TIDMTLEI TIDMTLEP
RNS Number : 8989N
ThomasLloyd Energy Impact Trust PLC
28 September 2023
LEI: 254900VC23329JCBR9G82
28 September 2023
ThomasLloyd Energy Impact Trust plc
(the " Company " )
Octopus Energy Generation selected as transitional investment
manager - appointment process underway
The Board is pleased to announce that it has agreed heads of
terms with the Company's AIFM, Adepa Asset Management S.A.
("Adepa") and Octopus Renewables Limited ("Octopus Energy
Generation") for Octopus Energy Generation to be appointed as the
Company's transitional investment manager.
Appointment Process
Octopus Energy Generation's selection as the transitional
investment manager follows a competitive process in which the Board
received proposals from, and conducted detailed discussions with, a
number of experienced investment managers. Octopus Energy
Generation was selected based on its expertise in developing,
constructing and managing renewable energy assets, managing a
UK-listed investment company and its depth of immediately available
resource, which includes on-the-ground personnel with construction
and investment experience in Asia, as well as the strength of its
network in the sustainable energy infrastructure marketplace.
Following the agreement of heads of terms, the Board, Adepa and
Octopus Energy Generation expect to finalise Octopus Energy
Generation's appointment shortly. Octopus Energy Generation and the
Board intend to work with the current investment manager,
ThomasLloyd Global Asset Management (Americas) LLC, to facilitate
an orderly handover of information and responsibilities. Adepa will
continue to act as the Company's AIFM.
Octopus Energy Generation and Immediate Priorities
Octopus Energy Generation is a specialist energy investment
manager with a mission to accelerate the transition to a future
powered by renewable energy and has approximately GBP6 billion in
assets under management. Its portfolio currently includes more than
240 large-scale energy assets across 15 countries and eight
technologies with a combined capacity of 3.3GW, managed by a team
of around 130 renewable energy specialists across five teams
(Investments and Development, Fund Management, Finance &
Operations, Asset Management and Risk and Compliance) working from
offices in the UK, continental Europe, North America and Singapore.
Octopus Energy Generation has a best in class approach to ESG and
impact, managing all investments through the lenses of Performance,
Planet and People. It is currently the manager for four investment
vehicles which are classified as Article 9 under the Sustainable
Finance Disclosure Regulation.
Senior members of the Octopus Energy Generation team have been
responsible for the development and construction of solar farms and
other renewable energy generation assets worldwide, including in
India and other Asian markets.
Octopus Energy Generation's considerable experience will ensure
effective oversight of the existing operating portfolio, the
expected construction of the Company's 200 MW DC solar PV project
in Rewa Ultra Mega Solar Park in India (the "RUMS Project") and the
development of the Company's 150 MW DC solar PV project in the
State of Maharashtra, India. As announced previously, on assuming
the role of transitional investment manager, Octopus Energy
Generation's immediate priorities will be to finalise the 31
December 2022 and 30 June 2023 valuations, 2022 audit and accounts
and 2023 interim report and ensure the suspension of admission to
listing and trading of the Company's shares is lifted as soon as
possible. This process will include undertaking detailed due
diligence on the Company's operating assets to ensure the
completeness and accuracy of all information required to finalise
the outstanding valuations, audit and financial reports. The Board
will provide the expected timeline for completing these workstreams
as soon as practicable following finalisation of Octopus Energy
Generation's appointment. Another immediate priority will be to
progress the expected construction of the RUMS Project.
Terms and Timing of Appointment
Octopus Energy Generation will assume investment and portfolio
management responsibilities until 30 April 2024 (the "Transitional
Investment Management Period"). The Transitional Investment
Management Period will facilitate completion of the immediate
priorities outlined above and will also allow the Board with its
advisers to undertake and complete a comprehensive review of
options for the Company's future.
Octopus Energy Generation will be entitled to a fixed fee of
US$1.35 million for the Transitional Investment Management Period,
with an additional performance fee of up to US$0.55 million payable
entirely at the discretion of the Board, depending on Octopus
Energy Generation's performance in executing the immediate
priorities noted above.
The appointment is subject to finalisation of the full
transitional investment management agreement between the Company,
Adepa and Octopus Energy Generation and the completion of Adepa's
process as AIFM for the take-on of a new portfolio manager.
FULL REVIEW OF OPTIONS FOR THE COMPANY'S FUTURE
As announced on 15 September 2023, the Board is working with its
advisers to carry out a wide-ranging review of options for the
Company's future. Reflecting shareholders' strongly expressed
support for an Asian-focused impact strategy, this process will
include the assessment of proposals for a re-launch of the Company
which maintain that strategy from a range of experienced managers,
including a number who have already approached the Company. The
Board will provide further updates on this process in due
course.
Sue Inglis, Chair of ThomasLloyd Energy Impact Trust plc said:
"The appointment of Octopus Energy Generation brings significant
renewable energy infrastructure development, construction,
investment and asset management expertise and listed investment
company experience. These skills and knowledge, together with the
strength and depth of the Octopus Energy Generation team
immediately available to the Company, will be critical in achieving
the Company's immediate priorities and enabling the lifting of the
suspension in trading of the Company's shares."
Matt Setchell, Co-Head of Octopus Energy Generation's fund
management team said: "Being selected as the transitional
investment manager is testament to our deep expertise in managing
renewable energy projects globally. There's huge potential to make
a truly positive impact through investing in green energy projects
in Asia. Our teams in London and Singapore are ready to help the
Company achieve its immediate priorities thereby allowing it to
resume its mission to accelerate the green energy transition and
meet net zero."
Enquiries:
ThomasLloyd Energy Impact Trust plc Tel: +4 4 (0)20 3757 1892
Sue Inglis, Chair
Shore Capital (Joint Corporate Broker) Tel: +44 (0)20 7408 4050
Robert Finlay / Rose Ramsden (Corporate)
Adam Gill / Matthew Kinkead / William Sanderson (Sales)
Fiona Conroy (Corporate Broking)
Peel Hunt LLP (Joint Corporate Broker) Tel: +44 (0)20 7418 8900
Luke Simpson / Huw Jeremy (Investment Banking Division)
Alex Howe / Richard Harris / Michael Bateman / Ed Welsby (Sales)
Smith Square Partners LLP Tel: +44 (0)20 3696 7260
(Financial Adviser to the Company)
John Craven / Douglas Gilmour
Octopus Energy Generation (Transitional Investment Manager) Press Office Tel: +44 (0)20 4530 8369
Press@octoenergy.com
Camarco (PR Adviser) Tel: +44 (0)20 3757 4982
Louise Dolan / Eddie Livingstone-Learmonth / Phoebe Pugh thomaslloyd@camarco.co.uk
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END
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