REG - Triple Point Energy - Portfolio Update

Triple Point Energy TransitionAnnouncement

31/07/2023 07:00

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RNS Number : 6292H  Triple Point Energy Transition PLC  31 July 2023

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31 July 2023

 

Triple Point Energy Transition plc

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

 

Portfolio Update

DIF Invests £200m in Battery Storage Counterparty

 

Triple Point Energy Transition plc (ticker: TENT), the London Stock Exchange
listed investment company focused on building a portfolio of infrastructure
investments that support the energy transition, is pleased to announce that
Virmati Energy Ltd (trading as "Field"), a battery storage counterparty, to
whom the Group committed a £45.6m debt facility in March 2022, has raised a
£200m equity investment from DIF Capital Partners (via its DIF Infrastructure
VII Fund) ("DIF").

 

This investment will enable Field to significantly scale its fleet of Battery
Energy Storage System ("BESS") assets, as well as enhance its in-house
development and operational capabilities, thus improving its ability to
deliver greater value as a part of TENT's portfolio.

 

DIF is an independent infrastructure equity fund manager established in 2005
currently controlling more than €15 billion of investments.

 

John Roberts, Chairman of TENT, said:

 

"We are delighted to see further significant institutional capital follow us
by investing in Field. Field's extensive pipeline of assets and strong
in-house expertise were a clear attraction when TENT committed its capital in
2022 and we expect the investment by DIF to further enhance both Field's
capabilities in deploying BESS and its available financial resources.

 

With the portfolio's second BESS asset at Gerrards Cross due to commence
operations later this year, we are looking forward to continuing to work
closely with Field on this critical asset class that plays such a key role in
enabling renewable generation."

 

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

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

 Helen Tarbet

 Henry Wilson

 Hannah Ratcliff

 Verity Parker

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: Funding of c.£2.2m to a lighting
solutions provider to install efficient lighting and controls at a leading
logistics company - March 2023

·    Innova: Provision of a £5m short term development financing facility
to Innova Renewables, building out a portfolio of Solar and BESS assets across
the UK - March 2023

 

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.

 

Following its IPO on 19 October 2020, the Company 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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