SDCL Energy Efficiency Income Tst Acquisition of Seed Portfolio and Pipeline Update (8934K)
19 December 2018 - 6:00PM
UK Regulatory
TIDMSEIT
RNS Number : 8934K
SDCL Energy Efficiency Income Tst
19 December 2018
19 December 2018
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Acquisition of Seed Portfolio and Pipeline Update
SDCL Energy Efficiency Income Trust plc is pleased to announce
that the Company has completed the acquisition of the Seed
Portfolio for a total cash commitment of GBP87 million. The terms
of the acquisition are in accordance with the prospectus published
by the Company on 22 November 2018 (the "Prospectus").
The Seed Portfolio comprises nine Energy Efficiency Projects
valued at GBP57 million, which are predominately operational and
well diversified across technologies and sectors with relatively
low credit, technology and regulatory risk, together with three
contracted investment commitments with identified Counterparties
totalling c.GBP30 million, which have not yet been drawn down. The
projects in the Seed Portfolio include Combined Cooling/Heating and
Power Plants ("CCHP") at a Citi data centre and St Bartholomew's
Hospital in London, as well as LED lighting projects for hundreds
of Santander properties and over 100 NCP car parks in the UK.
The Company is targeting an initial target annual dividend yield
of 5.0 per cent. by reference to the Initial Issue Price, rising to
5.5 per cent. in the year ending 31 March 2021, and a growing yield
thereafter. It is the Company's intention to pay interim dividends
to Ordinary Shareholders on a six-monthly basis. However, the
Directors expect to declare an initial interim dividend in relation
to the period from Initial Admission to 31 March 2019.
In addition, the Company has identified three pipeline project
investment opportunities that it expects to acquire in the near
term following Admission, namely:
-- a portfolio of CHP assets in Southern Europe;
-- a rooftop solar project for a large UK retailer; and
-- a portfolio of operational CHP projects in North-East USA.
The Company has now commenced due diligence on each of the
projects with a view to progressing them to financial close as soon
as practicable in 2019. The acquisitions will be financed through a
combination of equity and acquisition debt finance.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Prospectus.
For Further Information
Sustainable Development Capital T: +44 (0) 20 7287 7700
LLP
Jonathan Maxwell
Miles Alexander
Keith Driver
Jefferies International Limited T: +44 (0) 20 7029 8000
Gary Gould
Chris Dickinson
Tom Hovanessian
TB Cardew T: +44 (0) 20 7930 0777 / E: SEEIT@tbcardew.com
Ed Orlebar M: +44 (0) 7738 724 630
Emma Crawshaw
About SEEIT
SEEIT is the first listed company of its kind to capitalise on
operational opportunities in the energy efficiency sector - a
rapidly growing segment of the infrastructure market.
SEEIT invests in projects driven by the opportunity to deliver
lower cost, cleaner and more reliable energy solutions to end users
of energy, as opposed to projects that depend on government
concessions, subsidies, market incentives or energy markets for
their returns.
SEEIT is managed by SDCL and will target a total return of 7-8
per cent. per annum with a targeted initial dividend yield of 5.0
per cent. by reference to the Initial Issue Price, rising to 5.5
per cent. in the year ending 31 March 2021 and a growing yield
thereafter.
About SDCL
SDCL is a London based investment firm with a proven track
record of investment in energy efficiency and decentralised
generation projects in the UK, Continental Europe, North America
and Asia. SDCL was founded in 2007 by Jonathan Maxwell, and since
2012, has raised over GBP500 million of capital commitments,
including four funds exclusively focused on energy efficiency.
SDCL's funds seek to invest in projects that deliver cheaper,
cleaner and more reliable energy solutions directly to end users at
the point of use and that generate returns based upon the energy
savings achieved. This creates ongoing operational cost savings and
carbon emission reductions as well as improvements to productivity
and asset values. Headquartered in London, SDCL is authorised and
regulated in the United Kingdom by the Financial Conduct
Authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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