The Board of Triple Point Energy Efficiency Infrastructure Company plc is pleased to announce the Company's audited results for the year ended 31 March 2022.
• The Company made significant progress in the deployment of capital:
o Capital committed during the year ended 31 March 2022 amounted to £100.2 million (2021: £21 million)
o June 2021: £8.0 million fixed rate debt investment in Spark Steam Limited, a company which owns and operates a combined heat and power asset
o November 2021: £26.6 million acquisition of six operational, Feed in Tariff accredited, "run of the river" hydroelectric power projects in Scotland
o December 2021: £19.6 million acquisition of a further three operational, Feed in Tariff accredited, "run of the river" hydroelectric power projects in Scotland
o March 2022: signed contracts to provide a £45.6 million fixed rate debt facility to a subsidiary of Virmati Energy Ltd (trading as "Field"), for the purposes of building a 110MW portfolio of four geographically diverse Battery Energy Storage System (" BESS ") assets in the UK
• The portfolio valuation as at 31 March 2022 was £78.8 million (2021: £20.88 million)
o Adjusting for commitments, at the year ended 31 March 2022, the portfolio valuation would amount to £124 million
• In March 2022, the Company entered into a loan facility agreement for a £40 million Revolving Credit Facility ("RCF") from TP Leasing Limited
• Dividends declared in respect of the year ended 31 March 2022 totalled 5.5p per share, in line with the Company's target for the year
• Net Asset Value as at 31 March 202 2 was £96.1 million (2021: £97.49 million ) , equal to a NAV per share of 96.12 pence (2021: 97.49 pence ) , largely reflecting the impact of uncovered dividends paid as a result of slower than expected deployment offsetting the uplift in valuation
• The Group's activities resulted in:
o Energy saved: 7,113 MWh
o CO 2 avoided: 17,074 tonnes of CO 2 avoided through lower emissions
o Renewable energy generated: 9,425 MWh
• Post period-end, in June 2022, the Company committed £1 million to a lighting solutions provider to fund the installation of efficient lighting and control at a leading logistics company
• Looking towards the future, today, the Company also announced:
o J.P. Morgan Cazenove has been appointed as the Company's sole broker with immediate effect
o The Investment Manager will be consulting key shareholders regarding proposed amendments to the Company's Investment Policy, evolving to an "energy transition" mandate to reflect better the nature of the current portfolio and the pipeline of investment opportunities
o Conditional on the amendment of the Investment Policy, a proposed change of name to "Triple Point Energy Transition plc"
o Both the proposed amended Investment Policy and the new name will be put to shareholders for approval at the Annual General Meeting due to take place in August 2022
John Roberts, the Company's Chair, commented:
" In the last 12 months the Board has been pleased with the depth and breadth of the investment opportunities that have been sourced across a range of technologies and from a variety of partners. The diversity of our portfolio of lower carbon and energy efficient projects has enabled us to achieve our objective of contributing towards the transition to a lower carbon economy and assisting in the acceleration of the UK achieving its Net Zero targets.
With the IPO proceeds fully committed, as well as the majority of the RCF, and the strong performance of our existing portfolio, we look ahead with optimism as the Company maintains its focus on delivering a dividend fully covered by cash earnings and a total NAV return target of 7-8% for investors comprising sustainable and growing income and capital growth.
We thank our shareholders for their continued support and look forward to consulting with them regarding the amendments to our existing Investment Policy which we believe better reflects the nature of our existing portfolio and the exciting pipeline of opportunities ."