TIDMTEEC
RNS Number : 0461Q
Triple Point Energy Efficiency
24 June 2022
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24 June 2022
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or together with its subsidiaries, the
"Group")
Consultation on Changes to the Investment Policy
and Proposed Change of Name
The Board of Directors of Triple Point Energy Efficiency
Infrastructure Company plc (ticker: TEEC) announces that it has
initiated a consultation process with a number of key shareholders
regarding potential amendments to the Company's existing Investment
Policy and, related to that, a change to the Company's name.
Background
Since the Company's IPO in October 2020, we have witnessed a
rapid evolution in clean energy policy, the commitment to
addressing the global climate emergency, concerns regarding energy
security and the opportunities that exist for investments which
both contribute to energy transition and can deliver returns to our
shareholders.
" Energy transition " refers to the global drive to address the
climate emergency through the transition of energy systems to lower
or zero carbon which, itself, includes the move to greater energy
efficiency, which has been the Company's focus to date.
The Board and the Investment Manager believe that the broader
mandate that "energy transition" provides reflects better the
nature of the current portfolio of investments and will offer a
greater number of opportunities for investment without compromising
the Company's fundamental purpose: to have a positive environmental
impact, by investing in projects that support the transition to a
low carbon economy and help the United Kingdom, in particular,
achieve net zero.
Proposed amendments to the Investment Policy
The amendments to the Investment Policy are being proposed to
reflect better the nature of our existing portfolio and pipeline of
investment opportunities.
The key aspects of the proposed amendments include:
-- broadening the scope of the Company's investment mandate to
reflect the wider energy transition sector;
-- expanding our geographical reach to enable the Company to
make appropriate investments in Europe, albeit the United Kingdom
will remain the core focus of the Company;
-- clarifying the structures in which the Company is able to
invest into, including both debt and equity; and
-- including a definition of "Adjusted Gross Asset Value" in
place of "Gross Asset Value" for the purposes of applying the
Investment Policy restrictions, from time to time (and the
references amended, as necessary).
Proposed change of name
In conjunction with (and dependent on approval of) the proposed
changes to the Investment Policy, the Company's name will change to
"Triple Point Energy Transition plc" (ticker: TENT) to reflect the
revised mandate. The SEDOL and ISIN will remain the same.
Shareholder approval
Subject to the outcome of the consultation and Board decision,
the proposals to amend the Investment Policy and the name of the
Company (the " Proposals ") will be put to the vote of all
shareholders at the Company's Annual General Meeting to be held in
August 2022.
Full details of the Proposals will be notified via a further
announcement to the market and set out in the circular accompanying
the Notice of AGM to be sent to shareholders in due course.
For further information, please contact:
Triple Point Investment Management LLP
Jonathan Hick
Ben Beaton +44 (0) 20 7201 8989
J.P. Morgan Cazenove (Corporate Broker
William Simmonds / Jérémie Birnbaum
(Corporate Finance)
James Bouverat / Liam MacDonald-Raggett
(Sales) +44 (0) 20 7742 4000
Akur Limited (Financial Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant +44 (0) 20 7493 3631
LEI: 213800UDP142E67X9X28
Further information on the Company can be found on its website:
www.tpenergyefficiency.com .
NOTES:
The Company is an investment trust which aims to have a positive
environmental impact by investing in assets that support the
transition to a lower carbon, more efficient energy system and help
the UK achieve Net Zero.
Since its IPO in October 2020, the Company has made the
following investments and commitments:
-- Harvest and Glasshouse : provision of GBP21m of senior debt
finance to two established combined heat and power ("CHP") assets,
located on the Isle of Wight, supplying heat, electricity and
carbon dioxide to the UK's largest tomato grower, APS Salads
("APS") - March 2021
-- Spark Steam : provision of GBP8m of senior debt finance to an
established CHP asset in Teeside supplying APS, as well as a
further power purchase agreement through a private wire arrangement
with another food manufacturer - June 2021
-- Hydroelectric Portfolio (1) : acquisition of six operational,
Feed in Tariff ("FiT") accredited, "run of the river" hydroelectric
power projects in Scotland, with total installed capacity of 4.1MW,
for an aggregate consideration of GBP26.6m (excluding costs) -
November 2021
-- Hydroelectric Portfolio (2) : acquisition of a further three
operational, FiT accredited, "run of the river" hydroelectric power
projects in Scotland, with total installed capacity of 2.5MW, for
an aggregate consideration of GBP19.6m (excluding costs) - December
2021
-- BESS Portfolio : provision of a debt facility of GBP45.6m to
a subsidiary of Virmati Energy Ltd (trading as "Field"), for the
purposes of building a portfolio of four geographically diverse
Battery Energy Storage System ("BESS") assets in the UK with a
total capacity of 110MW - March 2022
The Investment Manager is Triple Point Investment Management LLP
("Triple Point") which is authorised and regulated by the Financial
Conduct Authority. Triple Point manages private, institutional, and
public capital, and has a proven track record of investment in
Energy Efficiency and decentralised energy projects.
The Company was admitted to trading on the Specialist Fund
Segment of the Main Market of the London Stock Exchange on 19
October 2020 and was awarded the London Stock Exchange's Green
Economy Mark.
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