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TENT Triple Point Energy Transition Plc

-0.40 (-0.59%)
23 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Triple Point Energy Transition Plc LSE:TENT London Ordinary Share GB00BMCBZL07 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.40 -0.59% 67.60 1,338,430 16:35:23
Bid Price Offer Price High Price Low Price Open Price
65.60 69.60 66.40 66.40 66.40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 11.3M 8.81M 0.0881 7.54 66.41M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:28:56 O 173,090 66.00 GBX

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Date Time Title Posts
22/4/202408:11Triple Point Energy Transition plc78

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Posted at 23/4/2024 09:20 by Triple Point Energy Tran... Daily Update
Triple Point Energy Transition Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker TENT. The last closing price for Triple Point Energy Tran... was 68p.
Triple Point Energy Tran... currently has 100,014,079 shares in issue. The market capitalisation of Triple Point Energy Tran... is £66,409,348.
Triple Point Energy Tran... has a price to earnings ratio (PE ratio) of 7.54.
This morning TENT shares opened at 66.40p
Posted at 25/3/2024 13:14 by cc2014
Wind up resolution passed on Friday.

Share price creeping up a little as a result
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 08/3/2024 12:30 by cc2014
TENT's investments are generating returns of around 8%. If you were paying 100p for a return of 8% you might be grumpy but you are only paying around 65p which means we are making 12.5% while we are waiting plus in time we will get some capital uplift.

Also it's good news for us the battery loan is one of the first to be crystallised. The market was nervous about this (see HEIT, GRID and GSF share charts) which caused the recent fall in the share price). Also IIRC the loan was at 7% (although it had some profit sharing attributes which atm look probably worthless) so I'm more than happy for the fund to get the cash back with the appropriate interest
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 12:18 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 09/2/2024 15:24 by mwj1959
I agree that there is "guilty by association" share price risk even if TENT and DG19 are very different investment propositions. And I'm sure that was one of the reasons behind the recent weakness in the share price However, personally I think it was BESS related risks on the back of divi cuts etc. from the battery storage companies that was probably the main driver.
Posted at 02/2/2024 11:15 by tigerbythetail
Probably down to the troubles in the BESS market, as reflected by the share prices of HEIT and GRID.
There might also be spillover from the troubles of DGI9, which is also managed (better mismanaged?) by Triple Point.
IMO, it will be a big positive here if and when the proposed BESS asset sale closes.
Posted at 13/12/2023 09:38 by davebowler
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%


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 14/4/2023 09:02 by cc2014
This fund is covered in red flags

1. Fund manager is Triple Point who are also SOHO and DGI0 where share prices have also cratered

2. The sourcing of the initial investments in APS from an in-house open-ended fund. Whilst shareholders were assured this was done at a fair value my concern is the valuation and the nature of the transaction

3. The fund has one third of its assets to one borrower APS Salads at IPO. Less now I guess. Too mnay eggs in one basket is a school boy mistake. The accounts of the parent company A Pearson Holdings are available at Companies House and one must consider the ability of APS to pay the interest on the debt to TENT given interest rates have rised from 0.1% to 4.25%. APS grow tomatoes are now unable to do this in winter due to the high price of gas. Their labour costs must be through the roof post Brexit and rising minimum wages. If this all goes wrong and one third of the NAV has to be wiped out... OK, TENT have security over the CHP plant but how much is a second hand CHP plant worth? especially since one of them is on the IOW IIRC. Now, to be fair TENT say the equity of the main off-take counterparty for CHP has been acquired by a new shareholder which is APS Growth Holdings Ltd. A search on companies house reveals APS Growth Holdings Ltd to have been set up in Dec 22 and therefore has no accounts and minimal shareholder capital. Then a bunch of charges from IOW Squirrel Ltd (really?) and Shawbrook Bank. A broad guess is that APS were in trouble and/or directors wanted an exit but to guess any more would be just that, guessing. Perhaps the new company is better capitalised or perhaps it isn't.

4. Another loan to consider is the Spark Steam one at 7% IIRC.

5. Then there's the recent loan from the latest RNS. I looked up the accounts of the borrower and well it's a maze of companies and my best guess is thats its a loan for general working capital purposes, probably with security over the WIP and my best guess is that the loan is at over 10% and rolled over from a previous lender who was getting 9%. The last part is a guess though and one might consider why the existing lender didn't want to roll the business although that could be

6. the RCF is sourced from guess who Triple Point. TP do do this but it's just a little too "convenient" for me and the rate is 6% IIRC. Out of all the possible parties that could provide finance it turns out the best value comes from a TP internal company?

7. Have those hydro projects been bought at the top of the market?

6. Then finally there's the discount rate, which is a biggie. TP do not seem to have adressed this in the latest quarterly update imho. The base rate has risen by 4% and yet for example IIRC and unless I've missed something becasuse at this point I've got enough red flags I can't be bothered to go and check I think TP are using almost the same discount rate on most of their investments as when they made them. Something is nagging at me telling me I'm exaggerating there and they have moved a little but however much it is it's clearly not in line with the rest of the market, all of which keeps the NAV up and TP's fees.

However, the share price is around 61p to buy and someone(s) are clearly offloading. It looks to me like the classic institution pushing the price down so far as to make the entry price look amazing and can shift volume. Classic transfer from instiutions to PI's. As to whether they have some fundamental piece of information and the NAV is about to get slaughtered soon or at some random point in the future or whether they just want out and 60p will turn out to be a bargain who knows. My guess is that eventually the seller will be finished, the share price will bounce and then things will unravel at a later date with a big gap down below 60p

Simply put it's about the reputation of Triple Point and the credit risk of the counterparties.
Triple Point Energy Tran... share price data is direct from the London Stock Exchange

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