22nd Apr 2024 12:24
(Alliance News) - Triple Point Energy Transition PLC on Monday said the sale of a field debt facility, as first announced early last month, has been completed at the carrying value.
The investment trust, which focuses on green-transition infrastructure projects, said this will result in a return of GBP11.6 million to the company, after repayment and cancellation of the revolving credit facility.
The sale is to TP Leasing Ltd, a member of the group of the company's investment manager Triple Point Investment Management LLP.
In March 2022, Triple Point Energy Transition agreed to provide a debt facility to a subsidiary of Virmati Energy Ltd for the purposes of building a portfolio of four "geographically diverse" battery energy storage system assets in the UK.
The total committed field debt facility was GBP37 million, which was fully drawn at the date of the transaction.
Chair John Roberts commented: "We are delighted to have progressed TENT's orderly realisation process, which was approved by shareholders on March 22. The completion of this sale reduces the number of investments within the group's portfolio by four. We will continue to update the market on the orderly realisation process and on our plans for returning capital to shareholders."
Shares in Triple Point Energy Transition were down 0.4% to 66.44 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.