Triple Point Energy Transition (TENT) has sold its remaining investments – specifically, the hydro-electric portfolio, which comprises six hydro-electric subsidiaries, and the remaining LED receivables finance agreements – for £44.1m, meaning that its managed wind down has been substantially completed within a year. The acquirer is Arkaig Bidco Limited, a company owned and managed by Dalmore Capital Limited. Of the total proceeds, £43.1m will be received on completion, with a retention of £1.0m due for payment by the end of May 2025. TENT Holdings acquired the hydro-electric portfolio for £46.5m in March 2021, and has since received over £9m of income from the assets over the course of the Group’s ownership.

While these latest assets to be sold comprise the last investments in TENT’s portfolio, TENT still holds the CHP promissory note representing the deferred consideration due for the CHP Portfolio sale (two £1m payments due in June 2025 and September 2026, respectively). TENT says that it expects to announce the next steps of the process to return the value received to shareholders shortly.

Comments from Rosemary Boot, TENT’s chair:

“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 TENT 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.”