TIDMTENT
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 GBP200m 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 GBP45.6m debt facility in March 2022, has raised a
GBP200m 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 EUR15 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
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 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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