RNS Number : 4741G
Triple Point Energy Efficiency
30 March 2022
 

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

 

30 March 2022

 

Triple Point Energy Efficiency Infrastructure Company plc

("TEEC" or the "Company" or together with its subsidiaries, the "Group")

 

Revolving Credit Facility

 

The Board of Directors of Triple Point Energy Efficiency Infrastructure Company plc (ticker: TEEC) is pleased to announce that the Group, via TEEC Holdings Ltd, has entered into a loan facility agreement for a £40 million Revolving Credit Facility ("RCF") with TP Leasing Ltd (the "Facility Agreement").

 

The RCF has a two-year term, with the possibility to be extended. The RCF is priced at the Sterling Overnight Index Average ("SONIA") plus 2.5%, before hedging costs. It is expected that the pricing will be fixed over the two year life of the facility.

 

The Group will make use of the RCF to fund its growing pipeline of high-quality investment opportunities.

 

TP Leasing Ltd is an established private credit and asset leasing business which is managed by the Investment Manager and, as a result, is deemed to be a related party as defined in the Listing Rules of the Financial Conduct Authority (the "Listing Rules"). The RCF is deemed to be a "smaller related party transaction" for the purposes of LR11.1.10R. As set out in the Company's prospectus dated 25 August 2020 (the "IPO Prospectus"), the Company has adopted a related party policy pursuant to which, prior to entering into the Facility Agreement, (i) the RCF was approved by the Directors and (ii) the Company obtained a fair and reasonable opinion from a qualified, independent adviser. The Board was satisfied with the conflict management procedures put in place, including team segregation within the Investment Manager and obtaining independent third-party pricing validation.

 

Commenting on the transaction, John Roberts, the Company's Chair, said:

 

"I am pleased that TEEC has secured appropriate debt finance on favourable terms. We look forward to updating the market in due course as the Company executes on its pipeline of attractive investment opportunities."

 

For further information, please contact:

 

Triple Point Investment Management LLP

 

Jonathan Parr

Jonathan Hick

 

 

020 7201 8989

Akur Limited (Financial Adviser)

 

Tom Frost

Anthony Richardson

Siobhan Sergeant

 

020 7493 3631

RBC Capital Markets (Joint Broker)

 

Matthew Coakes

Jill Li

Kathryn Deegan

 

020 7653 4000

Winterflood Securities (Joint broker)

 

Neil Langford

Hande Derinkok

 

020 3100 0000

 

 

LEI: 213800UDP142E67X9X28

 

Further information on the Company can be found on its website: www.tpenergyefficiency.com.

 

NOTES:

 

The Company is a recently incorporated investment trust which invests exclusively in a diversified portfolio of Energy Efficiency assets in the UK, which have a positive environmental impact. The Company's investments will focus on the core sectors of: low carbon heat distribution; social housing retrofit and industrial energy efficiency; and distributed generation.

 

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.

 

The Company was admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange on 19 October 2020 and was awarded the London Stock Exchange's Green Economy Mark.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFFFELVSIAFIF