Parent company Alpiq Digital has divested Edinburgh-based Flexitricity as it exits the UK demand response market.
Alpiq has signed a share sales agreement with Reserve Power Holdings, which in turn is owned by investment manager Quinbrook, for the sale of Flexitricity in a CHF 18 million (£15.2 million) transaction.
Alpiq stated that this is a result of a review of its portfolio of subsidiaries and products, which it does on a regular basis, and cited its strategical and geographical focus, being a Swiss company focused on energy generation through hydropower and nuclear in its home country, and renewable energy plants and gas-fired combined-cycle power plants in Europe.
As such, it has now exited the UK demand response management market.
Flexitricity has reached several milestones as of late, including becoming the first virtual lead party (VLP) to trade in the UK’s Balancing Mechanism (BM) after it was opened up to allow independent aggregators to take part.
It also operates a virtual power plant (VPP), which reached 500MW of capacity in June 2020. The company appointed a new CEO in December 2019 in a bid to “trailblaze a new age”.
