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TENT Triple Point Energy Transition Plc

63.50
0.00 (0.00%)
Last Updated: 08:06:41
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Triple Point Energy Transition Plc TENT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 63.50 08:06:41
Open Price Low Price High Price Close Price Previous Close
63.50
more quote information »
Industry Sector
TRAVEL & LEISURE

Triple Point Energy Tran... TENT Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
13/03/2024InterimGBP0.0137521/03/202422/03/202405/04/2024
13/12/2023InterimGBP0.0137521/12/202322/12/202312/01/2024
01/09/2023InterimGBP0.0137514/09/202315/09/202329/09/2023
19/06/2023InterimGBP0.0137529/06/202330/06/202314/07/2023
08/03/2023InterimGBP0.0137516/03/202317/03/202331/03/2023
02/12/2022InterimGBP0.0137515/12/202216/12/202206/01/2023

Top Dividend Posts

Top Posts
Posted at 08/3/2024 12:47 by solarno lopez
But CC you make no comment of one of the largest investments namely Glasshouse Tent needs to shed.
Posted at 06/3/2024 09:58 by stemis
I'm pretty sceptical of these small 'enery efficient' investment vehicles like TENT which sought to ride the somewhat trendy 'environmental' wave and now sit on big 'discounts'. Part of TENT's NAV of £95.1m (95.1p/share) comprises loans to CHP producers Harvest and Glasshouse. For anyone who's interested...

Harvest is Harvest Generation Services Limited. Accounts are available on companies house web site. As at 31 March 2023 (last accounts) it owed TENT £9.2m. Harvest had net assets of £3.6m and appears to be loss making.

Glasshouse is Glasshouse Generation Limited. Accounts are available on companies house web site. As at 31 March 2023 (last accounts) it owed TENT £9.2m. Glasshouse had net assets of £4.3m and appears to be profitable in the year but has losses brought forward.

These loans add up to £18.4m (18.4p/share). Loans are due for repayment in 2031. Will be interesting to see how TENT recover this money before then at full value.
Posted at 21/2/2024 15:20 by apollocreed1
@hpcg - Thanks for your comment.

So I took a look at the last TENT interim report in September 23. They have a £50m RCF of which they have only taken £2.4m. The interest rate on that is 6%. It's only worth borrowing if the money is invested in a much higher yielding asset. It seems that by the time they got going, interest rates were too high for borrowings to add to returns. They have been looking into expanding or renewing the RCF and the rates they were offered were even higher than 6% so they shelved that idea.

£94.5m net assets including £2.4m cash.

Doesn't look like there is much to worry about with regards to the battery storage investment because they have an offer to buy it from them which they expect to complete at the end of March 2024. That was a £37m commitment of which £26.9m is undrawn and they were going to finance that with the RCF facility. Assuming this transaction proceeds, there will be no debt at all.

That only leaves £5m of a loan they made to Innova to invest in battery and solar, so it's just a small proportion of the portfolio.

One negative is that the weighted average discount rate across the portfolio is only 7.3%. That's very much on the low side when compared to other renewable ITs. There would be a hit to NAV if that was increased. But TENT looks to be in pretty good shape otherwise.
Posted at 19/2/2024 12:30 by spectoacc
Or NESF? But I can't get with these wasting-asset-pay-back-your-capital ITs.

Fwiw I hold GCP & SEIT, but not TENT. SEIT I have at a much higher average, albeit the divi has been nice.
Posted at 19/2/2024 12:18 by hpcg
Put TENT on a comparison chart with GCP and SEIT. Over 3 years they follow each other down. Over 1 year TENT is flat. SEIT took the big dive this year and GCP is flat since November 2023. It is unfair to judge them all equally in some sense, not least because TENT goes no debt at the top level soon. That said I suspect they all have a similar degree of NAV trimming on a cash value basis. So timing is a significant element of comparable returns.

Timing for TENT looks too late relatively speaking. I don't mean in an absolute sense, just relative to alternatives. Looking backwards of course, looking forwards, the important direction, is more difficult. The one to watch maybe is Foresight Solar, which is dropping.
Posted at 18/2/2024 16:23 by hpcg
With so much opportunity elsewhere on the London market, not least in proper trading companies depressed by liquidating or capital returning funds I don't think the discount here is sufficiently attractive. Depending somewhat on how drawn out the wind up would be, how over time the discount closes until ultimately the percentage of NAV finally realised, and how this compares with funds paying similar dividends with similar discounts.

