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:

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.