(Alliance News) - Triple Point Energy Transition PLC said on Monday its net asset value per share declined slightly over the three months to December 31, due to a one-off payment.

The London-based investment firm which focuses on infrastructure investments said its NAV per share fell by 0.7% to 99.53 pence at December 31, from 100.26p on September 30.

This is attributed to a one-off expenditure of the company being admitted to trading on the premium segment of the main market of the London Stock Exchange, Triple Point said.

NAV return over the three months to December 31 was 7.8%. The adjusted NAV return, excluding one-off expenditure, was 8.4% over the period.

Meanwhile, the company said its underlying revenue during the period was 4% higher than expected due to "better than anticipated energy generation, arising from greater precipitation and high availability". Its hydroelectric portfolio comprising 63% of the company's assets at December 31.

During the period, the company said it invested GBP450,000 to fund the installation of LED lights at one of its warehouses, and also deployed GBP5.5 million to their battery energy storage system portfolio.

Chair John Roberts said: "The board is pleased with the performance of the group over the period, with operational revenues exceeding our expectations. The resilience of the group's NAV, in view of lower long term power price forecasts and government policy changes over the period, reflects the diversification of the portfolio across a range of technologies and the combination of both debt and equity investments in the energy transition sector."

Shares were up by 0.4% at 71.80 pence in London on Monday afternoon.

By Sabrina Penty; Alliance News reporter

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