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] 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
Jonathan Hick
Christophe Arnoult
Chloé
Smith
|
+44 (0) 20 7201 8989
|
|
J.P. Morgan Cazenove (Corporate
Broker)
William Simmonds
Jérémie Birnbaum
|
+44
(0) 20 3493 8000
|
|
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: http://www.tpenergytransition.com/
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.
