Publication of KID & Update on Listing Restoration

LEI: 254900VC23329JCBR9G82

5 March 2024

Asian Energy Impact Trust plc

(the "Company" or "AEIT")

Publication of KID and Updates on Listing Restoration, Cash Balances, Asset Technical Performance and Strategic Review

Publication of the KID and Update on Listing Restoration

AEIT announces that, following the publication on 22 January 2024 of both its annual report and accounts for the period ended 31 December 2022 and its interim report for the period ended 30 June 2023, the Company has published its updated key information document (the "KID") which is available to view on the Company's website https://www.asianenergyimpact.com/. Following the publication of the KID, the Company is now in a position to apply to the FCA for the restoration of the Company's listing and will do so expeditiously.    

Update on Cash Balances

On 13 December 2023, the Company published a net asset value ("NAV") as at 30 September 2023 of US$88.5 million (50.4 cents per share). As at 30 September 2023, the Company and its UK subsidiary, AEIT Holdings Limited ("AEIT Holdings"), had cash balances of US$65.3 million. Since 30 September 2023, the Company has invested a further US$19.8 million in its Indian investment platform to fund the equity required for the construction of the 200 MW DC solar construction project in Rewa Ultra Mega Solar Park in India.

As at 31 December 2023, the Company and AEIT Holdings had cash balances of US$41.2 million (23.5 cents per share).

Asset Technical Performance

As previously announced, an independent technical advisor was appointed in September 2023 to provide updated P50 yield assessments for each of the Company's operating assets. The term 'P50' refers to the median probability scenario for the energy output of a solar asset. It means that there is a 50% chance that the actual energy production will exceed the P50 estimate and a 50% chance that it will fall below.

Reports on the operational assets in India have been received and include "best case P50" and "worst case P50" forecasts. The resulting generation from taking the midpoint is slightly below the estimated reduction applied and recognised in the 30 September 2023 valuations. The Company's transitional Investment Manager is continuing to work with the technical advisor and the Indian asset manager to further understand the root causes of the underperformance of the Indian assets and evaluate possible optimisation options.

The reports on the Philippine and Vietnamese assets are still to be received and are expected to be taken into account in the 31 March 2024 valuations.

Strategic Review

The Board's strategic review of the options for the Company's future is at an advanced stage and the Board expects to consult shareholders shortly and to announce the outcome of the strategic review by early April 2024. The outcome of the strategic review will be subject to shareholder approval.

Enquiries:

About Asian Energy Impact Trust plc

Asian Energy Impact Trust plc ("AEIT" or the "Company", formerly ThomasLloyd Energy Impact Trust plc) is a closed?ended investment company incorporated in England and Wales.

The Company's ordinary shares were admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the premium listing segment of the main market of the London Stock Exchange on 14 December 2021.

The Company has a triple return investment objective which consists of:

(i)     providing shareholders with attractive dividend growth and prospects for long-term capital appreciation (the financial return);

(ii)     protecting natural resources and the environment (the environmental return); and

(iii)   delivering economic and social progress, helping build resilient communities and supporting purposeful activity (the social return).

The Company seeks to achieve its investment objective by investing in a diversified portfolio of unlisted sustainable energy infrastructure assets in the areas of renewable energy power generation, transmission infrastructure, energy storage and sustainable fuel production, with a geographic focus on fast?growing and emerging economies in Asia.

With effect from 1 November 2023, the Company appointed Octopus Energy Generation as its transitional investment manager until 30 April 2024. 

About Octopus Energy Generation 

Octopus Energy Generation ("OEGEN") is driving the renewable energy agenda by building green power for the future. Its?London-based, leading specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 13-year track record with approximately?£6 billion?of assets under management (AUM) (as of September 2023) across 16 countries and total 3.2GW. These renewable projects generate enough green energy to power 2.3 million homes every year, the equivalent of taking over 1.2 million petrol cars off the road. Octopus Energy Generation is the trading name of Octopus Renewables Limited.? 

Further details can be found at??www.octopusenergygeneration.com