London/Luxembourg, 24 July 2018. The ThomasLloyd Group has appointed Luc Caytan, an experienced senior financial market and investment expert, as the new Chairman of its European AIF fund platform ThomasLloyd SICAV. In his new role, he will take responsibility to enhance relations with the supervisory authorities, market participants and further stakeholders in Luxembourg and increasingly throughout Europe.
Luc Caytan started his career at Kredietbank in Brussels (now KBC Group), where he held several senior management positions in Bahrain, Dublin, Hong Kong, Los Angeles and New York. Most recently, he worked as General Manager Global Financial Markets at KBL European Private Bankers in Luxembourg. As part of this role, he was also a member of the Board of Brown Shipley in London and Patria Finance in Prague.
Luc Caytan also worked in numerous committees and bodies during his time at KBL, including the Money Market Contact Group of the European Central Bank (ECB) in Frankfurt, the Customer Consultation Committee of Clearstream in Luxembourg, the Financial Markets Committee of the Luxembourg Central Bank and the Luxembourg Banking Association. He was also Vice Chairman of the Bondmatch Strategic Committee/NYSE Euronext in Paris and a member of the Board of Directors of the Luxembourg Stock Exchange. He is currently Senior Representative and member of ICMA’s panel of arbitrators (International Capital Market Association) and member of ILA (Institut Luxembourgeois des Administrateurs).
T.U. Michael Sieg, Chairman and CEO ThomasLloyd Group, commented on the appointment: “In his long professional career, Luc has many years of experience as a manager in all aspects of the constantly changing financial markets, having lived through complete economic cycles and market turbulence, with the increasing regulation and the globalisation trend. With his experience and networks, he will significantly contribute to ThomasLloyd’s further global expansion. I am very much looking forward to working with him.”
Luc Caytan added: “I am very pleased to be able to contribute to a corporate strategy that takes into account not only economic but also social and ecological return aspects. ThomasLloyd has established itself as one of the leading companies in the area of impact investing thanks to its expertise and network. As Chairman of the Luxembourg fund platform, I am delighted to contribute to further growth”.
London, 11. July 2018. The ThomasLloyd Group has expanded its management team and hired the experienced expert Nick Parsons. He took up the position of Head of Research and Strategy at the start of June in the main office in London. Simultaneously, in his position he is also chief economist of the global investment and advisory firm. He has more than 30 years’ professional experience in the international financial sector and worked for several global banks. His expertise will strengthen the Group’s competence in research and strategy, contributing to the global expansion.
Nick Parsons is a well-known expert in capital and FX markets, having held high-ranking management positions in Frankfurt, Paris, Sydney, New York and Singapore in previous decades. Parsons and his team will enhance the macroeconomic research of the ThomasLloyd Group and provide advice for the selection of investments and the investment process through country-specific reports and economic forecasts. At the same time, he will support the work of the asset management and treasury management teams with his quantitative analyses of FX and interest rate markets.
Before joining the ThomasLloyd Group, Parsons worked as Head of Research UK & Europe and Global Head of Foreign Exchange at the National Australia Bank. Previously, he was Head of Macro Research Group at Commerzbank AG, Global Head of Currency Research at BNP Paribas, Head of Treasury Advisory Group at the Canadian Imperial Bank of Commerce and Group Economist at the Union Discount Company of London.
Nick Parsons said: “The strategic approach of ThomasLloyd Group as ‘impact investor’ is unique, which is why I am very pleased to become part of this company. In my new role, unlike in my previous professional career, I can contribute to stimulating investments in sustainable assets and growth in Asia that can visibly change living conditions in the region.”
T.U. Michael Sieg, Chairman and CEO of the ThomasLloyd Group, added: “I’m very pleased that Nick Parsons strengthens our management team. Through his expertise, he will certainly make a positive contribution to our next growth phase – the global expansion. With his work he will set new impulses and represent our company much more strongly in public economic policy discussions.”
