Update on hydroelectric assets

RNS Number : 2693N

Triple Point Inc VCT - TPVE

29 September 2021

 

29 September 2021

Triple Point Income VCT plc

(the " Company ")

UPDATE ON HYDROELECTRIC ASSETS

The Board of Triple Point Income VCT plc is pleased to announce that it has entered into a period of exclusivity with a preferred bidder for the sale of its portfolio of hydroelectric power assets in the C Ordinary Share Class, and a partial sale of its portfolio of hydroelectric power assets in the D and E Ordinary Share Class (the "Hydro Assets"). The Company will seek to dispose of the remaining asset in the D Ordinary Share Class once a favourable sale price and terms can be achieved.

Competitive sale process

The Company conducted a competitive process with several counterparties with a view to concluding a transaction for the sale of the Hydro Assets (the " Transaction " ) . The Company invited bids from a number of entities which own, or are mandated to own large infrastructure assets, including portfolios of hydroelectric assets, and/or which had a strong understanding of small scale run of the river hydroelectric assets. The Company received bids from all invited bidders, following which bids were assessed by reference to key criteria to determine a preferred bidder including:

1.  Consideration for the Hydro Assets;

2.  Conditionality of the Offer; and

3.  Acceptance of Share Purchase Agreement terms.

The Company and the preferred bidder will now work exclusively together in order to complete the Transaction prior to the conclusion of the exclusivity period. Completion of the Transaction remains subject to due diligence, relevant third-party engagement and consents, as well as satisfactory commercial and legal terms.

The proposed disposal of the Hydro Assets is in line with the Company's Investment Policy.

The competitive sale process followed approval by shareholders to amend the Investment Policy on 28 July 2021 at the Company's AGM which allowed for the Company to complete a sale of the Hydro Assets, should a favourable sale price and terms be achieved. The Board have previously outlined the benefits for a sale of the Hydro Assets within the Notice of AGM dated 21 June 2021 which can be found on the Company's website: https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/ .

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

Triple Point Investment Management LLP (Investment Manager)	Tel: [phone]
Jonathan Hick Belinda Thomas

The Company's LEI is 213800IXD8S5WY88L245

Further information on the Company can be found on its website https://www.triplepoint.co.uk/current-vcts/triple-point-income-vct-plc/s1238/ .

 

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