ThomasLloyd Energy Impact plans to issue shares at $1.03 each to help finance a number of projects in its pipeline of projects in India, the Philippines and Vietnam. The pipeline allows for a staggered roll-out starting from US$25m with up to US$380m in readily available assets ranging from 20 MW to 450 MW, the majority of which are backed by fixed price long-term PPAs with government offtakers. The placing programme currently allows the further issuance of up to 458,592,523 new ordinary shares.
The total near-term pipeline of potential investments amounts to over US$750m with an aggregate capacity of 1,525 MW. The US$380m figure relates to exclusive acquisition and organic follow-on opportunities, with the remainder being new acquisition opportunities in various stages of due diligence.
Other funds have struggled to raise money in the current environment, but ThomasLloyd Energy Impact says that it was aware of significant additional interest at IPO, primarily from continental European investors who were unable to participate at the time, and has continued to receive expressions of interest to invest in subsequent fund raisings from existing and new investors.
The placing price represents a premium of approximately 2.5% to the closing share price of US$1.005 on 7 November 2022 and a premium of approximately 2.2% to the last reported NAV of US$1.008 as at 30 September 2022. The new shares will be entitled to the quarterly dividend of 0.44 US cents for the quarter to 30 September 2022, payable on 2 December 2022.
The placing will be open for a week and new shares would start trading on 18 November. it does not look as though there is any way for retail investors to participate, which is unfortunate.
TLEI : ThomasLloyd Energy Impact ready to expand