ThomasLloyd Energy sets foot in Vietnam with USD-30m investment deal

ThomasLloyd Energy Impact Trust Plc (LON:TLEI) has entered into an investment agreement with project developer and EPC contractor Solar Electric Vietnam (SEV) that calls for an initial spending of USD 30 million (EUR 30.8m) on renewable energy assets in Vietnam.

The investment deal envisages the purchase of renewable energy assets already owned, controlled or identified by SEV or originated by investment manager ThomasLloyd Global Asset Management (Americas) LLC. It includes a right of first refusal for TLEI in relation to new shovel-ready projects or operational assets developed or originated by SEV.

The partnership launches with a USD-4.6-million deal for TLEI to acquire Viet Solar System Co Ltd (VSS), a privately-owned firm with 6.12 MWp of solar arrays installed on the rooftops of certain factories near Ho Chi Minh City.

The renewable energy investment trust said in a statement that additional opportunities in Vietnam have predominantly been identified, including a 19-MWp rooftop solar portfolio currently under exclusivity to TLEI.

"Despite challenging market circumstances, we are delighted to have formally entered Vietnam, a market that we have been observing for a number of years, as we continue to execute on our investment strategy,” commented Michael Sieg, Group Chief Executive of the Investment Manager of TLEI.

In June, TLEI agreed to buy out Indian renewables platform SolarArise India Projects Pvt Ltd for USD 38.5 million. This week, it noted that with the completion of both this transaction, expected shortly, and the Vietnamese purchase, it will have deployed over 86% of its net initial public offering (IPO) proceeds.

(USD 1 = EUR 1.025)

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