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 it has completed the acquisition of a 43% economic interest in SolarArise India Projects Private Limited ("SolarArise"), which owns seven solar power projects situated in five states across India, with a total generating capacity of 434 MW.
The Company has issued 26,014,349 ordinary shares, at an issue price of US$1.16035 per share, using a 10-day average share price prior to allotment of the shares. On 15 August 2022, the sale and purchase agreement was amended to update the fair value date from 31 March 2022 to 30 June 2022 to more accurately reflect the value at closing and to provide for the number of ordinary shares to be issued as consideration to be net of withholding tax, which is required to be withheld and remitted by the Company to the tax authorities on behalf of the sellers. Therefore, the newly issued ordinary shares, together with the tax payment of US$2.67 million, represent the aggregate consideration payable of US$32.9 million, being the fair value of the 43% interest in SolarArise at 30 June 2022. The reduction in consideration is due to the strengthening of the US Dollar to US$1.00: INR 79.0536 at 30 June 2022 from US$1.00: INR 75.8404 at 31 March 2022, offset by underlying increases to enterprise value driven by ongoing operations.
Following admission of the new ordinary shares to the Official List and to trading on the London Stock Exchange , the Company is expected to have a market capitalisation of c.US$168.3 million, based on the market closing share price on 12 August 2022. Additionally, related entities to the Investment Manager, ThomasLloyd, will together own 18.4% of the Company.
Admission and Dealings
Application is being made for 26,014,349 ordinary shares in the Company related to the 43% acquisition of SolarArise to be admitted to the Official List and to trading on the London Stock Exchange. Dealings are expected to commence at 8.00 a.m. on 19 August 2022. Following admission, the Company will have 141,407,477 ordinary shares in issue. The above figure (141,407,477) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.