Triple Point Energy Transition has announced the provision of a £2.3m receivables financing facility to Boxed Light Services Limited. Boxed installs efficient Light Emitting Diode (LED) lights and controls at Places for People Homes Limited sites. The facility provides receivables financing across 54 sites, with repayments including a fixed rate of interest being paid to the company. Places for People is an investment-grade counterparty. The facility is the first deal of an identified future pipeline between the parties.
The statement says that the decarbonisation of the UK’s social housing sector, which includes organisations such as Places for People, is widely acknowledged to be a critical pillar of the ongoing transition to a low-carbon economy. The housing sector holds significant potential for reducing carbon emissions.
Further to this investment, TENT, Boxed and Places for People have identified additional opportunities through a future pipeline of LED installations and will invest in further opportunities to roll-out the benefits of efficient lighting across Places for People’s estate.
Battery storage facility
Separately, the trust says that its Virmati Energy (Field) facility has been downsized from £45.6m to £37.0m after Field secured £200m of finance from DIF Capital Partners. The smaller facility is still secured over the assets of four battery storage assets. Triple Point Energy Transition reckons it can redeploy the spare cash in higher returning assets, saying the average annualised return on assets in its pipeline is 9.9%.
TENT : Triple Point Energy Transition provides finance for LED lighting