ThomasLloyd Energy Impact to launch USD340 million Main Market IPO

(Alliance News) - ThomasLloyd Energy Impact Trust PLC on Thursday said it intends to launch an ...

Alliance News 4 November, 2021 | 1:49PM
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(Alliance News) - ThomasLloyd Energy Impact Trust PLC on Thursday said it intends to launch an initial public offering on the Main Market of the London Stock Exchange to raise USD340 million.

ThomasLloyd is a closed-ended investment firm set up to invest in a portfolio of unlisted sustainable energy infrastructure assets in emerging economies in Asia.

The trust will first invest in seed assets comprising nine operational and one in-construction utility scale solar projects in India and the Philippines worth USD59 million. In addition, ThomasLloyd has a pipeline of assets in excess of USD750 million with more than 1,500 megawatts of electricity generating capacity.

Proceeds from the IPO are expected to be substantially deployed within six to nine months.

Thomas Lloyd is targeting an annual dividend yield of at least 7% for periods starting after January 1, 2024, with the aim of progressively increasing the annual nominal target dividend in future periods.

The trust has appointed Shore Capital as global co-ordinator and sole bookrunner. ThomasLloyd did not mention how many shares is expected to be issued as part of the IPO, or when admission is set to take place.

"ThomasLloyd Energy Impact Trust is an agent for urgent change, focused on delivering sustainable energy infrastructure in fast-growing Asian markets. Demand for energy in Asia is profound and set to rise in the coming decades. Asia is home to 60% of the world's population and the challenge of CO2 emissions in Asia is becoming ever more pressing. Investing as usual will not get us to net zero," said Chair Sue Inglis.

"With a target NAV total return of 10-12% per annum, the company will provide shareholders with an attractive level of dividend income and prospects for dividend growth and capital appreciation over the long term."

By Dayo Laniyan; dayolaniyan@alliancenews.com

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