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IN BRIEF: SDCL Energy Efficiency buys RED-Rochester for USD177 million

Tue, 6th Apr 2021 16:04

SDCL Energy Efficiency Income Trust PLC - investment company - Agrees to acquire a commercial district energy system RED-Rochester LLC from a fund managed by an affiliate of Stonepeak Infrastructure Partners for USD177 million. The acquisition will be funded from existing cash reserves and revolving credit facilities. RED is one of North America's district energy systems with 117 megawatts of steam turbine generators plus boilers, chillers and other equipment.

"We expect the project to make positive contributions to SDCL Energy Efficiency's earnings and cash flow. At the same time, the project offers the potential for growth over the medium to long term through the addition of new customers and the implementation of accretive energy efficiency measures,'' says Jonathan Maxwell, chief executive & founder of Sustainable Development Capital LLP, an investment manager.

Current stock price: 112.63 pence, down 0.3% on Tuesday

Year-to-date change: up 5.8%

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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