ThomasLloyd Climate Solutions
Definitive (DA signed)Energy · Renewable energy / climate infrastructure & climate finance · London, United Kingdom · founded 2003
- What it is
- Three segments: (1) energy sales from owned/operated renewable generation (biomass, solar) under power supply agreements; (2) recurring management, advisory and structuring fees from a climate-finance/impact-investment platform serving governments, corporates, institutions and retail co-investors; (3) applied technology/energy-efficiency and water solutions. Growth plan is roll-up M&A plus behind-the-meter sustainable power for US AI data centers claimed to cut energy cost 15-30%.
- What it’s doing now
- Merging with Roman DBDR II (DRDB) — definitive (da signed), announced Mar 3, 2026.
- What you should know
- The real share count puts the effective valuation 48% above the announced $850M. At 28.6× revenue the deal prices it above its listed peers, which trade at 13.48×.
The business, per its filings
SEC primaryThomasLloyd Climate Solutions B.V. (Dutch B.V.; press-release dateline London; origins 2003, founder/CEO Michael Sieg, CFO Vivienne Macalchlan) is a vertically integrated sustainable-energy, decarbonization and climate-finance platform - development, investment, operations and technology in one company - whose operating assets per its own site are Philippine biomass plants (San Carlos 20MW, South Negros 25MW, North Negros 25MW), Philippine solar (ISLASOL I/II), Indian utility-scale solar (Telangana, Maharashtra, Karnataka, Uttar Pradesh, Madhya Pradesh I 200MW) and Vietnamese rooftop solar, plus a climate-finance arm earning management/advisory fees; the team claims 115 projects in 20+ countries, ~28GW capacity touched, 92M liters/yr biofuels capacity, 800+ wastewater systems and $2.8bn climate finance originated. FINANCIAL REALITY VS STORY: FY2024 ACTUAL revenue was just $44M (Energy $4M + Finance fees $40M; EUR-translated) with a $(7)M operating loss and $(6)M EBITDA excl-FX, and FY2025E DECLINES to $38M - versus a hockey-stick to $74M (FY26E), $156M (FY27E) and $196M (FY28E) premised on a US AI-data-center pivot (100MW co-op development, plans for 250MW, negotiating 900MW) and on $30-50M of financing assumed raised by 31-Jan-2026; the 8-K itself concedes 'certain assumptions underlying the Projections are no longer accurate'. Deal: pre-money EQUITY value $850M, up to $1.3bn via a $450M share-price earnout (45M shares in six 7.5M tranches at $12.50-$25.00 over 5 years); PubCo = ThomasLloyd Climate Solutions Holdings PLC (England & Wales), Nasdaq ticker TCSG, targeted close 2H2026.
| Revenue | $44M (FY2024A (investor deck, translated from actual FY24 EUR results at 1.1741)) |
| EBITDA | $-6M |
| Gross margin | 38.6% |
Source: 8-K (announcement; investor presentation Ex 99.2, December 2025), accession 0001104659-26-020981 · as of Dec 31, 2024 · extraction confidence: medium
What the company says about itself
Web research — not auditedSite presents ThomasLloyd as a global end-to-end energy-transition and decarbonization provider ('Pioneering Sustainable Futures') with three business segments (Climate Infrastructure, Sustainable Fuels, Climate Finance) and a portfolio of Philippine biomass/solar, Indian solar and Vietnamese rooftop-solar plants - notably an Asian-emerging-market portfolio, while the SPAC pitch leads with the US AI data-center opportunity.
- Markets:
- Climate Infrastructure; Sustainable Fuels; Climate Finance; Climate Solutions (corporates, municipalities & utilities, farmers & landowners, investors & advisors)
- Products:
- Named operating assets: San Carlos/South Negros/North Negros BioPower (PH biomass, 20/25/25MW); ISLASOL I A/I B/II (PH solar 18/14/48MW); Telangana I-II, Maharashtra I (67MW), Karnataka I-II, Uttar Pradesh I (75MW), Madhya Pradesh I (200MW) solar in India; Binh Duong I & Ben Tre I rooftop solar (VN); retail co-investment platform ImpactPlus
- Customers:
- Governments, multinational corporations, municipalities & utilities, institutional and retail impact investors, farmers & landowners
None material; note the site showcases Asian renewables while the deal deck leads with a US AI-data-center pipeline that is 'in development'/'negotiating' (100MW dev, 250MW planned, 900MW under negotiation), not operating.
Source: https://www.thomas-lloyd.com/en/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
ThomasLloyd Climate Solutions is merging with Roman DBDR II (DRDB), a $230M SPAC currently marked Deal announced and trading at $10.67 against $10.67 in trust per share.
| Headline equity value | $850M |
| Effective valuation (all shares) | $1.3B+48% vs headline |
| Sponsor promote | 25% |
| PIPE | ≈ $100M · unsourcedNOT COMMITTED — best-efforts covenant to seek at least $100 million via one or more subscription agreements; no subscription agreements signed at announcement, no price or security type stated |
Structure per SEC accession(s) 0001104659-26-020981, 0001104659-26-020983. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values ThomasLloyd Climate Solutions at $1.26bn, or 28.6× the FY2024A (investor deck, translated from actual FY24 EUR results at 1.1741) actual revenue it actually reported. That is 2.1× what the market pays for its closest listed peers (median 13.48×) — an expensive price. It is priced above 60% of them.
Post-dilution equity (net debt unknown).
