On 1 April 2022 the Company announced that the Group had reached financial close on the provision of a debt facility (the "Facility") of £45.6 million to a subsidiary of Virmati Energy Ltd (trading as "Field") for the purposes of building a portfolio of four geographically diverse Battery Energy Storage System ("BESS") assets in the UK (the "BESS Portfolio"). The Board of Directors of Triple Point Energy Transition plc (ticker: TENT) is pleased to announce that the first asset (the "FirstProject") in the BESS Portfolio has completed the commissioning process and has begun operating.
The First Project, located in Oldham, Greater Manchester, has a capacity of 20MW / 20MWh. The BESS was supplied by global solar and storage supplier, Trina, utilising CATL battery cells. Field is working with a leading BESS optimiser to provide a route to market to obtain a diverse range of revenues from the wholesale, capacity, ancillary and balancing markets.
The remaining three assets in the BESS Portfolio are located in Scotland (two hour duration battery; total capacity 50MW), Wales (two hour duration battery; total capacity 20MW) and the South East of England (one hour duration battery; total capacity 20MW). These are expected to become operational in H2 FY23. The Portfolio, once fully operational, will provide critical balancing services to the UK grid supporting the transition to Net Zero.
John Roberts, the Company's Chair, said:
" The First Project reaching commercial operations is a significant achievement for both Field and the Group in a challenging economic environment. By achieving commercial operations ahead of the winter period, Field will be able to provide valuable services to the UK grid, balancing periods of volatile supply and benefitting from what are expected to be attractive trading conditions."
