Tortoise Capital Announces Next Steps Following Completion of TEAF Strategic Review
As part of this review, TEAF engaged Lucid Capital Markets to facilitate the sale of its private credit, social infrastructure, assets. The fund is currently under contract to divest these holdings, as it was determined that divestment is in the best interest of shareholders. As of March 17, 2025, these private credit assets comprised
In addition, TEAF engaged Marathon Capital to facilitate the sale of its fixed renewable assets. The fund is currently under exclusivity for the sale of the majority of the private renewables portfolio, with the transaction expected to close in Q2 2025. The proceeds from the sales will be reinvested in TEAF’s listed energy infrastructure holdings. The sustainable infrastructure holdings will remain unchanged.
“We have taken a disciplined approach in this strategic review, focusing on actions that best serve our shareholders and provide the potential for a reduced discount to net asset value,” said Tom Florence, CEO of Tortoise Capital and Chairman of the closed end funds board. “These changes are in synch with Tortoise Capital’s history of managing portfolios of public energy securities and driving shareholder value.”
Tortoise Capital will continue to provide updates as these transactions progress and remains committed to maintaining transparency and disciplined capital management.
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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 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds 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 funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
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.
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Craft & Capital
Chris Sullivan chris@craftandcapital.com
Rob Jesselson rob@craftandcapital.com
Source: Tortoise Capital Advisors, L.L.C.