FY2024A (investor deck, translated from actual FY24 EUR results at 1.1741) — a reported actual.
28.6× FY2024A (investor deck, translated from actual FY24 EUR results at 1.1741) actual revenue. Put another way: $1 of its annual sales is being bought for $28.60.
$1 of their sales costs $13.48 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 8.44× to 87.75×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- Struck on the post-dilution value of $1.26bn, not the announced $850M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- FGL, CSIQ, BN, SPRU, NPI.TO, RUN, GLSA, NXT, SMXT, JKS, ENPH have no revenue to divide by, so they are shown but left out of the peer median.
- DESR shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| BEP | Brookfield Renewable Partners L | $17.2B | 13.5x | 28.6x | Brookfield Renewable is the scaled version of the same model - a global, vertically integrated owner-operator-developer of renewable generation combined with an asset-management/capital arm.more ▾less ▴ |
| HASI | HA Sustainable Infrastructure C | $5.5B | 87.8x | — | HA Sustainable Infrastructure Capital is the closest listed pure-play for ThomasLloyd's dominant Finance segment: recurring-fee and financing income from climate infrastructure capital deployment.more ▾less ▴ |
| FGL | Founder Group Ltd | $22M | — | — | Operational comp: Solar Electric Utilities; micro-cap ($22m); shares solar, founder, projects, scale, capacity, plants with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CWEN | Clearway Energy, Inc. | $8.4B | 11.1x | 15.0x | Clearway Energy owns and operates contracted clean-power generation - the business ThomasLloyd's energy-sales segment aspires to scale into under long-term power supply agreements.more ▾less ▴ |
| CSIQ | Canadian Solar Inc. | $1.6B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; small-cap ($1.6bn); shares solar, energy, capacity, utility, projects, scale with the target's own description; forward EV/Sales 1.3x.more ▾less ▴ |
| ORA | Ormat Technologies, Inc. | $7.0B | 8.4x | 19.1x | Ormat is a vertically integrated renewable IPP (develop-build-own-operate plus technology) whose integration across the value chain mirrors ThomasLloyd's stated model.more ▾less ▴ |
| BN | Brookfield Corporation | $113.6B | — | — | Operational comp: Investment Management & Fund Operators (NEC); mega-cap ($113.6bn); shares itself, solar, sustainable, energy, equity, renewable with the target's own description; forward EV/Sales 44.8x.more ▾less ▴ |
| ENLT | Enlight Renewable Energy Ltd. | $12.0B | 29.9x | 37.4x | Enlight Renewable Energy is a Nasdaq-listed non-US developer/IPP growing a multi-GW international solar-plus-storage portfolio, a comparable growth-stage renewables platform.more ▾less ▴ |
| SPRU | Spruce Power Holding Corp | $92M | — | — | Operational comp: Solar Electric Utilities; micro-cap ($92m); shares solar, energy, renewable, utility, assets, operating with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| NPI.TO | NORTHLAND POWER INC. | — | — | — | Northland Power is an international developer/owner of renewable generation across multiple continents and technologies; CAD quote so multiples excluded from medians.more ▾less ▴ |
| RUN | Sunrun Inc | $4.3B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; mid-cap ($4.3bn); shares solar, energy, utility, projects, certain, systems with the target's own description; forward EV/Sales 5.8x.more ▾less ▴ |
| GLSA | Green Solar Energy Ltd | — | — | — | Operational comp: Solar Electric Utilities; shares solar, wales, energy, utility, south, systems with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| NXT | Nextpower Inc | $17.9B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; large-cap ($17.9bn); shares solar, plants, energy, site, utility, scale with the target's own description; forward EV/Sales 3.0x.more ▾less ▴ |
| SMXT | SolarMax Technology Inc | $45M | — | — | Operational comp: Solar Electric Utilities; micro-cap ($45m); shares solar, projects, energy, renewable, operating, integrated with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| JKS | JinkoSolar Holding Co., Ltd. | $9.5B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; mid-cap ($9.5bn); shares solar, vertically, value, integrated, its, company with the target's own description; forward EV/Sales 0.6x.more ▾less ▴ |
| ENPH | Enphase Energy, Inc. | $4.2B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; mid-cap ($4.2bn); shares solar, energy, plus, own, integrated, systems with the target's own description; forward EV/Sales 4.0x.more ▾less ▴ |
| DESRcontext only | DESRI Inc | — | — | — | Adjacent: Renewable IPPs — the businesses read alike, the vendor classification does not agree; shares solar, renewable, projects, pre, capacity, energy with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is ThomasLloyd Climate Solutions going public?
ThomasLloyd Climate Solutions has a signed merger with the SPAC Roman DBDR II (DRDB), announced Mar 3, 2026. Deal status: Definitive (DA signed).
What is ThomasLloyd Climate Solutions's SPAC deal valuation?
The announced headline equity value is $850M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.3B, 48% above the headline.
Was ThomasLloyd Climate Solutions bought at an expensive or a cheap valuation?
The deal values ThomasLloyd Climate Solutions at $1.26bn, or 28.6× the FY2024A (investor deck, translated from actual FY24 EUR results at 1.1741) actual revenue it actually reported. That is 2.1× what the market pays for its closest listed peers (median 13.48×) — an expensive price. It is priced above 60% of them.
Does ThomasLloyd Climate Solutions have revenue?
The filings report a revenue figure of $44M (FY2024A (investor deck, translated from actual FY24 EUR results at 1.1741)).
Educational content, not investment advice.
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