TPZ News & Events

Tortoise Energy Infrastructure announced the preliminary results of its transferable rights offering, which commenced on May 20, 2026, and expired on June 17. Based on preliminary information, the Offer is expected to result in the issuance of approximately 4.28M shares of the Company's common stock, including notices of guaranteed delivery, resulting in anticipated gross proceeds to the Fund of approximately $180.8M. The final number of Common Shares issued, and the final proceeds received by the Company remain subject to verification and completion of the subscription process. The Company expects to announce the final results of the Offer at a later date. The Company intends to invest the net proceeds of the Offer, together with any associated increase in borrowings, in accordance with its investment objectives and policies and for general corporate purposes. The subscription price for the Common Shares issued pursuant to the Offer was $42.24 per Common Share and was determined based upon 90% of the average of the Company's net asset value per Common Share at the close of trading on the New York Stock Exchange on the Expiration Date and each of the four preceding trading days. Common Shares will be issued promptly after receipt of all stockholder payments and completion of the pro-rata allocation of Common Shares in respect of the over-subscription privilege.

Tortoise Capital Advisors announced a series of strategic enhancements to the Tortoise Essential Energy Fund that will become effective on January 1, 2026. These updates include changes to the fund's investment policy and name, as well as a shift in distribution frequency. TPZ's new non-fundamental investment policy is centered on what Tortoise believes may be one of the most powerful and durable investment themes of the next decade: the buildout of North American electrification infrastructure. Electrification refers to the rapidly expanding system of power generation, transmission, distribution, and equipment needed to support rising electricity demand across industries. To reflect this expanded focus, the fund will be renamed the Tortoise Electrification Infrastructure ETF, positioning it to invest primarily in the companies powering the growth of the modern electricity infrastructure. As part of this modernization, the fund will transition from monthly to quarterly distributions. The distribution rate will be adjusted to align with the fund's total-return focus. This change provides a more sustainable distribution framework and allows the portfolio to more efficiently pursue growth opportunities within the electrification theme. These enhancements represent the final step in TPZ's evolution following its December 2024 conversion from a closed-end fund to an ETF. The updates fully align the portfolio with the structural electrification opportunity and further reinforce Tortoise Capital's long-standing focus on essential energy and infrastructure.