ThomasLloyd Energy ThomasLloyd - TLEI ThomasLloyd EngyTLEP - Net Asset Value, Dividend and Operational Update

Asian Energy Impact Trust

03/11/2022 07:00

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RNS Number : 1439F  ThomasLloyd Energy Impact Trust PLC  03 November 2022

TLEI: 254900V23329JCBR9G82

3 November 2022

 

ThomasLloyd Energy Impact Trust plc

Net Asset Value ("NAV"), Dividend and Operational Update

 

ThomasLloyd Energy Impact Trust plc ("TLEI" or 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 its unaudited NAV at 30 September 2022 is US$142.5 million
(100.8 cents per share). In addition, the Company is declaring its third
quarterly interim dividend of 0.44 cents per ordinary share, for the period
from 1 July 2022 to 30 September 2022, that will be paid on 2 December 2022 to
shareholders on the register on 18 November 2022.

 

 Highlights - at and from the period from IPO            30 September 2022  30 June 2022  IPO
 Net assets - US$ million                                142.5              115.2         113.1
 NAV per share - cents                                   100.8              99.9          98.0
 NAV total return percentage - per share (1)             3.8%               2.4%          n/a
 Market capitalisation - US$ million                     137.2              130.4         113.1
 Share price  - US$                                      0.97               1.13          1.00
 Renewable energy generated - MWh (2)                    134,419            98,579        n/a
 Emissions avoided - CO(2)e tonnes (3)                   167,829            90,566        n/a
 Energy security - people provided with electricity (4)  657,884            356,291       n/a
 Employment opportunities created - full time jobs (5)   334                335           n/a

Net assets

Net assets at 30 September 2022 were US$142.5 million, with a NAV total return
since IPO of 3.8%. NAV per share increased to 100.8 cents at 30 September
2022, representing growth of 2.9% since the IPO.

 

In August 2022, the Company completed the acquisition of 43% of SolarArise for
US$32.9 million and, therefore, the seed asset portfolio as described at IPO
is fully included in the Investment Portfolio at 30 September 2022. SolarArise
owns seven solar power projects situated in five states across India, with a
total generating capacity of 434 MW of which 234 MW are operational and 200 MW
are construction-ready. On completion of the acquisition, the Company issued
approximately 26 million ordinary shares to entities related to the Investment
Manager, who together now own 18.4% of the Company.

 

The Company's Investment Portfolio has increased in value by 3.9% in the
period from acquisition, being December 2021 for NISPI and August 2022 for
SolarArise, to 30 September 2022. This increase has been driven primarily by
the strengthening of Philippine power prices offset by increased discount
rates in the Philippines, as well as foreign exchange movements due to the
strengthening of the US Dollar. Discount rates applied to the valuation of
NISPI increased to 10.5% at 30 September 2022, from 8.0% at acquisition,
although the SolarArise discount rates remained unchanged at 11.2%.

 

Excluding the non-cash impact of foreign exchange movements since acquisition,
the Investment Portfolio on a constant currency basis would have increased by
13.3%. On a constant currency basis at 30 September 2022, NAV per share would
have been 104.6 cents and NAV total return would have been 8.1% in comparison
to IPO.

 

 Net assets bridge - US$'000s except as noted                       IPO to 30 September 2022
 IPO cash proceeds                                                  115,393
 IPO expenses                                                       (2,308)
 Net assets at IPO                                                  113,085
 Acquisition of 43% interest in SolarArise, net of withholding tax  30,186
 Change in fair value of the Investment Portfolio                   2,261
 Dividends paid to shareholders                                     (1,130)
 Management fees                                                    (1,193)
 Other movements                                                    (668)
 Net assets at 30 September 2022                                    142,541
 Number of shares in issue                                          141,407,477
 NAV per share - cents                                              100.8
 Increase in NAV per share since IPO                                2.9%

 

Committed acquisitions and pipeline

As announced on 2 November 2022, the Company has entered into a new
partnership with a Vietnamese entity, Solar Electric Vietnam.  It has entered
into an agreement to acquire Viet Solar System Company Limited, a privately
owned company which holds 6 MW of rooftop solar assets for US$4.6 million.

