TIDMTENT
RNS Number : 9975H
Triple Point Energy Transition PLC
30 November 2022
30 November 2022
Triple Point Energy Transition plc
(the "Company" or, together with its subsidiaries, the
"Group")
First Battery Energy Storage asset commences operations
On 1 April 2022 the Company announced that the Group had reached
financial close on the provision of a debt facility (the
"Facility") of GBP45.6 million 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 (the "BESS Portfolio"). The Board of
Directors of Triple Point Energy Transition plc (ticker: TENT) is
pleased to announce that the first asset (the "First Project") in
the BESS Portfolio has completed the commissioning process and has
begun operating.
The First Project, located in Oldham, Greater Manchester, has a
capacity of 20MW / 20MWh. The BESS was supplied by global solar and
storage supplier, Trina, utilising CATL battery cells. Field is
working with a leading BESS optimiser to provide a route to market
to obtain a diverse range of revenues from the wholesale, capacity,
ancillary and balancing markets.
The remaining three assets in the BESS Portfolio are located in
Scotland (two hour duration battery; total capacity 50MW), Wales
(two hour duration battery; total capacity 20MW) and the South East
of England (one hour duration battery; total capacity 20MW). These
are expected to become operational in H2 FY23. The Portfolio, once
fully operational, will provide critical balancing services to the
UK grid supporting the transition to Net Zero.
John Roberts, the Company's Chair, said:
" The First Project reaching commercial operations is a
significant achievement for both Field and the Group in a
challenging economic environment. By achieving commercial
operations ahead of the winter period, Field will be able to
provide valuable services to the UK grid, balancing periods of
volatile supply and benefitting from what are expected to be
attractive trading conditions."
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
Sapience Communications (PR Adviser)
Richard Morgan Evans +44 (0) 20 3195 3240
Jamie Gittings +44 (0) 73 0850 9608
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 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 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.
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