London, 26. October 2016. From October 18 to 21, senior representatives of ThomasLloyd participated in the historic Philippine Presidential trade and diplomatic mission to China. The diplomatic summit and ceremonial signing of important trade and cooperation agreements in Beijing took place between Xi Jinping, President of the People’s Republic of China, and Rodrigo Duterte, President of the Republic of the Philippines, in the presence of senior politicians and up to 400 businessmen.
‘My state visit to China signalled a turning point in our shared history and showed that both countries are fully capable of working together for mutual beneficial cooperation even as we remain committed to settle disputes peacefully in full adherence of international law,’ President Duterte said.
Both sides affirmed their partnership and declared a shared ambition to achieve sustainable development and inclusive growth that will benefit the people of both countries in the years ahead. Together, they committed to enhance economic relations in several priority sectors, such as infrastructure and energy, through the promotion of trade, investment and economic cooperation under the Memorandum of Understanding on Strengthening Bilateral Trade, Investment and Economic Cooperation. Within the framework of the summit, eleven MoUs were signed, including one between ThomasLloyd and its Philippine and Chinese stakeholders in the biomass sector, for a total of USD 7.9 billion of commitments, which would create up to two million jobs in the Philippines. Today China is the second biggest trade partner of the Philippines, its 4th biggest export market, and largest supplier of imports. These agreements create extensive mutual market access and provide the basis for closer cooperation in the political and economic field.
As part of this historic agreement and ceremony, a commitment to the ThomasLloyd biomass projects, currently under construction in the Philippines and funded by ThomasLloyd SICAV-SIF-Cleantech Infrastructure Fund as the principal financial sponsor, was signed on behalf of ThomasLloyd by the Managing Directors and Regional CEOs Tony Coveney and Mike Airey, for Bronzeoak by President Arthur Aguilar and Senior Vice President Don Maria Y. Dia, and for Wuxi by Director Zhang Yun and General Manager Lu Yicheng. Further construction of the power plants South Negros BioPower Inc. and North Negros BioPower Inc., along with the soon to be completed plant San Carlos BioPower Inc., represent the continued successful cooperation between ThomasLloyd’s European investors, Philippine developers and Chinese engineers. This cooperation already stands today as a template for business between the three communities.
T.U. Michael Sieg, Chairman and Group CEO of the ThomasLloyd Group sees the Group’s invitation to and participation in the Beijing visit ‘as special recognition of the previous successes of ThomasLloyd Group and its Chinese and Philippine partners. The results of the summit, and the many meetings which took place around it, will form the basis for faster growth and development of Philippine infrastructure.’ Based on the summit outcome and the climate of goodwill now existing, ThomasLloyd projects hope to benefit directly from the new appetite from Chinese banks and other financial institutions to support vendor finance and project finance for Chinese exports in capital goods to the Philippines.
During the state visit, commercial agreements between the participating project partners, Bronzeoak Philippines Inc., Wuxi Huaguang and the ThomasLloyd Group, were signed in a ceremony, in the presence of President Duterte and other senior members of the Philippine government. These contracts form the basis for a long-term cooperation, a faster implementation and successful realisation of the biomass power plants on Negros Island in the Philippines. The power plants comprising 70MW near the cities of Manapla, San Carlos and La Carlota on Negros Island will convert sugarcane waste into electricity using a low carbon-emitting process, Circulating Fluidized Bed Boiler Technology. Before this use as feedstock for biomass power plants, sugarcane waste was burnt in the fields, a now illegal practice that contributed significantly to air pollution. With its use of local sugar cane waste, this project is an exciting development for all the stakeholders and a boost for the local community. This will bring further economic growth and better standards of living, particularly in rural areas of the region contributing to the enhancement and protection of the environment, and improving the local population’s overall quality of life.
Referring to this, Tony Coveney, Managing Director and Head of Project Finance at ThomasLloyd Group, said:
‘It was a privilege and an honour to participate in this landmark event in Beijing. The inclusion of our projects, in which we have invested, is recognition of the impact and success we have had and continue to have in partnership with Bronzeoak and Wuxi. As with our successful solar projects, ours is an investment template for others to follow.’
