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New issue – Triple Point Energy Efficiency

New issue – Triple Point Energy Efficiency – Triple Point Energy Efficiency Infrastructure Company plc will, if it raises enough money, be a closed-ended investment company established to invest in a diverse portfolio of energy efficiency assets in the United Kingdom. It plans to seek admission to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.

The initial target is to raise £200m by way of an initial placing and an Offer for Subscription at an issue price of 100p per share. In addition, a placing programme will allow the company to issue up to a further 200m shares.

The company is managed by Triple Point Investment Management LLP

You can read the prospectus here

The company’s website can be accessed here

The company is targeting a total return of 7-8% a year with a targeted dividend yield of 5.0% in the first full financial year and a progressive dividend policy thereafter. The manager already manages over £1.5bn of private, institutional and public capital with energy and infrastructure being a principal area of focus and has a ten-year track record in this area. The portfolio will focus predominantly on three core sectors: (1) low carbon heat distribution (such as CHP and heat networks); (2) social housing retrofit and industrial energy efficiency including energy efficiency as a service; and (3) distributed generation (such as hydro and solar). There is a near-term pipeline of £293m and a further £675m beyond that.

The latest time and date for applications under the Offer for Subscription is 11.00 a.m. on 12 October 2020 and for the Initial Placing 2.00 p.m. on 13 October 2020.

If it gets away, the new company will compete with SDCL Energy Efficiency Trust, which is well-established, has a main market listing and a globally diversified portfolio. it trades on a chunky premium, however. if it didn’t, its yield would be higher than that proposed for this new trust.

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