ThomasLloyd Energy Announces Additional SolarArise Investment

Source: www.gulfoilandgas.com 6/21/2022, Location: Asia

The Board of ThomasLloyd Energy Impact Trust plc, the renewable energy investment trust providing direct access to sustainable energy infrastructure in fast growing and emerging economies in Asia, is pleased to announce the contractual commitment to acquire the remaining 57% interest in SolarArise India Projects Private Limited ("SolarArise"). The consideration of US$38.5 million will be funded by existing cash resources.

Completion of the initial 43% interest in SolarArise, part of the seed assets outlined at IPO, is expected in the coming weeks and the acquisition of the remaining interest is expected to complete in the fourth quarter of 2022 following regulatory approval and other completion procedures.

SolarArise is a Delhi based renewable energy platform which holds interests in seven solar power projects in India totalling 434 MW, of which 234 MW is operational and 200 MW is construction-ready. 100% of SolarArise's operating revenues are generated under fixed price, long-term power purchase agreements.

Following completion of the 43% interest and this acquisition, the Company will own 100% of SolarArise and have deployed, or committed to deploy, 66% of the net IPO proceeds. Following completion, the Company's portfolio will include interests in 10 solar plants, in two countries.

Nandita Sahgal-Tully, Managing Director, Infrastructure Asset Management, ThomasLloyd, said:
"We are delighted to have reached an agreement to acquire the remaining 57% interest in SolarArise, increasing our holding to 100%. Having now committed and/or deployed IPO proceeds into 10 solar plants in India and the Philippines, 66% of our IPO proceeds have been effectively invested, and with our near term pipeline, this puts us firmly on track with our deployment targets as set out at IPO. Our strategy of investing in sustainable energy infrastructure in fast-growing economies to deliver financial returns alongside environmental and social benefits represents a large opportunity, in areas where the investment case is compelling and the largest impact can be seen with regards to achieving net zero."


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