REG - Triple Point Energy - First BESS asset commences operation

Triple Point Energy TransitionAnnouncement

30/11/2022 07:00

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RNS Number : 9975H  Triple Point Energy Transition PLC  30 November 2022

 

30 November 2022

Triple Point Energy Transition plc

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

First Battery Energy Storage asset commences operations

 

On 1 April 2022 the Company announced that the Group had reached financial
close on the provision of a debt facility (the "Facility") of £45.6 million
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 (the "BESS Portfolio").  The Board of
Directors of Triple Point Energy Transition plc (ticker: TENT) is pleased to
announce that the first asset (the "First Project") in the BESS Portfolio has
completed the commissioning process and has begun operating.

 

The First Project, located in Oldham, Greater Manchester, has a capacity of
20MW / 20MWh. The BESS was supplied by global solar and storage supplier,
Trina, utilising CATL battery cells. Field is working with a leading BESS
optimiser to provide a route to market to obtain a diverse range of revenues
from the wholesale, capacity, ancillary and balancing markets.

 

The remaining three assets in the BESS Portfolio are located in Scotland (two
hour duration battery; total capacity 50MW), Wales (two hour duration battery;
total capacity 20MW) and the South East of England (one hour duration battery;
total capacity 20MW). These are expected to become operational in H2 FY23. The
Portfolio, once fully operational, will provide critical balancing services to
the UK grid supporting the transition to Net Zero.

 

John Roberts, the Company's Chair, said:

 

"The First Project reaching commercial operations is a significant achievement
for both Field and the Group in a challenging economic environment. By
achieving commercial operations ahead of the winter period, Field will be able
to provide valuable services to the UK grid, balancing periods of volatile
supply and benefitting from what are expected to be attractive trading
conditions."

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

 Sapience Communications (PR Adviser)

 Richard Morgan Evans                     +44 (0) 20 3195 3240

 Jamie Gittings                           +44 (0) 73 0850 9608

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 have a positive environmental
impact by investing 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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