Mike Airey, Managing Director and CEO Asia Pacific added: ‘We are honoured to accept this recognition of the work we have been doing over more than five years in the Philippines. We hope this landmark meeting will mark yet another important step by both countries and that it will significantly contribute to greater economic and trade development in the Asia-Pacific region as a whole. This milestone for us, as a global investment and advisory firm, has brought us closer to the Chinese capital and banking markets, opened up new growth potential and provided us with a new range of strategic and commercial options.’
London, August 19, 2016. ThomasLloyd CTI Asia Holdings Pte Ltd, a wholly-owned subsidiary of ThomasLloyd SICAV-SIF-Cleantech Infrastructure Fund, the International Finance Corporation (IFC), a member of the World Bank Group, with support from the Government of Canada and the Clean Technology Fund, Bronzeoak Philippines Inc and WBE (Hong Kong) International Green Energy Limited today signed definitive loan agreements for USD 161 million for the 70 MW biomass portfolio on Negros Island in the Philippines. The project portfolio includes San Carlos Biopower Inc, South Negros Biopower Inc and North Negros Biopower Inc.
Funded by ThomasLloyd as the principal financial sponsor, the power plants in the towns of Manapla, San Carlos and La Carlota will convert sugarcane waste to electricity using a low carbon-emitting process called circulating fluidized bed boiler technology. Before it was identified as feedstock for biomass power plants, sugarcane waste was burned in the fields, a practice that contributed to air pollution.
Referring to this, Tony Coveney, Managing Director and Head of Project Finance at ThomasLloyd Group, said: “ThomasLloyd is delighted that IFC has chosen to participate in these investments. With its use of local sugar cane waste, this project is an exciting development for all the stakeholders and especially for the local community”.
Michael Sieg, Chairman and Group CEO of the ThomasLloyd Group, added: “We have consistently expanded our investment programme for the Philippines over a number of years. The mandate with IFC provides us with additional resources we need to realise and implement our plans for the construction of further power plants in the Philippines. This will bring further economic growth and better standards of living particularly in rural areas of the region and contribute significantly to the protection of the environment”.
IFC Country Manager, Yuan Xu said: “Energy is central to the country’s development, and the Philippines needs to further diversify and secure its energy sources. Converting agricultural waste to biomass power is a sustainable way of creating economic value while caring for the environment”.
The Clean Technology Fund as well as the Government of Canada’s contribution to the project through the IFC-Canada Climate Change Program have helped make this investment viable. To date, Canada has provided CA$271 million to the program, to enable climate change investments that are generating significant environmental and economic benefits in developing countries.
“We are pleased to support innovative projects abroad that help reduce global greenhouse gases. Through our partnership with the IFC, the Government of Canada will deliver funds that will enable the growth of renewable energy while supporting the creation of green jobs”, said Catherine McKenna, Canada’s Minister of Environment and Climate Change.
In addition to loans from Canada and the Clean Technology Fund, IFC is also mobilizing funding from the Managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
The three power plants are expected to qualify for the biomass feed-in-tariff of the Philippine Energy Regulatory Commission. The feed-in-tariff is available to energy producers with up to 250 megawatts of biomass generating capacity.
Zürich, 19.04.2016. Die Ratingagentur Telos hat im Rahmen eines Update-Ratings den Investmentprozess des ThomasLloyd SICAV-SIF – Cleantech Infrastructure Fund mit der Bestnote „AAA“ bewertet und bescheinigt ihm damit den „höchsten Qualitätsstandard“. Mit der nochmaligen Verbesserung gegenüber dem Vorjahr etabliert sich ThomasLloyd in der Spitzengruppe der von Telos bewerteten Unternehmen. Gegenstand des Ratings war erneut der von der ThomasLloyd Group implementierte und umgesetzte Investmentprozess im Marktsegment der Erneuerbare-Energien-Infrastruktur in Asien, betrachtet wurde hier speziell der Bereich der nachhaltigen Stromgewinnung aus erneuerbaren Quellen sowie die zugehörigen effizienten Stromübertragungs- und Vertriebssysteme.
