TIDMTEEC
RNS Number : 3543V
Triple Point Energy Efficiency
13 December 2021
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UNLAWFUL.
13 December 2021
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or, together with its subsidiaries, the
"Group")
Investment in additional hydroelectric power assets
Further to the announcement on 29 November 2021, the Board of
Directors of Triple Point Energy Efficiency Infrastructure Company
plc (ticker: TEEC) is pleased to announce that the Group has
acquired a further three operational, Feed in Tariff (" FiT ")
accredited, "run of the river" hydroelectric power projects in
Scotland (the " Hydro Assets ") for an aggregate consideration of
GBP19.6 million (excluding costs). The three Hydro Assets have a
total installed capacity of 2.5MW, and all have five years or more
of operational performance history.
This investment forms part of the original portfolio of nine
assets identified in the IPO prospectus, the first six of which
were acquired in November 2021. These Hydro Assets were also
acquired from entities advised by the Investment Manager and, as a
result, additional measures were implemented and carefully
monitored to manage any potential conflict of interest
appropriately, including dedicated buy and sell side teams within
the Investment Manager and obtaining an independent third-party
valuation. In accordance with the IPO Prospectus, the Board was
required to approve the transaction and the Directors were
satisfied by the conflict management procedures put in place.
These Hydro Assets:
-- All benefit from the FiT and a price floor (the " Export
Tariff "). To the extent the Hydro Assets are able to secure prices
higher than the Export Tariff, they are able to enter power
purchase agreements (" PPAs ") with commerical offtakers.
-- Have a remaining FiT period of c.14 years, and a useful life
beyond the remaining FiT period of a further 20 years, during which
the Hydro Assets would be operated as unsubsidised assets selling
power to the grid through PPAs.
-- Are each subject to a long-term lease with the local
landowners, which cover the expected useful life of the asset, with
rent based on a percentage of gross income of the asset. They are
also subject to an operations and management contract with Green
Highland Renewables, one of the UK's leading developers of "run of
the river" hydropower schemes.
The Investment Manager has identified a number of opportunities
to optimise the efficiency of the overall hydro asset portfolio, in
particular, to help to regulate the flow feeding existing intake,
protecting against periods of unusually high or low rainfall, thus
increasing overall generation. Such projects will also be valuable
in regulating power generation in the future when the assets are
subject only to PPAs.
The complete portfolio of nine hydro assets has been assessed to
deliver nearly 4,000 tCO2e of avoided emissions per annum based on
average generation assumptions and modelling indicates that
performance of the assets is relatively robust under climate change
scenarios which see increasing seasonality and extremes of
precipitation and river flows. The whole hydro asset portfolio has
also been developed in line with the Scottish Environmental
Protection Agency (SEPA) biodiversity standards for "run of the
river" hydroelectric power schemes, for example with relevant
measures in place to enable the safe passage of fish.
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
and growing income and capital growth. It also supports the
transition to a low carbon economy in accordance with the UK
government's overall environmental targets.
John Roberts, the Company's Chairman, said:
"I am pleased that TEEC has been able to acquire these three
remaining Hydro Assets, shortly following the acquisition of the
initial six Hydro Assets. Following this acquisition, the Company
has now substantially deployed the net proceeds from the IPO and we
look forward to updating the market in due course with further
information on the Company and its pipeline of attractive
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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