TIDMTEEC
RNS Number : 9344S
Triple Point Energy Efficiency
22 March 2021
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22 March 2021
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or together with its subsidiaries, the
"Group")
Investments in CHP+ assets
The Board of Directors of Triple Point Energy Efficiency
Infrastructure Company plc (ticker: TEEC) is pleased to announce
that it has completed investments in the target CHP+ assets
identified at IPO. These are held by Harvest Generation Services
Limited and Glasshouse Generation Limited ("Harvest and
Glasshouse").
Under the terms of the investment, the Company has provided
GBP21m of senior debt finance secured against Harvest and
Glasshouse, the underlying assets, equipment, and contracts. The
interest rate is 7.75% per annum, each loan carries a term of 10
years, and each loan is amortising over 14 years, with the residual
amount to be repaid at maturity.
Harvest and Glasshouse hold operational, established energy
centres located on the Isle of Wight, supplying heat, electricity
and 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 years.
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.
The CHP+ units at both Harvest and Glasshouse are significantly
more efficient than the old engines (operational until 2015), with
regards to both electric efficiency (42% efficiency compared
against 33%) and thermal efficiency (48% efficiency compared
against 32%). The new engines are therefore almost 90% efficient
(i.e. 90% of the fuel energy is converted into electricity and hot
water) and are less carbon intensive.
An additional benefit of these facilities 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. Both
energy centres comprise state of the art Rolls-Royce 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
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.
Jonathan Parr, Triple Point, said:
"We are pleased to have deployed these funds into Harvest and
Glasshouse, two assets which deliver highly energy efficient
services to a critically important UK domestic producer of
essential food items.
We have a strong pipeline of investment opportunities and look
forward to updating the market on the next investments to be made
by TEEC in the short term."
John Roberts, the Company's Chairman, said:
"I am delighted that TEEC has deployed these funds into two
high-quality assets. The senior debt investments will continue to
help the UK's largest tomato grower to grow produce with low carbon
intensity and an optimised energy efficiency. The investments are
aligned with the Company's focus on building a diversified porfolio
of Energy Efficiency assets with a positive environmental
impact.
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
Ben Beaton
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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