Bewertet wurde zudem der gesamthafte Prozess im Hinblick auf die Umsetzung in einem luxemburgischen Spezialfonds in der Rechtsform eines SICAV-SIF, der den neuen Regulierungsvorgaben innerhalb der europäischen Gesetzgebung für alternative Investmentfonds/Investmentfondsmanager (AIFMD) entspricht. Die Vergabe der Auszeichnung mit der höchsten Ratingstufe begründet Telos u.a. wie folgt: „ThomasLloyd zählt heute zu den führenden Direktinvestoren auf dem Gebiet der Erneuerbare-EnergienInfrastruktur an den genannten Standorten.“ „Die nachhaltige Disziplin des Investmentprozesses hat ThomasLloyd in den ersten erfolgreich durchgeführten Exits im Jahr 2015 mehrfach unter Beweis gestellt.” „Mitarbeiter verfügen über weitreichende Expertise im Infrastrukturbereich.” „Über Kontakte unmittelbar vor Ort gelingt ThomasLloyd die Akquisition attraktiver Projekte in den Investitionsländern.” „Vorteilhaft ist die Kapitalkraft, die hinter der Gruppe steht.” „Die Kooperation mit den Netzwerkpartnern steht auf stabilem Fundament.” „Zahlreiche Auszeichnungen und Kooperationen, z.B. mit der Weltbank-Tochter IFC, zeigen die sehr gute Positionierung und das Renommee von ThomasLloyd in der Region.” „Das aktuelle Portfolio bietet Planungssicherheit bis 2019 und somit eine klare Wachstumsperspektive.”
„Das erneut sehr gute Ratingergebnis von Telos reflektiert aus unserer Sicht, dass die im hohen Grad auf die Zielmärkte ausgerichtete Unternehmens- und Organisationsstruktur sowie der hierfür speziell entwickelte Investmentprozess im Marktsegment der Erneuerbare-Energien-Infrastruktur in Asien in mehrfacher Hinsicht überzeugt. Auch die ersten erfolgreich durchgeführten Transaktionen im Jahr 2015 haben dieses deutlich unter Beweis gestellt“, erklärt T.U. Michael Sieg, Chairman und CEO der ThomasLloyd Group.
Manila/London, 15. April 2016. ThomasLloyd has laid the foundations for South Negros BioPower, a biomass power plant in the Philippines with output of 25 megawatts (MW). The project, located in the south of the island of Negros, is the second power plant for the investment and advisory firm, specialising in the infrastructure sector in Asia. It is scheduled to begin commercial operation, generating renewable electricity for approximately 265,000 people, by the end of 2017, using the crop residue of the local agricultural sector. After commencement, South Negros BioPower will also create more than 3,000 new, permanent jobs, both at the plant itself and in local agriculture, and will reduce carbon dioxide (CO2) emissions by 85,498 tonnes per annum.
Anthony M. Coveney, Managing Director and Head of Project Finance of ThomasLloyd, explains: “The ground-breaking at South Negros BioPower once again emphasises our company’s sustainable expansion strategy. By further expanding our biomass investments, we are also extending the technology mix of ThomasLloyd’s infrastructure portfolio in Asia.”
The two solar power plants, San Carlos Solar Energy II and III (SaCaSol II and III) have now officially entered commercial operation in the Philippines. SaCaSol II and III form part of a portfolio of solar power plants, with output totalling 125 MW, providing close to 300,000 people with sustainably generated solar electricity. These were developed, in partnership with Bronzeoak Philippines Inc, and financed by ThomasLloyd, and then sold in 2015 to the Philippine Investment Alliance for Infrastructure (PINAI). PINAI is a consortium founded by institutional investors, in order to take advantage of opportunities in the Philippine infrastructure market. These investors include Macquarie Infrastructure and Real Assets (MIRA), the Philippine Government Service Insurance System (GSIS), the Dutch pension fund APG and the Asian Development Bank.
The three ceremonies were attended by a large delegation of European finance experts and investors, numerous representatives from the fields of Asian politics, business and media, the representatives of project partners, and institutional investors.
