Triple Point Energy Transition PLC CHP deferred consideration update

RNS Number : 9110G

Triple Point Energy Transition PLC

04 October 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

4 October 2024

Triple Point Energy Transition plc

("TENT" or the "Company" and together with its subsidiaries, the "Group")

CHP deferred consideration update

 

On 24 June 2024 Triple Point Energy Transition plc (ticker: TENT) announced the disposal of the CHP Portfolio, comprising loans to Harvest, Glasshouse and Spark Steam, through a refinancing by P3P Partners LLP amounting to, in aggregate, £17.5 million. The disposal comprised an immediate payment of £14.5 million received in June 2024, together with three subsequent payments of £1 million, due to be received on 30 September 2024, 30 June 2025 and 30 September 2026, under a promissory note agreement.

 

The first instalment of £1 million due on 30 September 2024, was only partially paid.  Accordingly, the Group has reserved all its rights under the promissory note agreement. 

 

The Group is in active discussions regarding a payment plan with P3P Partners in respect of all amounts due under the promissory note, and will provide an update once discussions have concluded.

 

 

For further information, please contact:

Triple Point Investment Management LLP Jonathan Hick Christophe Arnoult Chloe Smith	[phone]
J.P. Morgan Cazenove (Corporate Broker) William Simmonds Jérémie Birnbaum	[phone]
Akur Limited (Financial Adviser) Tom Frost Siobhan Sergeant	[phone]

LEI: 213800UDP142E67X9X28

 

Further information on the Company can be found on its website: http://www.tpenergytransition.com/

 

NOTES:

The Company is an investment trust which was established to invest in assets that support the transition to a lower carbon, more efficient energy system and help the UK achieve Net Zero. 

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 transition and decentralised energy projects.

On 22 March 2024, shareholders approved the Company's proposed orderly realisation of assets and on 6 September 2024 declared a special dividend to return capital to shareholders. Details of future divestments or returns of capital are expected to be announced via a Regulatory Information Service in due course.

 

 

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