Mine

        CUT_TEMPLATE_NAME=`echo "$TEMPLATE_FILE" | sed -e 's/.*\///' -e 's/[.]template//g'`
        NEWDEST=${CONFIG_DIR}/$CUT_TEMPLATE_NAME
        echo CONFIG_DIR: ${CONFIG_DIR}
        echo CUT_TEMPLATE_NAME: $CUT_TEMPLATE_NAME
        echo NEWDEST: $NEWDEST
        sed "$TEMPLATE_FILE" -e "s/%USER%/${USERCERT}/" > ${NEWDEST}

output:

CONFIG_DIR: /etc/openvpn/client-configs
CUT_TEMPLATE_NAME: Galvanoplastia Tauro S.L..ovpn
NEWDEST: /etc/openvpn/client-configs/Galvanoplastia Tauro S.L..ovpn
./client-configs: line 37: ${NEWDEST}: ambiguous redirect