LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on direct investments.
Since the last update issued on July 23, 2019, the fund has closed on an additional direct sustainable infrastructure investment totaling approximately $27 million. The investment is in an 11.1 MW-DC portfolio of 14 operating solar assets across Colorado, Florida, New Jersey and Puerto Rico with long-term fixed price PPA contracts, typically 15-25 years. The projects are a combination of ground and roof-mounted installations selling power to investment-grade federal and corporate off-takers.
This investment brings the fund’s total direct investment commitments to $84.0 million or 30.1% of the portfolio and completes the fund’s allocation to direct sustainable infrastructure investments.
“We are pleased to commit the entire direct sustainable infrastructure allocation well ahead of schedule and now have more than half of the fund’s overall direct investment allocations committed,” said Portfolio Manager Nick Holmes.
TEAF is managed with a long-term focus on essential assets through public and direct investments across social infrastructure, sustainable infrastructure and energy infrastructure. These assets tend to be uncorrelated assets that have attractive potential for high total return with an emphasis on current income as well as a relatively inelastic demand profile.
Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Pam Kearney, Investor and Public Relations
(866) 362-9331, email@example.com