Sun, 25 Jul 2021

LEAWOOD, KS / ACCESSWIRE / June 16, 2021 / Tortoise Essential Assets Income Term Fund (NYSE:TEAF) and parent company, TortoiseEcofin, announced today that effective June 30, 2021, the fund name will be changed from Tortoise Essential Assets Income Term Fund to Ecofin Sustainable and Social Impact Term Fund. TEAF is a multi-strategy vehicle that invests in private and public investments within sustainable infrastructure and social impact, and has reached an allocation of 87% in such impact investments. Some of the fund's investments include solar, wind, water, bioenergy, waste-to-energy, recycling, education and assisted living, which collectively makes the fund one of the first of its kind; a sustainable and thematic closed-end fund. The fund will join Ecofin's other products dedicated to impact and sustainability. Consequently, the Board approved the name change and the fund is expected to begin trading under its new name on July 1, 2021. It will continue to trade on the New York Stock Exchange ('NYSE') under the current ticker symbol TEAF and new CUSIP: 27901F109.

'With the growth of renewables and increased focus on impact and ESG investing, we feel we can best meet our long-term objectives and enhance the portfolio by aiming to take advantage of these secular shifts in the market. Participating in this sustainability revolution provides the potential for returns to our clients while addressing some of the world's major challenges by investing in companies that have been earning solid returns and doing business in ethical and responsible ways,' said Nick Holmes, Portfolio Manager. 'Listed energy infrastructure was a significant allocation at the launch of the fund as we ramped up the private deals in the portfolio, and now as we near our target allocation to private investments with a robust pipeline of opportunities, we have more flexibility within the portfolio.'

The allocations shown below are intended to provide a depiction of how the portfolio has transitioned over the last five months.

  • Sustainable infrastructure includes renewables, waste transition and water investments
  • Social impact includes investments in senior living facilities and education
  • The remaining energy infrastructure investments will be opportunistically transitioned over time depending upon market conditions and liquidity status

'For many, the fund identifies with energy-focused closed-end funds, rather than sustainable investments, such as utilities and global infrastructure, which is a more appropriate universe for this fund', said Brad Adams, CEO of TortoiseEcofin's closed-end funds. 'We think that this shift in the portfolio allocation and our rebranding efforts will allow the fund to trade closer to its NAV as the market recognizes the true makeup of the fund.'

Additionally, TEAF's investment committee is being reconstituted to align with the progression of the fund. While multiple members will remain, members that will be newly appointed possess substantial knowledge of sustainable strategies as well as expertise in asset allocation and deal structuring.

Further insights regarding this announcement can be found in our FAQ document and video. You may also visit the deal summary section of the TEAF webpage for more information on the private investments within the fund.

Tortoise Capital Advisors, L.L.C. (d/b/a TCA Advisors) is the adviser to the Tortoise Essential Assets Income Term Fund and Ecofin Advisors Limited is the fund's sub-adviser.

For additional information on our funds, please visit cef.tortoiseecofin.com.

About Ecofin
Ecofin is a sustainable investment firm dedicated to uniting ecology and finance. Our mission is to generate strong risk-adjusted returns while optimizing investors' impact on society. We are socially-minded, ESG-attentive investors, harnessing years of expertise investing in sustainable infrastructure, energy transition, clean water & environment and social impact. Our strategies are accessible through a variety of investment solutions and seek to achieve positive impacts that align with UN Sustainable Development Goals by addressing pressing global issues surrounding climate action, clean energy, water, education, healthcare and sustainable communities. Ecofin Investments, LLC is the parent of registered investment advisers Ecofin Advisors, LLC and Ecofin Advisors Limited (collectively 'Ecofin'). To learn more, visit www.ecofininvest.com.

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.

Contact Information

For more information contact Maggie Zastrow at (913) 981-1020 or info@tortoiseecofin.com.

SOURCE: TortoiseEcofin



View source version on accesswire.com:
https://www.accesswire.com/651886/Tortoise-Essential-Assets-Income-Term-Fund-TEAF-Announces-Upcoming-Name-Change-to-Ecofin-Sustainable-and-Social-Impact-Term-Fund

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