Triple Point Energy Transition has completed its managed wind-down within one year by selling its final investments, a Scottish hydro-electric portfolio and finance agreements, to Dalmore Capital for £44.1m (€52.2m).
Infrastructure fund manager Dalmore has acquired Triple Point Energy Transition Holdings, which owns nine run-of-river hydro sites in Scotland with a total capacity of 6.6MW.
Alistair Ray, CIO of Dalmore Capital, said: “We are pleased to have acquired this hydro portfolio, offering our investors access to high-yielding and low-risk renewable generation assets that play an important part in the UK’s transition to net zero.
“It further diversifies our portfolio and supports our investment focus on long-term, low volatility infrastructure projects that deliver socio-economic and environmental benefits.”
Triple Point said it acquired the portfolio for £46.5m in March 2021 and generated over £9m in income during its ownership.
Rosemary Boot, Triple Point Energy Transition’s chair, said: “We are pleased to have successfully completed the sale of the company’s last investments, the hydro-electric portfolio, as well as the small investment in LED finance agreements.
“While there are some small payment instalments remaining from the process, we have successfully sold the entire Triple Point portfolio within one year of initiating the wind-down strategy approved by shareholders, in a challenging market for realising investments.
“In that context, the successful sales, which overall delivered 89% of the portfolio carrying value is a strong outcome for shareholders. We look forward to announcing arrangements shortly regarding the return of value to shareholders.”
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