SEIT is a reasonably good analogue, with greater scale but not winding up, though it is looking to sell some assets. If that were to perform approximately the same as TENT then what would be the point of deploying money here? The Simon Thompson premium / adjustment call it what you will hasn't helped.
Posted at 23/12/2023 15:24 by davebowler
Simon Thompson .....I'd be overweight renewable energy. I put readers into a stock called Triple Point Energy Transition (TENT) a couple of months ago; it's currently trading on a 40 per cent discount to net asset value. It's hardly got any debt. It pays a 10 per cent dividend yield, which is fully covered by operational earnings. It invests in hydro plants, battery farms, solar parks. The rule of 72 tells you in seven years' time you'll double your money just by recycling the dividends back into the shares. And you're probably going to double your money far sooner because I can't see it still trading on a 10 per cent yield in seven years'
Posted at 13/12/2023 09:38 by davebowler
Liberum-
Orderly realisation of assets and return of capital proposed
Analysts: Alex O’Hanlon and Shonil Chande

Mkt Cap £58m | Share price 57.5p | Prem/(disc) (-39.5%) | Div yield 9.6%

Event

Triple Point Energy Transition’s board has determined that an orderly realisation of assets and return of capital provide the best path to optimising shareholder value. Details of the proposals will be disclosed in Q1 2024.

Sale of Field debt facility

TENT has also received an offer to acquire the company’s debt facility provided to a subsidiary of Virmati Energy (trading name: Field), for the purposes of the construction of a portfolio of UK Battery Energy Storage System assets. The offer would see the TENT receive the full carrying value of the loan should it progress to completion. To date, c.£10.1m (of £37m committed) has been drawn under the facility.

Liberum view
This morning’s announcement doesn’t come as a great surprise, given the persistent discount and inability for TENT to achieve scale since its IPO. We think management has done a decent job and the portfolio was certainly a differentiated option in a crowded peer group, but with a market cap of less than £60m and no visibility over raising capital, the writing was on the wall. We welcome the board’s proactivity in recognising this and hope to see more boards following suit. With 22 investment trusts in the renewable infrastructure sector, further wind-ups and consolidation is required, if the sector is to address the supply/demand imbalance that currently exists in the companies’ shares. TENT looks like an attractive trading opportunity, given the 40% discount on which the shares trade, although transaction activity has dried up over the last 12 months, so a portfolio sale could take some time. That being said, the sale of the debt facility in line with carrying value is positive and we think the rest of the portfolio is also in good shape.
Posted at 27/4/2023 15:55 by davebowler
Edison-Triple Point Energy Transition:Pitching TENT – a diversified energy transition storyTriple Point Energy Transition (TENT) invests in a portfolio of energy transition technologies aimed at reducing CO2 emissions in power Fgeneration, storage and consumption. We view dividends as fully covered by cash flow in FY23 and forecast that dividend cover will reach 1.2x by FY25. NAV return for the 9M to December 2022 was 7.8% and we see scope for growth in NAV/share given TENT is still rolling out its portfolio of cash-generative assets, all else being equal. Its existing investments include run-of-river hydropower assets in Scotland, a debt provider to a rapidly growing portfolio of battery energy storage systems (BESS) and combined heat and power (CHP) plants co-located with food producers. Led by Jonathan Hick, TENT's team focuses on specific high-return/less commoditised niches in the energy transition sphere. In our view, the fund is trading at an unwarranted discount to NAV with an attractive dividend yield of nearly 9%.
Posted at 10/3/2023 16:11 by davebowler
TENT
Like RMII, Triple Point Energy Transition reported positive returns during its latest six-month period, as Chairman John Roberts reported: “The six months ended 30 September 2022 saw a high level of market volatility…Despite the deterioration in the macroeconomic environment, the strong contractual and defensive nature of the Company's investment portfolio has facilitated a strong financial performance over the period. We are delighted to have returned a NAV per share of 100.26 pence for the period ended 30 September 2022 (31 March 2022: 9 6.12 pence). This combined with the 2.75 pence per share dividends paid has delivered a total NAV return of 7.2% over the six months.”

It's one thing paying out a high dividend, another to be able to sustain it. That’s why dividend cover is key for trusts investing in the renewable energy infrastructure space. Broker JPMorgan honed in on this metric in its coverage of TENT’s interims: “Total dividends for 2.75pps were paid in the period. The next payment is 1.375pps, due on 6/1/23. Total dividends paid in the period were 0.98x cash covered, net of expenses and cash finance costs. TENT is targeting total dividends of 5.5pps for the full FY, with the managers focusing on this being fully cash covered. The second half will benefit from the portfolio being more fully invested and some additional income from the BESS projects as the commitment is deployed.”

TENT did only come to market in October 2020 and so is still in track-record building mode but so far so good.

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