Government of India grant approval for SolarArise acquisition

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 provide the following update in relation to the SolarArise acquisition.

The Company has received formal approval by the Government of India for the acquisition of a 43% economic interest in SolarArise India Projects Private Limited (“SolarArise”), which owns seven solar power projects in India with a total capacity of 434 MW. Completion of the acquisition is subject to the remaining completion conditions. The Company anticipates that the acquisition will complete in the second quarter of 2022. Consideration of $34.6 million for the acquisition will be settled via the issuance of ordinary shares in the Company.

The Company has entered into a conditional Heads of Terms Agreement to increase its investment in SolarArise by purchasing further shares from the other existing shareholders. Such agreement is subject to, amongst other things, customary regulatory approval.

The Company remains on target to deliver an annual dividend of 2-3% per share on the basis of the initial offer price of $1 per share for the year ending 31 December 2022. The Board and Investment Manager continues to carefully assess a strong pipeline of diverse opportunities for further deployment of the initial proceeds.

LEI: 254900V23329JCBR9G82

Enquiries:

ThomasLloyd Group
Anneliese Diedrichs
+41 (0) 79 659 6513
anneliese.diedrichs@thomas-lloyd.com

Shore Capital
Robert Finlay / Rose Ramsden (Corporate)
Adam Gill / Matthew Kinkead (Sales)
Fiona Conroy (Corporate Broking)
+44 (0) 20 7408 4050

About ThomasLloyd Energy Impact Trust Plc

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

In 2021, 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 proposal 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 TLEI.

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 power purchase agreements, capacity contracts or other similar revenue contracts with creditworthy (primarily investment grade) private and public sector buyers. 

As is the case for all ThomasLloyd funds, the Company is expected to qualify as an Article 9 fund under the EU Sustainable Finance Disclosure Regulation (SFDR). Further information on the Company can be found on its website at tlenergyimpact.com 

About the Investment Manager 

The Investment Manager is a wholly-owned subsidiary of ThomasLloyd Group (“ThomasLloyd” or the “Group”). Founded in 2003, the Group 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 16 projects in renewable energy power generation, transmission and sustainable fuel production with a total capacity in excess of 700 MW. 

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

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The information contained herein and on the pages that follow may contain forward-looking statements. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.

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