BEIS appoints delivery partner for £320M heat network project

The UK Government’s Department for Business, Energy & Industrial Strategy has appointed Triple Point, an FCA regulated investment management firm, as delivery partner for its £320 million heat network investment project.

BEIS’ aim is to create a self-sustaining heat network market to increase volume, improve quality and draw £1 billion of additional investment to meet local infrastructure and consumer needs.

Heat networks strive to deliver cost-effective, low carbon heat in the form of water or steam from a central heat source. A wide range of technologies can provide input to a heat network, including biomass and biogas fuelled boilers, combined heat and power plants (CHP), and gas fired CHP units.

Triple Point secured the contract through a competitive public procurement process. As delivery partner, Triple Point’s role will include ‘identifying viable projects from the current £1 billion pipeline of potential public sector projects as well as other suitable schemes from the public and private sectors’, according to a company statement.

“Triple Point has a long track record of working with the public sector and helping investors access new assets classes,” said Managing Partner at Triple Point James Cranmer.

“With more than £1bn under our management, invested across energy and infrastructure, real estate, direct lending and venture capital we’re ideally placed to help accelerate deployment in this emergent sector.”