TIDMTENT
RNS Number : 8173S
Triple Point Energy Transition PLC
14 March 2023
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE
PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE
UNLAWFUL.
14 March 2023
Triple Point Energy Transition plc
(the "Company" or together with its subsidiaries, the
"Group")
Extension of Revolving Credit Facility
The Board of Directors of Triple Point Energy Transition plc
(ticker: TENT) is pleased to announce that the Group, via TENT
Holdings Limited, has completed an extension of its GBP40 million
Revolving Credit Facility (the "RCF") with TP Leasing Limited (the
"Facility Agreement").
The RCF's original tenor of two years has been extended by 12
months, pushing out the legal maturity to 28 March 2025. Alongside
the time extension the pricing of the RCF has been adjusted to
reflect the current interest rate environment. For the second year
of its original tenor and the third year (the "Extension Year") the
annual coupon will increase from 4.5%pa to 6.0%pa. Prior to the
start of the Extension Year the coupon will be reviewed with the
prospect of either staying at 6.0%pa or being lower than 6.0%pa to
reflect the prospect of potentially decreasing interest rates from
2024 onward. In each year of the extended term of loan the fixed
annual coupon includes a margin of 250bps over the relevant lending
benchmark.
As TP Leasing Limited is part of the same corporate group as the
Company's investment manager, Triple Point Investment Management
LLP, it is a related party for the purposes of Chapter 11 of the
FCA's listing rules (the "Listing Rules"). The RCF amendment
described in this announcement is a "smaller related party
transaction" of the Company pursuant to Listing Rule 11.1.10R.
Commenting on the transaction, John Roberts, the Company's
Chair, said:
"I am pleased that TENT has extended its RCF, which will enable
the Company to invest into its pipeline of Battery Energy Storage
assets as well as other selected, attractive pipeline
opportunities. It is encouraging to have been able to secure the
extension with advantageous terms including a very competitive
annual coupon despite a rising interest rate environment. The
attractive annual coupon of 6.0%pa is reflective of the strong
performance of TENT's operational assets."
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
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 (1): Funding of c.GBP1m to a
lighting solutions provider to install efficient lighting and
controls at a leading logistics company - September 2022.
-- Energy Efficient Lighting (2): Commitment of c.GBP1m to a
lighting solutions provider to install efficient lighting and
controls at a leading logistics company, of which GBP0.3m invested
to date - November 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.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGPUGGWUPWGBW
(END) Dow Jones Newswires
March 14, 2023 03:00 ET (07:00 GMT)
Grafico Azioni Triple Point Energy Effi... (LSE:TEEC)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Triple Point Energy Effi... (LSE:TEEC)
Storico
Da Set 2023 a Set 2024