Triple Point Energy - Consultation on Changes to the Investment Policy
24/06/2022 07:00
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RNS Number : 0461Q Triple Point Energy Efficiency 24 June 2022
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24 June 2022
Triple Point Energy Efficiency Infrastructure Company plc
("TEEC" or the "Company" or together with its subsidiaries, the "Group")
Consultation on Changes to the Investment Policy
and Proposed Change of Name
The Board of Directors of Triple Point Energy Efficiency Infrastructure
Company plc (ticker: TEEC) announces that it has initiated a consultation
process with a number of key shareholders regarding potential amendments to
the Company's existing Investment Policy and, related to that, a change to the
Company's name.
Background
Since the Company's IPO in October 2020, we have witnessed a rapid evolution
in clean energy policy, the commitment to addressing the global climate
emergency, concerns regarding energy security and the opportunities that exist
for investments which both contribute to energy transition and can deliver
returns to our shareholders.
"Energy transition" refers to the global drive to address the climate
emergency through the transition of energy systems to lower or zero carbon
which, itself, includes the move to greater energy efficiency, which has been
the Company's focus to date.
The Board and the Investment Manager believe that the broader mandate that
"energy transition" provides reflects better the nature of the current
portfolio of investments and will offer a greater number of opportunities for
investment without compromising the Company's fundamental purpose: to have a
positive environmental impact, by investing in projects that support the
transition to a low carbon economy and help the United Kingdom, in particular,
achieve net zero.
Proposed amendments to the Investment Policy
The amendments to the Investment Policy are being proposed to reflect better
the nature of our existing portfolio and pipeline of investment opportunities.
The key aspects of the proposed amendments include:
· broadening the scope of the Company's investment mandate to
reflect the wider energy transition sector;
· expanding our geographical reach to enable the Company to make
appropriate investments in Europe, albeit the United Kingdom will remain the
core focus of the Company;
· clarifying the structures in which the Company is able to invest
into, including both debt and equity; and
· including a definition of "Adjusted Gross Asset Value" in place
of "Gross Asset Value" for the purposes of applying the Investment Policy
restrictions, from time to time (and the references amended, as necessary).
Proposed change of name
In conjunction with (and dependent on approval of) the proposed changes to the
Investment Policy, the Company's name will change to "Triple Point Energy
Transition plc" (ticker: TENT) to reflect the revised mandate. The SEDOL and
ISIN will remain the same.
Shareholder approval
Subject to the outcome of the consultation and Board decision, the proposals
to amend the Investment Policy and the name of the Company (the "Proposals")
will be put to the vote of all shareholders at the Company's Annual General
Meeting to be held in August 2022.
Full details of the Proposals will be notified via a further announcement to
the market and set out in the circular accompanying the Notice of AGM to be
sent to shareholders in due course.
For further information, please contact:
Triple Point Investment Management LLP +44 (0) 20 7201 8989
Jonathan Hick
Ben Beaton
J.P. Morgan Cazenove (Corporate Broker +44 (0) 20 7742 4000
William Simmonds / Jérémie Birnbaum (Corporate Finance)
James Bouverat / Liam MacDonald-Raggett (Sales)
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.tpenergyefficiency.com (http://www.tpenergyefficiency.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 Teeside 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: provision of 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
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.
The Company was admitted to trading on the Specialist Fund Segment of the Main
Market of the London Stock Exchange on 19 October 2020 and was awarded the
London Stock Exchange's Green Economy Mark.
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