TIDMTENT
RNS Number : 9158N
Triple Point Energy Transition PLC
28 September 2023
28 September 2023
Triple Point Energy Transition plc
("TENT" or the "Company" or, together with its subsidiaries, the
"Group")
CAPITAL MARKETS EVENT, BATTERY STORAGE UPDATE AND NEW
INVESTMENT
Capital Markets Event
Triple Point Energy Transition plc (ticker: TENT), the London
Stock Exchange listed investment company focused on building a
portfolio of diversified infrastructure investments that support
the energy transition, will be hosting a Capital Markets Day today,
at which analysts and investors will have the opportunity to hear
from the Investment Manager, Triple Point Investment Management,
and the Hydro-electric portfolio's Asset Manager, Green Highland
Renewables, about the Group's portfolio in greater detail. The
senior management team of the Investment Manager will provide
further insight into the high conviction investments held within
the portfolio, including a detailed review of the Hydro-electric
and the Battery Energy Storage System ("BESS") Portfolios. The team
will also highlight the prospects for the Company to create value
for shareholders from its existing assets as well as showcasing
examples from the pipeline and areas of focus going forward. TENT
benefits from some of the highest levels of income protection in
its peer group with 93% of cashflows over the next 13 years being
underpinned by contracted revenues, as well as some of the lowest
levels of volume generation risk, with limited exposure to
construction risks.
Battery Storage Update
The Investment Manager will discuss details relating to the
announcement made on 31 July 2023 in respect of Virmati Energy Ltd
(trading as "Field"), a battery storage counterparty, to whom the
Group had committed a GBP45.6 million debt facility in March 2022.
In this announcement the Company disclosed that Field had
successfully raised a GBP200 million equity investment from DIF
Capital Partners (via its DIF Infrastructure VII Fund) ("DIF").
Subsequent to this development, TENT and Field initiated
discussions to assess the ongoing lending requirements of the
borrower. Both parties arrived at a mutual decision to resize the
facility to GBP37.0 million, secured over the assets of the 4
battery storage assets identified previously. This positive
development provides TENT with an opportunity to deploy the balance
of GBP8.6 million into higher returning pipeline opportunities,
with the Company's current average pipeline return being 9.9%. The
remaining amount committed to Field of GBP26.9 million will, as
previously communicated, utilise the Company's revolving credit
facility ("RCF"). The impact of this is not expected to materially
impact TENT's earnings in FY24.
New Investment
TENT is also pleased to announce the provision of a GBP2.3
million receivables financing facility to Boxed Light Services
Limited ("Boxed"). Boxed installs efficient Light Emitting Diode
("LED") lights and controls at Places for People Homes Limited,
("Places for People") sites, part of the Places for People group,
one of the UK's leading social enterprises.
The facility provides receivables financing across 54 sites,
with repayments including a fixed rate of interest being paid to
the Company from an investment-grade counterparty, Places for
People. The facility is the first deal of an identified future
pipeline between the parties.
The decarbonisation of the UK's social housing sector, which
includes organisations such as Places for People, is widely
acknowledged to be a critical pillar of the ongoing transition to a
low-carbon economy. The housing sector holds significant potential
for reducing carbon emissions. This transaction therefore not only
underscores TENT's commitment to the energy transition but also
illustrates that the strategy of targeting niche, high-impact
sectors has the potential for shareholder value creation.
In addition to aiding the UK in meeting its climate pledge, the
LEDs also enhance tenants' living environments, thus aligning with
TENT's approach to both environmental and social impact.
Further to this investment, TENT, Boxed and Places for People
have identified additional opportunities through a future pipeline
of LED installations and will invest in further opportunities to
roll-out the benefits of efficient lighting across Places for
People's estate.
For further information about the Capital Markets Day, which can
be attended in-person in the City or online, please contact
Buchanan at tent@buchanancomms.co.uk .
For further information, please contact:
Triple Point Investment Management LLP
Jonathan Hick
Christophe Arnoult
Chloe Smith +44 (0) 20 7201 8989
J.P. Morgan Cazenove (Corporate Broker)
William Simmonds
Jérémie Birnbaum +44 (0) 20 3493 8000
Akur Limited (Financial Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant +44 (0) 20 7493 3631
Buchanan (Financial PR)
Helen Tarbet
Henry Wilson
Hannah Ratcliff
Verity Parker +44 (0) 20 7466 5111
LEI: 213800UDP142E67X9X28
Further information on the Company can be found on its website:
http://www.tpenergytransition.com/
NOTES:
The Company is an investment trust which aims to invest 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 Teesside 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 : commitment to provide a debt facility of
GBP37m 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
-- Energy Efficient Lighting: Funding of c.GBP2.2m to a lighting
solutions provider to install efficient lighting and controls at a
leading logistics company - March 2023
-- Innova: Provision of a GBP5m short term development financing
facility to Innova Renewables, building out a portfolio of Solar
and BESS assets across the UK - March 2023
-- Energy Efficient Lighting: Funding of c.GBP2.3m to Boxed
Light Services Limited to refinance efficient lighting and controls
installed at Places for People Homes Limited - September 2023
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.
Following its IPO on 19 October 2020, the Company was admitted
to trading on the Premium Segment of the Main Market of the London
Stock Exchange on 28 October 2022. The Company was also awarded the
London Stock Exchange's Green Economy Mark.
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END
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