Shareholders in the suspended Asian Energy Impact Trust (AEIT) voted to give the newly appointed investment manager more time to complete the strategic review at the general meeting this week.

A stock exchange notice showed 83.1% of voting shareholders agreed with the board’s recommendation and voted against winding up the emerging markets renewable infrastructure fund, which is likely to see the review completed in the first quarter of 2024 under interim manager Octopus Energy Generation.

A large proportion of shareholders in the £70m fund formally known as ThomasLloyd Energy Impact turned out, with 87.7% of total voting rights cast, meaning 73% of shareholders were against winding up and 15% for it.

The largest stakeholders include the UK Foreign Office, Brevan Howard and the ThomasLloyd Cleantech Infrastructure fund, with respective positions of 18%, 17% and 12%, according to Refinitiv data.

Recent results showed the fund’s unaudited net asset value plunged 47.5% to 50.4 cents per share over the 12 months to October, with chair Sue Inglis noting the near halving of the portfolio’s value reflected ‘the significant reduction of $78.9m in the fair value’ of the portfolio, driven by issues with a number of investments.

The largest of these has been the construction of the Rewa Ultra Mega Solar Park (RUMS) project in India, with rising construction costs at the project under ThomasLloyd’s management leading the board to suspend the shares in April.

Octopus has already warned investors that it is likely to incur losses of more than the previously estimated £13m, which was based on construction being completed by 31 March 2024 – an unlikely target.

AEIT held a cash balance of $63.6m at the end of September, but since then has had to spend another $20m funding SolarArise, which is constructing the RUMS project.

The board intends to deliver the outstanding annual and interim reports by 19 January and apply to the FCA to lift the share suspension.