ThomasLloyd Energy Impact selects Octopus Energy Generation as transitional manager
For its services, the manager will be paid a fixed fee of $1.35m, with an additional discretionary performance fee of up to $550,000.
In its role, the manager will assume investment and portfolio management responsibilities, focusing on a set of immediate priorities, along with enabling the board and advisers to undertake and complete a comprehensive review of options for the company's future.
Current manager ThomasLloyd Global Asset Management, which this week lost a vote to oust the board, will help facilitate an orderly handover of information and responsibilities.
Investors vote against ThomasLloyd Energy Impact continuation
The new manager brings a range of experience across solar and other renewable energy generation assets globally, including based in India and other Asian markets.
It will aim to offer «effective oversight» of the existing operating portfolio, including the construction of RUMS and the development of a solar project in Maharashtra, India.
The manager will also finalise the 31 December 2022 and 30 June 2023 valuations, 2022 audit and accounts and 2023 interim report, along with lifting the trust's share suspension as soon as possible.
The board aims to provide an expected timeline for these priorities «as soon as practicable» following the finalisation of the manager's appointment.
Octopus Energy Generation currently manages around £6bn AUM and oversees four investment vehicles classified as Article 9.
For its services, the manager will be paid a fixed fee of $1.35m, with an additional discretionary performance fee of up to $550,000.
Whistleblower implies ThomasLloyd Energy Impact board was misled by manager
Sue Inglis, chair of ThomasLloyd Energy Impact, said: «The appointment of Octopus Energy
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