First BESS asset commences operation

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 £45.6 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 "FirstProject") 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	[phone]
J.P. Morgan Cazenove (Corporate Broker) William Simmonds Jérémie Birnbaum	[phone]
Akur Limited (Financial Adviser) Tom Frost Anthony Richardson Siobhan Sergeant	[phone]
Sapience Communications (PR Adviser)  Richard Morgan Evans Jamie Gittings	[phone] [phone]

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 £21m 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 £8m 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 £26.6m (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 £19.6m (excluding costs) - December 2021

· BESS Portfolio : commitment to provide a debt facility of £45.6m 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.£1m 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.£1m to a lighting solutions provider to install efficient lighting and controls at a leading logistics company, of which £0.3m 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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