-out of battery energy storage systems (BESS) and create a leading UK flexible generation platform.”
Graham White, founder of Mercia Power Response, said the “combination of Balance Power’s market-leading site development skills, Mercia Power’s operational experience and existing assets allied with InfraVia’s capital and existing BESS experience delivers a combined business that will be a potent force in the UK BESS market”.
Ed Wilson, managing director at Foresight Group, said: “InfraVia’s investment is a strong endorsement of the platform that has been built and of the team behind it.
“We believe the combination with Balance Power creates a compelling opportunity to scale further and continue delivering essential flexibility to the UK energy system.”
Phil Thompson, founder of Balance Power, said: “This is a proud and exciting milestone for myself and the team at Balance Power and we are delighted to be joining the InfraVia family.
“Mercia Power has an exceptional team and merging with them for this next part of our journey presents an opportunity to significantly accelerate our growth and impact on the energy transition.”
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