Triple Point Energy Transition PLC Completion of Asset Sale

RNS Number : 4129L

Triple Point Energy Transition PLC

22 April 2024

 

 

22 April 2024

 

Triple Point Energy Transition plc

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

 

Completion of Asset Sale

 

Triple Point Energy Transition plc (ticker: TENT), is pleased to announce that the sale of the Group's Field Debt Facility described in the Circular sent on 5 March 2024, and approved by Shareholders on 22 March 2024, has completed at the carrying value.

 

The sale has been transacted with TP Leasing Limited ("TPLL"), a member of the group of the Company's investment manager, Triple Point Investment Management LLP. This will result in a return of £11.6 million to the Company, after the repayment and cancellation of the Revolving Credit Facility.

 

Background

On 31 March 2022, the Group, via TENT Holdings, entered into a facility agreement pursuant to which it agreed to provide a debt facility (the "Field Debt Facility") to a subsidiary of Virmati Energy Ltd (trading as Field), for the purposes of building a portfolio of four geographically diverse BESS assets in the UK. The total committed Field Debt Facility is £37 million, which was fully drawn at the date of the transaction.

 

John Roberts, the Company's Chair commented:

 

"We are delighted to have progressed TENT's orderly realisation process, which was approved by shareholders on Friday 22 March 2024. The completion of this sale reduces the number of investments within the Group's portfolio by four. We will continue to update the market on the orderly realisation process and on our plans for returning capital to shareholders."

 

For further information, please contact:

Triple Point Investment Management LLP Jonathan Hick Christophe Arnoult Chloé Smith	[phone]
J.P. Morgan Cazenove (Corporate Broker and Sponsor) William Simmonds Jérémie Birnbaum	[phone]
Akur Limited (Financial Adviser) Tom Frost Siobhan Sergeant	[phone]
Buchanan (Financial PR) Helen Tarbet Henry Wilson Verity Parker	[phone]

LEI: 213800UDP142E67X9X28

 

Further information on the Company can be found on its website: 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. 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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