Swiss utility Alpiq has sold aggregator Flexitricity to Reserve Power Holdings in a share sale agreement worth around £15m.
The Edinburgh-based firm, one of the vanguard of demand-side response companies, was the first to launch in the GB market in 2004. It was acquired by Alpiq in 2014 and manages around 500MW of flexible demand and generation assets in its virtual power plant.
The company moved beyond ancillary services and into merchant markets last year, acquiring a supply licence primarily to trade in the balancing mechanism, which offers a much deeper pool of value (£1bn+) to assets that can meet its requirements.
Over the last year, Flexitricity has added significant volumes of storage to its portfolio, including 70MW for Gresham House and 19.5MW via Anesco.
Reserve Power Holdings is part of the Quinbrook Group, which has invested some $8bn (£6bn) in energy assets topping 19GW.
“Everyone in the company is delighted. We think this is excellent news for Flexitricity and also excellent news for our customers,” said co-founder and chief strategy officer Alastair Martin.
“We’ll be continuing to operate as an independent portfolio company – managed and owned by Quinbrook, but working independently.”