REG - Triple Point Energy - Extension of Revolving Credit Facility

Triple Point Energy TransitionAnnouncement

14/03/2023 07:00

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RNS Number : 8173S  Triple Point Energy Transition PLC  14 March 2023

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14 March 2023

 

Triple Point Energy Transition plc

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

 

 Extension of Revolving Credit Facility

 

The Board of Directors of Triple Point Energy Transition plc (ticker: TENT) is
pleased to announce that the Group, via TENT Holdings Limited, has completed
an extension of its £40 million Revolving Credit Facility (the "RCF") with TP
Leasing Limited (the "Facility Agreement").

 

The RCF's original tenor of two years has been extended by 12 months, pushing
out the legal maturity to 28 March 2025. Alongside the time extension the
pricing of the RCF has been adjusted to reflect the current interest rate
environment. For the second year of its original tenor and the third year (the
"Extension Year") the annual coupon will increase from 4.5%pa to 6.0%pa. Prior
to the start of the Extension Year the coupon will be reviewed with the
prospect of either staying at 6.0%pa or being lower than 6.0%pa to reflect the
prospect of potentially decreasing interest rates from 2024 onward. In each
year of the extended term of loan the fixed annual coupon includes a margin of
250bps over the relevant lending benchmark.

 

As TP Leasing Limited is part of the same corporate group as the Company's
investment manager, Triple Point Investment Management LLP, it is a related
party for the purposes of Chapter 11 of the FCA's listing rules (the "Listing
Rules"). The RCF amendment described in this announcement is a "smaller
related party transaction" of the Company pursuant to Listing Rule 11.1.10R.

 

Commenting on the transaction, John Roberts, the Company's Chair, said:

 

"I am pleased that TENT has extended its RCF, which will enable the Company to
invest into its pipeline of Battery Energy Storage assets as well as other
selected, attractive pipeline opportunities. It is encouraging to have been
able to secure the extension with advantageous terms including a very
competitive annual coupon despite a rising interest rate environment. The
attractive annual coupon of 6.0%pa is reflective of the strong performance of
TENT's operational assets."

 

For further information, please contact:

 

 Triple Point Investment Management LLP   +44 (0) 20 7201 8989

 Jonathan Hick

 Christophe Arnoult

 J.P. Morgan Cazenove (Corporate Broker)  +44 (0) 20 7742 4000

 William Simmonds

 Jérémie Birnbaum

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

 Tom Frost

 Anthony Richardson

 Siobhan Sergeant

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 aims to invest in assets that support
the transition to a lower carbon, more efficient energy system and help the UK
achieve Net Zero.

Since its IPO in October 2020, the Company has made the following investments
and commitments:

 

·    Harvest and Glasshouse: provision of £21m of senior debt finance to
two established combined heat and power ("CHP") assets, located on the Isle of
Wight, supplying heat, electricity and carbon dioxide to the UK's largest
tomato grower, APS Salads ("APS") - March 2021

·    Spark Steam: provision of £8m of senior debt finance to an
established CHP asset in Teesside supplying APS, as well as a further power
purchase agreement through a private wire arrangement with another food
manufacturer - June 2021

·    Hydroelectric Portfolio (1): acquisition of six operational, Feed in
Tariff ("FiT") accredited, "run of the river" hydroelectric power projects in
Scotland, with total installed capacity of 4.1MW, for an aggregate
consideration of £26.6m (excluding costs) - November 2021

·    Hydroelectric Portfolio (2): acquisition of a further three
operational, FiT accredited, "run of the river" hydroelectric power projects
in Scotland, with total installed capacity of 2.5MW, for an aggregate
consideration of £19.6m (excluding costs) - December 2021

·    BESS Portfolio: commitment to provide a debt facility of £45.6m to a
subsidiary of Virmati Energy Ltd (trading as "Field"), for the purposes of
building a portfolio of four geographically diverse Battery Energy Storage
System ("BESS") assets in the UK with a total capacity of 110MW - March 2022

·    Energy Efficient Lighting (1): Funding of c.£1m to a lighting
solutions provider to install efficient lighting and controls at a leading
logistics company - September 2022.

·    Energy Efficient Lighting (2): Commitment of c.£1m to a lighting
solutions provider to install efficient lighting and controls at a leading
logistics company, of which £0.3m invested to date - November 2022.

 

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 Efficiency and decentralised
energy projects.

 

Following its IPO on 19 October 2020, the Company was admitted on the premium
listing segment of the Official List of the Financial Conduct Authority and
was admitted to trading on the Premium Segment of the Main Market of the
London Stock Exchange on 28 October 2022. The Company was also awarded the
London Stock Exchange's Green Economy Mark.

 

 

 

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