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Pipeline update and personnel change for Triple Point Energy Efficiency Infrastructure

Triple Point Energy Efficiency Infrastructure (TEEC) has provided an update on its pipeline as well as personnel changes that are taking place at its investment manager.

Pipeline update

TEEC says that headline terms for its first investment into energy efficient heat distribution assets, represented by the target CHP+ portfolio identified at IPO, are now agreed subject to final documentation and final specific conditions precedent. TEEC says that this transaction is expected to deploy around £20m of its IPO proceeds. The transaction has evolved since the opportunity was first presented in the IPO prospectus, such that TEEC now intends to provide senior debt finance to be secured against the CHP+ assets, rather than acquiring the associated equity interests. TEEC says that it considers this to be an attractive investment proposition which, on completion, will generate a return within the target range while providing a greater level of security.

In addition to this, TEEC says that its current wider pipeline includes many of those prospective investments identified at IPO, and a number of high quality investment opportunities are now progressing towards an advanced stage, including a large energy generation and heat distribution project, a portfolio of social housing energy efficiency retrofit assets, and a portfolio of industrial energy efficiency assets.

Personnel changes

The investment manager has announced a number of relevant personnel changes. Charles Herriott will be leaving the manager on 29 January and is being replaced by two senior investment professionals: Edmund Arulanandam and Jonathan Hick. Both Edmund and Jonathan will support Jonathan Parr in delivering the investment management services to the Company. Edmund and Jonathan will join the investment manager on 1 February 2021 and 4 April 2021, respectively.

About Edmund Arulanandam

Edmund has significant origination, execution, and asset management experience across sustainable energy and infrastructure investments. Edmund was previously at Vantage Infrastructure, a sustainable infrastructure investment manager; and before that with the UK Energy and Infrastructure Investments division at the Department for Business, Energy & Industrial Strategy; Bluewater Energy LLP; Riverstone LLC; and Goldman, Sachs & Co.

About Jonathan Hick

Jonathan is an ACA qualified investment professional with a strong background in leading the investment process from origination and execution through to asset management in the clean technology and renewable energy sector. Jonathan was previously an Investment Director at Armstrong Capital (an investment manager in the clean energy sector), and before that with: KPMG; Social and Sustainable Capital (SASC); ClearlySo; and PwC.

Comments from John Roberts, the TEEC’s Chairman

“We are delighted to be taking a significant step closer to deploying the first of the Company’s IPO proceeds into high-quality assets. The proposed investments are aligned with the Company’s focus on building a diversified portfolio of energy efficiency assets with a positive environmental impact.

I am confident that Triple Point, the Company’s Investment Manager, will continue to progress the execution of our attractive pipeline of investment opportunities in the fast-growing energy efficiency sector. We are deploying the net proceeds from our IPO in line with delivery of the Company’s target return of 7-8% and a dividend yield target of 5.5 pence per share in our first full financial year. We continue to target a first interim dividend of 2 pence per share in respect of the period from IPO to 31 March 2021.”

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