Tortoise Capital Announces Strategic Merger of TEAF into TYG

Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today announced plans to merge two of its closed-end funds.

The board of directors of each of Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) and Tortoise Energy Infrastructure Corp. (NYSE:TYG) have approved the merger of TEAF into TYG, with TYG as the surviving company. This strategic merger is designed to enhance scale, improve efficiency, and strengthen Tortoise Capital's leadership in energy infrastructure investing – while better serving shareholders.

As of May 31, 2025, the combined total assets under management of TYG and TEAF are approximately $1.2 billion. TYG will retain its existing investment strategy and objective, continuing as Tortoise Capital's sole closed-end fund for investors seeking long-term exposure to essential energy assets.

TYG provides diversified exposure to energy and power infrastructure and seeks a high level of total return with an emphasis on current distributions. TYG's investment strategy is designed to capitalize on the ‘age of electricity,' driven by data center growth, electrification, and grid modernization as well as unprecedented natural gas and LNG demand as a globally scalable, lower-emission fuel anchoring U.S energy exports. The board of TYG also approved a 30% increase in distributions for TYG, subject to and upon completion of the merger.

"This merger provides a significant benefit to both TYG and TEAF investors," said Tom Florence, Chief Executive Officer and Chairman. "With TYG as our flagship closed-end fund solution, we are better positioned to deliver long-term value to shareholders through enhanced scale, operational efficiency, and a focused portfolio of high-quality energy and power infrastructure opportunities."

As previously announced, TEAF continues exclusive negotiations for the sale of its remaining private renewables portfolio, with the transaction expected to close in 2025. Proceeds from the sale will be reinvested in listed energy infrastructure securities.

The merger is expected to be completed in the second half of 2025, subject to requisite fund shareholder and regulatory approvals. Tortoise Capital will continue to provide updates as the transaction progresses and remains committed to transparency, disciplined capital management, and delivering long-term value to shareholders.

About Tortoise Capital

With approximately $8.9 billion in assets under management as of May 31, 2025, Tortoise Capital's record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered investment adviser who manages funds that invest primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. For more information about Tortoise Capital, visit www.tortoisecapital.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.

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