22 April 2024
Triple Point Energy
Transition plc
("TENT", the "Company" or
together with its subsidiaries, the "Group")
Completion of Asset
Sale
Triple
Point Energy Transition plc
(ticker: TENT), is pleased to announce
that the sale of the Group's Field Debt Facility described in the
Circular sent on 5 March 2024, and approved by Shareholders on 22
March 2024, has completed at the carrying value.
The sale has been transacted with TP
Leasing Limited ("TPLL"), a
member of the group of the Company's investment manager, Triple
Point Investment Management LLP. This will result in a return of
£11.6 million to the Company, after the repayment and cancellation
of the Revolving Credit Facility.
Background
On 31 March 2022, the Group, via
TENT Holdings, entered into a facility agreement pursuant to which
it agreed to provide a debt facility (the "Field Debt Facility") to a subsidiary
of Virmati Energy Ltd (trading as Field), for the purposes of
building a portfolio of four geographically diverse BESS assets in
the UK. The total committed Field Debt Facility is £37 million,
which was fully drawn at the date of the transaction.
John Roberts, the Company's Chair commented:
"We are delighted to have progressed TENT's orderly
realisation process, which was approved by shareholders on Friday
22 March 2024. The completion of this sale reduces the number of
investments within the Group's portfolio by four. We will continue
to update the market on the orderly realisation process and on our
plans for returning capital to shareholders."
For further information, please
contact:
|
Triple Point Investment Management
LLP
Jonathan Hick
Christophe Arnoult
Chloé
Smith
|
+44 (0) 20 7201 8989
|
|
J.P. Morgan Cazenove (Corporate
Broker and Sponsor)
William Simmonds
Jérémie Birnbaum
|
+44
(0) 20 3493 8000
|
|
Akur Limited (Financial
Adviser)
Tom Frost
Siobhan Sergeant
|
+44 (0) 20 7493 3631
|
|
Buchanan (Financial PR)
Helen Tarbet
Henry Wilson
Verity Parker
|
|
+44 (0) 20 7466 5111
|
LEI: 213800UDP142E67X9X28
Further information on the Company
can be found on its website: www.tpenergytransition.com
NOTES:
The Company is an investment trust
which was established to invest in
assets that support the transition to a lower carbon, more
efficient energy system and help the UK achieve Net
Zero.
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 transition and
decentralised energy projects.
On 22 March 2024, shareholders
approved the Company's proposed orderly realisation of
assets. Details of future divestments or
returns of capital are expected to be announced via a Regulatory
Information Service in due course.