T.U. Michael Sieg, Chairman and CEO of the ThomasLloyd Group, highlights both the significance of the projects for investors and their regional and social importance: “With our continued expansion of the renewable energies infrastructure in South East Asia, we are not only creating investment opportunities that offer our investors attractive, long term revenue potential, but also creating prospects for the local population and economy on the basis of a reliable, affordable and environmentally friendly electricity supply.”
London, 14. September 2015. Following the sale of San Carlos Solar Energy Inc. (SaCaSol) in June 2015, which included a 45 MW solar facility at San Carlos City, Negros Occidental, ThomasLloyd CTI Asia Holdings Pte Ltd, a wholly owned subsidiary of ThomasLloyd SICAV-SIF-Cleantech Infrastructure Fund, today confirmed that it had divested all of its rights to the projects of Negros Island Solar Power Inc. in a second transaction with Philippine Investment Alliance for Infrastructure (PINAI). These rights include the ‘in construction’ 32 MW solar facility at La Carlota and the 48 MW solar facility at Manapla also on Negros Occidental, all of which is expected to benefit from the government Feed-in-Tariff. Both transactions combined represent 125 MW of total installed solar capacity, which will be equivalent to 25% of the solar FiT Tariff quota within the Philippines.
For ThomasLloyd, Tony Coveney, Head of Project Finance said, “Realising this transaction will allow ThomasLloyd to accelerate its investment into other renewable energy technologies within the Philippines and once again to collaborate with PINAI, with whom it had been a pleasure to work.”
T.U. Michael Sieg, Chairman and CEO of ThomasLloyd Group added, “We are proud as the first enabling investor to have addressed the government call for private investment in the sector. Our first and subsequent investments have helped secure the FiT regime and accelerate the expansion of renewable energy in the Philippines.”
Further terms were not disclosed.
Zürich, 18. June 2015.“Highly compatible” and “a stable outlook in the medium term” – these were the assessments of the Austrian Society for Environment and Technology (ÖGUT) in its expert report on the ThomasLloyd SICAV-SIF – Cleantech Infrastructure Fund, which invests in infrastructural projects in the field of Asian sustainable power generation. The Fund was examined in detail on the basis of the set of criteria which ÖGUT uses to certify corporate provision and pension funds.
ÖGUT’s ratings range between Minus 9 and Plus 9, and the Fund achieved an overall score of Plus 6.5, placing it in the highest possible rating segment. This exceptional score demonstrates that investing in the ThomasLloyd SICAV-SIF – Cleantech Infrastructure Fund can, from an investor’s point of view (corporate provision and pension funds), represent a positive factor in that investor’s sustainability balance sheet. The sustainability assessment focussed especially on the general standards and usages prevalent in the field of sustainable investments, and the ÖGUT Label’s general conditions for corporate provision and pension funds. The Fund’s methods and portfolio were assessed. The report spoke especially of the Fund’s positive environmental orientation and its declared investment policy in the market for renewable energy and infrastructure projects in Asia. It also ascribed to the Fund a special social relevance on account of its regional focus on developing and newly industrialising countries.
In the assessment of its methods, ThomasLloyd’s investment process was given special mention since it considers in detail the economic aspects of a project as well as the natural and energy-policy circumstances attached to the location. On the basis if its experience in Asia, ThomasLloyd develops economic improvement activities with a high degree of economical and social relevance, and this was also seen positively. The positive sustainability profile which emerges from investing in renewable energies in Asia is also clearly reflected in ThomasLloyd’s portfolio, according to ÖGUT. Construction of the current power plant portfolio is, it says, responsible for 14,000 sustainable jobs in the power stations and in agriculture. After completion as many as 1.7 million people will be supplied with sustainable electricity, some of them for the first time.
ÖGUT categorises the Fund’s methods as ‘explicitly sustainable’ because of its clear thematic orientation and on account of its collaboration with the International Finance Corporation (IFC), a member of the ‘World Bank Group’. The foundation for this, it says, is in particular its agreed environmental and social criteria (E&S) as well as previously defined Environmental and Social Action Plans, which are used as part of collaboration with the IFC.
