SDCL Energy Efficiency Income Tst Acquisition Completion (5978Q)
01 March 2021 - 6:00PM
UK Regulatory
TIDMSEIT
RNS Number : 5978Q
SDCL Energy Efficiency Income Tst
01 March 2021
1 March 2021
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Acquisition Completion
Further to its announcement on 24 December 2020, SEEIT confirms
it has completed the acquisition of a series of portfolios of
commercial and industrial ("C&I") on-site solar and energy
storage projects in the United States, together with a 50% interest
in the platform that has created them, Onyx Renewable Partners ("
Onyx") from funds managed by Blackstone ("Blackstone") .
Upfront initial consideration is US$120 million with an
incremental US$30 million expected to be deployed in the coming
months as construction progresses on solar projects. We expect the
US$150 million investment to scale up over time as we continue the
build-out of Onyx's high quality on-site solar pipeline.
The projects being acquired include a 100% interest in four
solar and storage portfolios totalling over 175 MW of operational,
in-construction and development stage assets, which provide
renewable energy generated on-site directly to the end-user and a
50% interest in Onyx and its longer-term pipeline, which is
projected to exceed 500MW over the next 5 years.
The acquisition has been financed through existing cash
reserves. Existing project debt finance facilities remain in place
post-acquisition.
For Further Information
Sustainable Development Capital T: +44 (0) 20 7287 7700
LLP
Jonathan Maxwell
Eugene Kinghorn
Purvi Sapre
Keith Driver
Jefferies International Limited T: +44 (0) 20 7029 8000
Tom Yeadon
Gaudi Le Roux
Neil Winward
TB Cardew T: +44 (0) 20 7930 0777
Ed Orlebar M: +44 (0) 7738 724 630
Joe McGregor E: SEEIT@tbcardew.com
About SEEIT
SDCL Energy Efficiency Income Trust plc is the first UK listed
company of its kind to invest exclusively in the energy efficiency
sector. Its projects are primarily located in the UK, Europe and
North America and include, inter alia, a portfolio of cogeneration
assets in Spain, a portfolio of recycled energy and cogeneration
projects in the United States, a regulated gas distribution network
in Sweden and, most recently, a portfolio of commercial and
industrial solar and storage projects in the United States.
The Company aims to deliver shareholders value through its
investment in a diversified portfolio of energy efficiency projects
which are driven by the opportunity to deliver lower cost, cleaner
and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for
shareholders of 7-8 per cent. per annum (net of fees and expenses
and by reference to the initial issue price of GBP1.00 per Ordinary
Share), with a stable dividend income, capital preservation and the
opportunity for capital growth. The Company is targeting a dividend
of 5.5p per share in respect of the financial year to 31 March
2021. SEEIT's last published NAV was 102.0p per share as at 30
September 2020.
Past performance cannot be relied on as a guide to future
performance.
Further information can be found on the Company's website at www.seeitplc.com .
Investment Manager
SEEIT's investment manager is Sustainable Development Capital
LLP ("SDCL"), an investment firm established in 2007, with a proven
track record of investment in energy efficiency and decentralised
generation projects in the UK, Continental Europe, North America
and Asia.
SDCL is headquartered in London and also operates worldwide from
offices in New York, Dublin, Madrid, Hong Kong and Singapore. SDCL
is authorised and regulated in the UK by the Financial Conduct
Authority.
Further information can be found on at www.sdclgroup.com .
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