Change of owner
Power group Flexitricity sold in £15.4 million deal
Control room at Flexitricity
Edinburgh power company Flexitricity has been sold by its Swiss owner to a Channel Islands based business in a deal believed to be worth £15.4 million.
Alpiq Digital signed a share sales agreement with Reserve Power Holdings (Jersey), a Quinbrook group company.
Flexitricity, based in the Grassmarket areas, partners with businesses to provide reserve electricity to the National Grid.
It has been active in the market for more than 10 years and was the first open-market demand response aggregator in Britain, and the first company of its type to enter the British capacity market,
The deal, which completed last week, sees Alpiq withdraw from the UK market for demand response management.
The sales proceeds are said to amount to about 18 million Swiss francs.
Quinbrook is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, UK and Australia
It has invested more than $8bn of equity in energy infrastructure assets since the early 1990s.
Flexitricity founder Alastair Martin said: “This marks the start of a hugely exciting new phase of growth and development for Flexitricity.
“Everyone in the company is delighted to be joining the Quinbrook family at this moment of transition in the GB energy scene.”
Rory Quinlan, co-founder and managing partner of Quinbrook said “Flexitricity is a perfect fit to help us pursue our ambitious growth plans for the UK energy market.
“The team has demonstrated innovative capability and will be a force in shaping the market landscape from here with Quinbrook’s backing.
“We see great scope to expand their business model into a full menu of both asset-based and technology-enabled solutions for leading UK energy consumers.
“Quinbrook’s existing investments in battery storage, virtual power plants and community energy networks in Australia and the US, will offer valuable opportunities for cross border co-operation and knowledge sharing that will deliver real competitive advantage.”