REG - Triple Point Energy - Sale of Last Investments

Triple Point Energy TransitionAnnouncement

22/01/2025 07:00

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RNS Number : 1965U  Triple Point Energy Transition PLC  22 January 2025

22 January 2025

Triple Point Energy Transition plc

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

SALE OF LAST INVESTMENTS

Managed Wind Down Substantially Completed Within 1 Year

 

Triple Point Energy Transition plc is pleased to announce the successful sale
of the Company's last remaining investments, the hydro-electric portfolio and
the remaining LED receivables finance agreements for a total consideration of
£44.1m.

 

Arkaig Bidco Limited, a company owned and managed by Dalmore Capital Limited
has purchased the entire issued share capital of TENT Holdings Limited
("Holdco"), including Holdco's interests in its six hydro-electric
subsidiaries as well as the Group's remaining LED receivables finance
agreements. Of the total consideration, £43.1m will be received on
completion, with a retention of £1.0m due for payment by the end of May 2025.

 

TENT Holdings acquired the hydro-electric portfolio for £46.5m in March 2021,
and has since benefited from over £9m of income from the assets over the
course of the Group's ownership.

 

These assets comprise the last investments in the TENT portfolio. However, the
Company still holds the CHP promissory note representing the deferred
consideration due for the CHP Portfolio sale (two £1m payments due in June
2025 and September 2026, respectively).

 

The Company expects to announce the next steps of the process to return the
value received to shareholders shortly.

 

Rosemary Boot, the Company's Chair, commented:

 

"We are pleased to have successfully completed the sale of the Company's last
investments, the hydro-electric portfolio, as well as the small investment in
LED finance agreements. While there are some small payment instalments
remaining from the process, we have successfully sold the entire TENT
portfolio within one year of initiating the wind-down strategy approved by
shareholders, in a challenging market for realising investments. In that
context, the successful sales, which overall delivered 89% of the portfolio
carrying value 1  (#_ftn1) is a strong outcome for shareholders. We look
forward to announcing arrangements shortly regarding the return of value 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)  +44 (0) 20 3493 8000

 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: http://www.tpenergytransition.com/
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.tpenergytransition.com%2F&data=05%7C01%7CRebecca.Lillington%40triplepoint.co.uk%7C5d7dc58447154d71da6108da8a648af1%7Ccde8812e0dbd4dc3b4463655beb81efb%7C0%7C0%7C637974461674664827%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Qxux6XDdRNrDI2LBUqkiVrj0UyfH30KOouLRCg%2FPxmY%3D&reserved=0)

 

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 and on 6 September 2024 the Company declared a special
dividend to return value to shareholders.

 1  (#_ftnref1) Carrying value refers to outstanding loan balance due in
respect of debt investments, and the 31(st) March 2024 carrying value in
respect of equity investments

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