“The ÖGUT Report demonstrates once again that we are on the right track because we are creating sustainable value, both for our investors and for the people on location. It is also proof that sustainability and profits do not necessarily contradict. We are very pleased that the Fund was found to be highly compatible on the basis of the list of criteria used by ÖGUT to certify corporate provision and pension funds, that short-term changes to its sustainability quality are not to be expected, and that the outlook is considered stable over the medium term. This excellent result shows that ThomasLloyd and its open special AIF enables the special investor segment to participate to a significant degree in the growth opportunities of Asia’s renewable energy infrastructure,” says T.U. Michael Sieg, Chairman and CEO of the ThomasLloyd Group.
Zurich, 16. June 2015. ThomasLloyd today confirms the sale of San Carlos Solar Energy Inc (SaCaSol) to PINAI. As part of the transaction, ThomasLloyd is selling its stake in the grid-connected 22 MW first phase and substantially completed 23 MW second phase solar facility at San Carlos City, Negros Occidental, Philippines. ThomasLloyd will retain ownership with its local partner, Bronzeoak Philippines Inc, of the proposed 32 MW solar facility at La Carlota and the 48 MW solar facility at Manapla also on Negros Occidental.
ThomasLloyd was advised by BPI Capital Inc. on the transaction. Further terms were not disclosed.
Zurich, 04. May 2015. The Bank of the Philippines (BPI) will be providing San Carlos Solar Energy Inc. (SaCaSol), the Philippine solar holding company owned by the ThomasLloyd SICAV-SIF-Cleantech Infrastructure Fund, with a third instalment, representing an additional PHP 500 million (c.US$12 million) to finance further solar power station construction. With this transaction, BPI will have provided a total of PHP 1.5 billion since July 2014.
Founded back in 1851 and the oldest banking institution in South-East Asia, BPI has thus demonstrated once again its appetite for the financing of an increasing number of sustainable infrastructural projects, and highlighted its future commitment to the sector. The funds released by BPI, which will be used by SaCaSol to build up its solar projects more quickly, form part of the bank’s financing of country’s first utility scale solar power plant. This is therefore a benchmark transaction in the sector.
”BPI is pleased to support SaCaSol and ThomasLloyd who have been trailblazers in solar renewable energy in the Philippines. This transaction highlights the bank’s commitment to supporting power generation in an environmentally friendly manner,” comments Daniel G. Montecillo, head of BPI’s Corporate Client Segment Group. “BPI’s involvement will significantly advance the development of renewable energy in the Philippines, thereby contributing towards a form of energy based on sustainability, energy security and efficiency,” explains T.U. Michael Sieg, Chairman and CEO of the ThomasLloyd Group.
“This instalment will allow timely completion of solar power stations already fully planned for the island of Negros, in the Visayas region of the Philippine archipelago,” adds Tony Coveney, Head of Project Finance for the ThomasLloyd Group, emphasising the importance of the move for the region.
The South-East Asian country’s first 22 megawatt solar power plant, which was developed and financed by the ThomasLloyd Group, went into active operation in a ceremony presided over by State President Benigno Aquino III in May last year. A further 102MW of solar capacity for Negros is either in construction or due to start construction during 2015.
ThomasLloyd currently has a total of 14 power stations, which represents the largest portfolio of renewable energy projects in the Philippines. In view of this, T.U. Michael Sieg considers BPI’s involvement a special recognition of the previous successes of ThomasLloyd Group and its partners. He also believes that this new step will form the basis for further trust in the growth market of renewable energies in Asia as a whole.
Zürich, 16. Februar 2015. Rating agency Telos has granted a AAA rating to the investment process of the ThomasLloyd SICAV-SIF – Cleantech Infrastructure Fund and attested to its ‘highest standards of quality’. The ‘highly disciplined investment process’ and the ‘optimisation of the risk-return profile’ were two details that were recognised.
The International Finance Corporation (IFC), a member of the World Bank Group, the largest global development institution focused exclusively on the private sector in developing countries, provided a senior debt facility of USD 330 million in February 2014 for refinancing both ThomasLloyd’s solar and biomass projects on Negros Island in the Philippines. The final authorisation for the provision of this senior debt facility was given in February 2015.