ThomasLloyd Energy Impact Trust Public Limited Company (TLEI), a closed-ended investment company, intends to raise up to USD340 million through an initial public offering (IPO) to invest in unlisted sustainable energy infrastructure assets in Asia.

The company intends to acquire seed assets worth about USD59 million from affiliates of the investment manager, ThomasLloyd Group. These consist of interests in nine operational and one in-construction utility-scale solar projects totalling 514 MW. Three of the projects are located in the Philippines. An investment pipeline of more than 1,500 MW has also been identified in certain Asian countries including the Philippines, Indonesia, and Vietnam.

A ThomasLloyd affiliate will receive USD35 million in ordinary shares as part of the consideration for the seed assets. The Government of the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) has also made an in-principle decision to invest up to USD39 million in TLEI.