TIDMAEIT TIDMAEIP

RNS Number : 9448R

Asian Energy Impact Trust PLC

01 November 2023

LEI: 254900VC23329JCBR9G82

1 November 2023

Asian Energy Impact Trust plc

(the " Company " )

Appointment of Octopus Energy Generation as transitional investment manager

Further to the announcement on 28 September 2023 that it had agreed heads of terms, the Board announces that it has entered into a transitional investment management agreement with the Company's AIFM, Adepa Asset Management S.A. ("Adepa"), and Octopus Renewables Limited ("Octopus Energy Generation") under which, effective from 1 November 2023, Octopus Energy Generation will act as the Company's transitional investment manager.

Octopus Energy Generation's immediate priorities will be to assist finalising the 31 December 2022 and 30 June 2023 valuations, 2022 audit and accounts and 2023 interim report and lifting the suspension of admission to listing and trading of the Company's shares as soon as possible. This process will include undertaking detailed due diligence on the Company's assets, including the in-construction 200 MW DC solar PV project in Rewa Ultra Mega Solar Park (the "RUMS Project"), to ensure the completeness and accuracy of all information required to finalise the outstanding valuations, audit and financial reports.

In preparation for commencing its role as the Company's transitional investment manager, Octopus Energy Generation has begun to develop a more detailed understanding of the RUMS Project and concurs with the Board's view, as set out in the circular to shareholders dated 11 October 2023 (the "Circular") , that there is a reasonable likelihood that the ultimate net present value of the RUMS Project is materially more negative than the estimate, in the base case scenario, of GBP13 million stated in the Circular, which was an estimate only and based on a number of assumptions, including (i) that construction is completed by 31 March 2024, (ii) that the yield once the RUMS Project is operational does not fall materially below expectations and (iii) that the project finance is refinanced by December 2024 on terms equivalent to, or better than, those assumed for the purpose of the estimate. Due to the extremely tight timeline for completing the RUMS Project, both the Board and Octopus Energy Generation believe that there is a reasonable likelihood of construction not being fully completed on time.

The Company will provide, via a further announcement, a full update on the outcome of Octopus Energy Generation's detailed due diligence on the Company's assets, including the RUMS Project, as soon as it is available.

Enquiries:

 
Asian Energy Impact Trust plc                                                  Tel: +4 4 (0)20 3757 1892 
 Sue Inglis, Chair 
Octopus Energy Generation                                                       Tel: +44 (0)20 4530 8369 
 P ress Office 
Shore Capital (Joint Corporate Broker)                                          Tel: +44 (0)20 7408 4050 
 Robert Finlay / Rose Ramsden (Corporate) 
 Adam Gill / Matthew Kinkead / William Sanderson (Sales) 
 Fiona Conroy (Corporate Broking) 
Peel Hunt LLP (Joint Corporate Broker)                                          Tel: +44 (0)20 7418 8900 
 Luke Simpson / Huw Jeremy (Investment Banking Division) 
 Alex Howe / Richard Harris / Michael Bateman / Ed Welsby (Sales) 
Smith Square Partners LLP                                                       Tel: +44 (0)20 3696 7260 
 (Financial Adviser to the Company) 
 John Craven / Douglas Gilmour 
Camarco (PR Adviser)                                                            Tel: +44 (0)20 3757 4982 
 Louise Dolan / Eddie Livingstone-Learmonth / Phoebe Pugh           asianenergyimpacttrust@camarco.co.uk

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November 01, 2023 03:00 ET (07:00 GMT)

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