Triple Point Energy Efficiency Infrastructure (TEEC ) is looking to re-energise its flagging share price with a name change and a clearer focus on supporting a zero-carbon world.

The £89m investment trust, the smallest of the London-listed renewables funds, is consulting with its biggest shareholders over renaming itself Triple Point Energy Transition with a new ticker of TENT.

The closed-end fund raised £98m at launch in October 2020 to invest in projects helping companies adopt cleaner, cheaper energy sources. However, while other renewables funds have rallied on high energy prices and inflation, the trust’s shares have fallen 9% this year to a 7% discount to net asset value due to concerns over the slow pace of investment and an uncovered dividend.

The board, chaired by John Roberts, believe broadening the policy to cover all aspects of the shift to a lower carbon economy will increase the number of investment opportunities and be better aligned with the £500m pipeline of investments the Triple Point fund managers have identified.

Annual results on Friday showed the trust generated a total investment return of 4.9% including the semi-annual dividends in the year to 31 March. This was below the 7%-8% target due to the portfolio not being fully invested. 

Net asset value (NAV) fell 1.4% to 97.7p per share reflecting the fact that dividends of 5.5p were largely paid from capital. The lack of income-producing investments meant the dividends were only covered 0.14 times by cash, although the company expects the payout will be fully covered in the current financial year. The shares currently yield 6%.

Jonathan Hick, who joined Triple Point Investment Management in April last year, has become the trust’s lead fund manager, replacing Jonathan Parr who takes on a new role focused on the group’s wider product strategy.

In its first six months after flotation, TEEC deployed £21m in loans to two combined heat and power suppliers to APS Salads, the UK’s largest tomato grower. Since April 2021, the rest of its capital has been committed with a senior loan to another CHP provider to APS, two hydroelectric portfolios in Scotland and in April a £45.6m debt facility to fund the construction of four battery energy storage assets across the UK.

The portfolio now has 12 assets, split 52.8% to hydro and 28.6% to CHP, with the CHP providers said to be operating ahead of budget due to the boost from higher-than-expected power prices. 

The pipeline includes a mix of equity and debt investments in energy storage, solar, combined heat and power, EV charging, lighting, heat networks and other technologies.

According to Refinitiv, the company’s three biggest shareholders are the East Riding pension fund, Aviva and EFG Asset Management. Brewin Dolphin, South Yorkshire pension fund, Liontrust, City Asset Management and Gravis Capital are also prominent on the register. Investors will vote on the proposals at the annual general meeting in August.

Numis Securities analyst Colette Ord said: ‘It will be interesting to see if the mandate change is well received. We note that other larger energy transition-focused opportunities currently exist, offering a broader geographic exposure, and with a higher target return than TEEC.’