ThomasLloyd Energy Impact Trust has selected Octopus Energy Generation as transitional investment manager.
Octopus will be in place until 30 April next year while the board and its advisors consider options for the long term.
The interim appointment follows a competitive process in which the board talked to ‘a number of experienced investment managers.’
Octopus Energy Generation came out on top based on its expertise in renewable energy assets, experience managing a UK-listed investment company and its depth of immediately available resource, the trust said.
The need for new management arose due to problems at the RUMS solar project in India creating a dispute over information disclosure with the incumbent investment managers.
See also: ThomasLloyd Energy Impact board hits back against manager’s claims
The costs of the project rose to the point where a capital injection would have been needed, and the shares in the trust were suspended.
Sue Inglis, chair of ThomasLloyd Energy Impact Trust plc said: “The appointment of Octopus Energy Generation brings significant renewable energy infrastructure development, construction, investment and asset management expertise and listed investment company experience.
“These skills and knowledge, together with the strength and depth of the Octopus Energy Generation team immediately available to the company, will be critical in achieving the company’s immediate priorities and enabling the lifting of the suspension in trading of the company’s shares.”
Matt Setchell, co-head of Octopus Energy Generation’s fund management team, added: “Being selected as the transitional investment manager is testament to our deep expertise in managing renewable energy projects globally. There’s huge potential to make a truly positive impact through investing in green energy projects in Asia.”
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