TIDMTLEI TIDMTLEP
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$142.5 million (100.8 cents per share). In
addition, the Company is declaring its third quarterly interim
dividend of 0.44 cents per ordinary share, for the period from 1
July 2022 to 30 September 2022, that will be paid on 2 December
2022 to shareholders on the register on 18 November 2022.
Highlights - at and from the period 30 September 30 June
from IPO 2022 2022 IPO
------------------------------------- ------------- -------- ------
Net assets - US$ 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$32.9 million and, therefore, the seed asset
portfolio as described at IPO is fully included in the Investment
Portfolio at 30 September 2022. SolarArise owns seven solar power
projects situated in five states across India, with a total
generating capacity of 434 MW of which 234 MW are operational and
200 MW are construction-ready. On completion of the acquisition,
the Company issued approximately 26 million ordinary shares to
entities related to the Investment Manager, who together now own
18.4% of the Company.
The Company's Investment Portfolio has increased in value by
3.9% in the period from acquisition, being December 2021 for NISPI
and August 2022 for SolarArise, to 30 September 2022. This increase
has been driven primarily by the strengthening of Philippine power
prices offset by increased discount rates in the Philippines, as
well as foreign exchange movements due to the strengthening of the
US Dollar. Discount rates applied to the valuation of NISPI
increased to 10.5% at 30 September 2022, from 8.0% at acquisition,
although the SolarArise discount rates remained unchanged at
11.2%.
Excluding the non-cash impact of foreign exchange movements
since acquisition, the Investment Portfolio on a constant currency
basis would have increased by 13.3%. On a constant currency basis
at 30 September 2022, NAV per share would have been 104.6 cents and
NAV total return would have been 8.1% in comparison to IPO.
IPO to 30 September
Net assets bridge - US$'000s except as noted 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 .
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)
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 .
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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END
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