Thomaslloyd Regulatory News (TLEP)

LEI: 254900V23329JCBR9G82

16 January 2023

ThomasLloyd Energy Impact Trust plc

Completion of final SolarArise acquisition

Further to its announcement on 21 June 2022, ThomasLloyd Energy Impact Trust plc (the "Company"), the renewable energy investment trust providing direct access to sustainable energy infrastructure in fast-growing and emerging economies in Asia, is pleased to announce that it has successfully completed the acquisition of the remaining 57% economic interest in SolarArise India Projects Private Limited ("SolarArise"), taking its total ownership to 100%. The consideration of US$38.5 million was funded from existing cash resources.

SolarArise is a Delhi based renewable energy platform which owns seven solar power projects in India with capacity totalling 434 MW, of which 234 MW is operational and 200 MW is construction-ready. 100% of SolarArise's operating revenues are generated under 25-year fixed price government or quasi-government power purchase agreements. The initial acquisition of 43% in SolarArise was completed in August 2022. 

Commenting on today's announcement Nandita Sahgal Tully, Head of M&A and Project Finance at the Investment Manager, said:

"Completion of the acquisition of the remaining interest in SolarArise marks an important milestone for ThomasLloyd Energy Impact Trust. The investment portfolio now comprises nine operating solar plants and one construction stage solar plant with a total capacity of 514MW. We also anticipate the completion of the two Vietnamese solar projects shortly, following the announcement of their acquisition on 2 November 2022. Our strategy of investing in renewable energy projects across a balanced portfolio of construction-ready and operational assets in fast-growing economies in Asia is a key differentiator in targeting long-term double-digit financial returns and new, significant and ongoing impact."

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About ThomasLloyd Energy Impact Trust plc

ThomasLloyd Energy Impact Trust plc ("TLEI" or "the Company") listed on the premium segment of the main market of the London Stock Exchange in December 2021 and was awarded the Green Economy Mark upon admission. 

In 2021, ThomasLloyd Group Ltd ("ThomasLloyd" or the "ThomasLloyd Group") participated in the  Mobilising Institutional Capital Through Listed Product Structures (MOBILIST) competition, which engaged financial institutions in a search for the best sustainable infrastructure proposals that can list either on the London Stock Exchange or local exchanges. ThomasLloyd Group was the first fund manager to complete this process successfully and received US$32.3 million in investment from the UK government into the Company.

The Company has a 'Triple Return' investment objective which consists of:

- providing shareholders with attractive dividend growth and prospects for long-term capital appreciation (the financial return);

- protecting natural resources and the environment (the environmental return); and

- delivering economic and social progress, helping build resilient communities and supporting purposeful activity (the social return).

The Company seeks to achieve its investment objective by investing directly in a diversified portfolio of sustainable energy infrastructure assets in the fast-growing and emerging economies in Asia. The assets will be unlisted sustainable energy infrastructure assets in the areas of renewable energy power generation, transmission infrastructure, energy storage and sustainable fuel production, including utilising different technologies to reduce revenue variability.

The Company aims to generate additional value for its investors through focusing its investments on construction-ready or in-construction projects. The Company only invests in such pre-operational assets where: (i) an offtake agreement has been entered into; (ii) the land on which the project is situated is identified or contractually secured where appropriate; and (iii) all relevant permits have been granted.

Offtake agreements will typically benefit from long-term fixed-price PPAs, capacity contracts or other similar revenue contracts with creditworthy (primarily investment grade) private and public sector buyers.

TLEI classifies under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR) as a financial product that has sustainable investment as its objective. As a fund that invests in renewable energy infrastructure, TLEI substantially contributes to climate mitigation under the EU Green Taxonomy.

Further information on the Company can be found on its website (www.tlenergyimpact.com).

About the Investment Manager

The Company's investment manager is ThomasLloyd Global Asset Management (Americas) LLC, a wholly-owned subsidiary of ThomasLloyd Group. Founded in 2003, ThomasLloyd is a leading impact investor and provider of climate financing. ThomasLloyd is a pure play impact investor and aims to apply a robust, socially and environmentally responsible investment approach that is geared towards reducing carbon emissions and improving economic prospects, while reducing investment risk through diversification across countries, sectors and technologies.

Over the last decade, ThomasLloyd has deployed over US$1 billion across 18 projects in renewable energy generation, transmission and sustainable fuel production with a total capacity in excess of 700 MW.

Since 2013, ThomasLloyd has been measuring and reporting on the impact of its investments, creating an empirical database showing the positive impact of its investments in sustainable energy infrastructure in high growth and emerging markets in Asia.