TIDMTEEC
RNS Number : 2843A
Triple Point Energy Efficiency
01 June 2021
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1 June 2021
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or together with its subsidiaries, the
"Group")
Investment in combined heat and power (CHP+) asset
The Board of Directors of Triple Point Energy Efficiency
Infrastructure Company plc (ticker: TEEC) is pleased to announce
that the Group has completed an investment in Spark Steam Limited
("Spark Steam"), a company which owns and operates a combined heat
and power (CHP+) asset and which was part of the pipeline
identified at IPO.
Under the terms of the investment, the Group has provided GBP8m
of senior debt finance secured against Spark Steam, the underlying
assets, equipment, and contracts. The interest rate is 7.375% per
annum, and carries a term of 10.5 years, amortising over the
term.
Spark Steam owns an operational, established energy centre
located in Teesside, supplying heat, electricity, and also carbon
dioxide to the UK's largest tomato grower, APS Salads ("APS"),
pursuant to an Energy Services Agreement, with a remaining term of
approximately 15.5 years. Spark Steam also has the potential to
sell electricity to other energy uses under private wire
connections.
APS is responsible for approximately one third of the country's
tomato production and has over 65 years of operational experience.
APS owns and operates over six million sq. ft. of glasshouses and
distributes to all major UK food retailers including: Aldi,
Iceland, Lidl, M&S, Ocado, Morrisons, Sainsbury's, Tesco and
Waitrose.
An additional benefit of the CHP+ facility is that the main
waste product from combustion, carbon dioxide, is used to enhance
crop yields on site rather than being vented into the atmosphere.
The energy centre comprises two state of the art Jenbacher gas
engines and heat/carbon dioxide recovery and distribution
equipment.
The transaction is aligned with the Company's targeted
risk/return profile and objective of delivering secure investments
that generate a total return for investors comprising sustainable
income and capital growth. It also supports the transition to a low
carbon economy in accordance with the UK government's overall
environmental targets.
The transaction is refinancing debt previously provided in part
by investees of other funds under the management of the Triple
Point Group and has been approved by the Board in line with TEEC's
conflict of interest procedures.
John Roberts, the Company's Chairman, said:
"I am delighted that TEEC has made this investment into an asset
which delivers highly energy efficient services to an important UK
domestic producer of food items. The investment will continue to
help APS to grow produce with low carbon intensity and with
optimised energy efficiency. I am confident that Triple Point, the
Company's Investment Manager, will continue to progress the
execution of our pipeline of energy efficiency investment
opportunities."
For further information, please contact:
Triple Point Investment Management LLP (via FTI below)
Jonathan Parr
Jonathan Hick
Akur Limited (Financial Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant 020 7493 3631
RBC Capital Markets (Joint Broker)
Matthew Coakes
Jill Li
Kathryn Deegan 020 7653 4000
Winterflood Securities (Joint broker)
Neil Langford
Hande Derinkok 020 3100 0000
FTI Consulting
Ed Berry 07703 330 199
Mitch Barltrop 07807 296 032
LEI: 213800UDP142E67X9X28
Further information on the Company can be found on its website:
www.tpenergyefficiency.com .
NOTES:
The Company is a recently incorporated investment trust which
invests exclusively in a diversified portfolio of Energy Efficiency
assets in the UK, which have a positive environmental impact. The
Company's investments will focus on the core sectors of: low carbon
heat distribution; social housing retrofit and industrial energy
efficiency; and distributed generation.
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 generation projects. In
2018, Triple Point was appointed as the Delivery Partner to BEIS, a
department of the UK government, to deliver the GBP320 million Heat
Networks Investment Project ("HNIP").
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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