REG - Triple Point Energy - Completion of Asset Sale

Triple Point Energy TransitionAnnouncement

22/04/2024 07:00

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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               +44 (0) 20 7201 8989

 Jonathan Hick

 Christophe Arnoult

 Chloé Smith

 J.P. Morgan Cazenove (Corporate Broker and Sponsor)  +44 (0) 20 3493 8000

 William Simmonds

 Jérémie Birnbaum

 Akur Limited (Financial Adviser)                     +44 (0) 20 7493 3631

 Tom Frost

 Siobhan Sergeant

 Buchanan (Financial PR)                              +44 (0) 20 7466 5111

 Helen Tarbet

 Henry Wilson

 Verity Parker

+44 (0) 20 7466 5111

LEI: 213800UDP142E67X9X28

 

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