TIDMTENT
RNS Number : 0409V
Triple Point Energy Transition PLC
03 April 2023
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UNLAWFUL.
3 April 2023
Triple Point Energy Transition plc
("TENT" or the "Company" or, together with its subsidiaries, the
"Group")
GBP5 million Development Facility to Leading UK Solar Developer
Innova Renewables
Full Commitment Reached
Materially Higher Returns than Group Target Secured
Triple Point Energy Transition plc (ticker: TENT), the
infrastructure investor focussed on the energy transition, is
pleased to announce a GBP5 million debt investment in Innova
Renewables, ("Innova"), part of the Innova group, one of the UK's
leading solar, battery and energy storage systems ("ESS")
developers and operators.
The Group has agreed to provide a GBP5 million development debt
facility (the "Facility") to the development arm of Innova, to help
fund its development pipeline across the UK. The Facility has a
12-month term and delivers contractual returns to investors that
are materially higher than the Group's target return of 7-8%,
reflecting the flexibility of the Group's investment strategy,
which is advantageous in current market conditions.
Innova's development pipeline of UK distribution connected
renewable projects is currently over 1.5GW and expected to increase
to over 2GW, part of a total portfolio of over 20GW. This comprises
early-stage development of merchant and private wire solar and ESS
assets and works towards Innova's wider ambition to create 5GW of
renewable energy capacity over the next three to five years and in
excess of 20GW of renewable energy capacity in the UK over the next
10 years.
The Group is now fully committed which will have a positive
impact on both portfolio income and dividend cover from the
previously announced figure of 0.98x in the interim results for the
six months ended 30 September 2022. The Facility is also
anticipated to provide TENT with further opportunities for
additional funding on similar terms in due course.
John Roberts, the Company's Chair, said:
"Facilitating the development of large-scale clean energy
infrastructure is the key task that will unlock the UK's
achievement of Net Zero targets. Our aim is to actively support
this vital journey whilst also delivering attractive shareholder
returns.
Innova is a well-established integrated developer and operator
of solar and ESS assets, and we are delighted to be able to help
the business achieve its aim of accelerating the decarbonisation of
the grid, through long term and sustainable solutions."
Robin Dummett, Managing Director of Innova Renewables, said:
"Achieving the Government's ambitious goals for solar and ESS
deployment requires substantial funding for the development of
renewable energy assets. We are delighted to be partnering with
TENT to grow our pipeline of solar and ESS assets, and are actively
exploring further ways to work together on future
opportunities."
For further information, please contact:
Triple Point Investment Management LLP
Jonathan Hick
Christophe Arnoult +44 (0) 20 7201 8989
J.P. Morgan Cazenove (Corporate Broker)
William Simmonds
Jérémie Birnbaum +44 (0) 20 7742 4000
Akur Limited (Financial Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant +44 (0) 20 7493 3631
Buchanan (Financial PR)
Helen Tarbet
Henry Wilson
Hannah Ratcliff
Verity Parker +44 (0) 20 7466 5111
LEI: 213800UDP142E67X9X28
Further information on the Company can be found on its website:
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 GBP21m 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 GBP8m 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 GBP26.6m (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 GBP19.6m (excluding costs) - December
2021
-- BESS Portfolio : commitment to provide a debt facility of
GBP45.6m 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.GBP2.2m to a lighting
solutions provider to install efficient lighting and controls at a
leading logistics company - March 2023
-- Innova: Provision of a GBP5m 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 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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