TIDMTEEC
RNS Number : 7826L
Triple Point Energy Efficiency
15 January 2021
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UNLAWFUL.
15 January 2021
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or together with its subsidiaries, the
"Group")
Update on activities
Triple Point Energy Efficiency Infrastructure Company plc, a
closed-ended investment company investing in a diverse portfolio of
Energy Efficiency assets in the United Kingdom, is pleased to
provide an update on its activities.
Pipeline update
Headline terms for its first investment into energy efficient
heat distribution assets, represented by the target CHP+ portfolio
identified at IPO, are now agreed subject to final documentation
and final specific conditions precedent. This is expected to deploy
c.GBP20m of the IPO proceeds. The transaction has been updated
since the opportunity was first presented in the IPO prospectus,
such that the Company now intends to provide senior debt finance to
be secured against the CHP+ assets, rather than acquiring the
associated equity interests. The Company considers this to be an
attractive investment proposition which, on completion, will
generate a return within the target range while providing a greater
level of security.
The current wider pipeline includes many of those prospective
investments identified at IPO, and a number of high quality
investment opportunities are now progressing towards an advanced
stage, including a large energy generation and heat distribution
project, a portfolio of social housing energy efficiency retrofit
assets, and a portfolio of industrial energy efficiency assets.
Each of the contemplated investments aligns with the Company's
targeted risk/return profile and objective of delivering secure
investments that facilitate the transition to a low carbon economy
in accordance with the UK government's overall environmental
targets.
Personnel changes
The Investment Manager also wishes to announce relevant
personnel changes. Charles Herriott will be leaving the Investment
Manager on 29 January on good terms, and is being replaced by two
senior investment professionals: Edmund Arulanandam and Jonathan
Hick. Edmund and Jonathan have considerable relevant experience and
will join the Investment Manager on 1 February 2021 and 4 April
2021, respectively.
About Edmund Arulanandam
Edmund has significant origination, execution, and asset
management experience across sustainable energy and infrastructure
investments. Edmund was previously at Vantage Infrastructure, a
sustainable infrastructure investment manager; and before that with
the UK Energy and Infrastructure Investments division at the
Department for Business, Energy & Industrial Strategy;
Bluewater Energy LLP; Riverstone LLC; and Goldman, Sachs &
Co.
About Jonathan Hick
Jonathan is an ACA qualified investment professional with a
strong background in leading the investment process from
origination and execution through to asset management in the clean
technology and renewable energy sector. Jonathan was previously an
Investment Director at Armstrong Capital (an investment manager in
the clean energy sector), and before that with: KPMG; Social and
Sustainable Capital (SASC); ClearlySo; and PwC.
Both Edmund Arulanandam and Jonathan Hick will support Jonathan
Parr in delivering the investment management services to the
Company.
John Roberts, the Company's Chairman, said:
"We are delighted to be taking a significant step closer to
deploying the first of the Company's IPO proceeds into high-quality
assets. The proposed investments are aligned with the Company's
focus on building a diversified portfolio 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 attractive
pipeline of investment opportunities in the fast-growing energy
efficiency sector . We are deploying the net proceeds from our IPO
in line with delivery of the Company's target return of 7-8% and a
dividend yield target of 5.5 pence per share in our first full
financial year. We continue to target a first interim dividend of 2
pence per share in respect of the period from IPO to 31 March
2021."*
* The target return and target dividends are targets only and
not a forecast. There can be no assurance that the targets will be
met and it should not be taken as an indication of the Company's
expected or actual future results.
For further information, please contact:
Triple Point Investment Management LLP (via FTI below)
Jonathan Parr
Akur Limited (Financial Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant 020 7493 3631
RBC Capital Markets (Joint Broker)
Matthew Coakes
Duncan Smith
Jill Li
Max Avison 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:
CHP+ combines the generation of electricity with the use of
waste heat, which is a byproduct of the combined heat and power
process, together with further additional services such as cooling
or the supply of carbon dioxide for agricultural purposes, further
increasing the efficiency of the equipment.
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 and
which facilitate the transition to a low carbon economy in
accordance with the UK government's overall environmental targets.
The Company's investments 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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