Clean Energy Developer ThomasLloyd to Go Public Via SPAC Deal

(Bloomberg) — ThomasLloyd Climate Solutions has agreed to merge with a blank-check company in a deal that will allow the European-based clean energy developer to enter the booming US market for powering data centers.

The combination with Roman DBDR Acquisition Corp. II is expected to raise more than $240 million and is set to close in the second half of this year, according to a statement reviewed by Bloomberg News. That includes an anticipated private investment in public equity, according to the statement, which didn’t include details on the PIPE.

ThomasLloyd, which is valued at $850 million on an equity basis before the transaction, also has signed an agreement with B. Riley Principal Capital II for a $200 million equity line of credit. B. Riley Securities managed the 2024 initial public offering by the Roman DBDR special purpose acquisition company.

ThomasLloyd has provided sustainable energy consulting, financing and development since 2003 with a focus in Asian markets. The company seeks to bring its expertise to the US where it aims to build renewable energy and energy-efficiency projects for data centers that need power quickly, Chief Executive Officer Michael Sieg said.

“We believe the market opportunity at this point won’t get better,” Sieg said.

The company is seeking to capitalize on one of the hottest sectors of the US economy. The rapid expansion of data centers has kicked off a race to find sufficient power supplies for facilities that can consume as much electricity as a midsize US city. Clean energy developers say they can help with a solution that is faster to deploy than traditional power sources.

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