 

A further US$25.4 million is expected to be deployed on additional
opportunities in Vietnam, which have predominantly been identified, and
include a portfolio of another 19 MW of rooftop solar assets currently under
exclusivity to the Company. Once this initial facility has been fully
utilised, more than 86% of net IPO proceeds are expected to have been
deployed.

Dividend

The Board has declared the third quarterly interim dividend of 0.44 cents per
ordinary share, for the period from 1 July 2022 to 30 September 2022.

 Dividend timetable               Third quarter dividend
 Announcement date                3 November 2022
 Ex-dividend date                 17 November 2022
 Record date                      18 November 2022
 Last date for currency election  21 November 2022
 Currency announcement date       23 November 2022
 Payment date                     2 December 2022

September 2022 Fact Sheet

The Company's September 2022 Fact Sheet will shortly be available on the
Company's website:

http://www.tlenergyimpact.com (http://www.tlenergyimpact.com/) .

 

Footnotes

(1) NAV total return per share represents the total return to shareholders,
being the combined effect of the rise or fall in the NAV per share over the
relevant period and assumes dividends paid in the relevant period are
reinvested immediately in the Company at the prevailing NAV per share, in
comparison to the NAV per share at the IPO.

(2) Represents the sum of each power plant's cumulative renewable energy
generation during the reporting period. The aggregate renewable energy
generation presented represents TLEI's proportion, based on economic interest
owned or committed to be owned from the date of commitment, in each investment
for the year-to-date period. Therefore, it includes 40% of the electricity
generated by NISPI's three solar plants and 43% of SolarArise's six operating
solar plants for the nine-month period ended 30 September 2022 and 57% of
SolarArise's renewable energy generation for the period from commitment on 20
June 2022 to 30 September 2022.

(3) Represents the cumulative sum of emissions avoided by each power plant
during the reporting period. Emissions avoided is calculated by applying a
relevant local or national grid operating margin grid emission factor to the
renewable energy generated by each power plant as defined above. The relevant
factor in the Philippines is 0.7122 extracted from the Luzon-Visayas Grid
2015-2017 as published by the Department of Energy in the Philippines. The
relevant factor in India is 0.95 extracted from India Grid FY20-21 as
published by the Central Electricity Authority of India.

(4) Represents the cumulative sum of people provided with renewable energy by
each power plant during the reporting period. People provided with electricity
is calculated by applying the average per capita electricity consumption in
the applicable country, apportioned for the period presented, to the renewable
energy generated. The relevant per capita consumption rate in the Philippines
is 897 KWh per annum as derived from the 2020 consumption rate as published by
Statista on 1 June 2021. The relevant factor in India is 1,161 KWh per annum
derived from the relevant quarterly consumption rate as published by the
Central Electricity Authority of India.

(5) Represents full time equivalent employees at the end of the reporting
period based on hours worked of both direct employees and dedicated
contractors. The full time jobs presented represents TLEI's proportion, based
on economic interest owned or committed to be owned in each investment at the
end of the reporting period. Therefore, at 30 September 2022 it includes 40%
of the installed capacity of NISPI's three solar plants and 100% of
SolarArise's six operating solar plants.

 

Enquiries:

 ThomasLloyd Group (Investment Manager)

 Anneliese Diedrichs                         +41 (0) 79 659 6513

                                             Anneliese.diedrichs@thomas-lloyd.com

 Shore Capital (Joint Corporate Broker)      Tel: +44 (0) 20 7408 4050

 Robert Finlay / Rose Ramsden (Corporate)

 Adam Gill / Matthew Kinkead (Sales)

 Fiona Conroy (Corporate Broking)

 Peel Hunt LLP (Joint Corporate Broker)      Tel: +44 (0) 20 7418 8900
 Luke Simpson

 Huw Jeremy

About ThomasLloyd Energy Impact Trust plc

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

 

In 2021, ThomasLloyd Group participated in the  Mobilising Institutional
Capital Through Listed Product Structures (MOBILIST)
(https://www.ukmobilist.com/)  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 Company invests in 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
http://www.tlenergyimpact.com (http://www.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, ThomasLloyd 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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