(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Wednesday said it has completed the acquisition of a 50% stake in a portfolio of recycled energy and cogeneration assets in the US state of Indiana.
In December, the trust - which is focused on investments in the energy efficiency sector - had said it would pay USD110 million for the stake in the 298 megawatt Primary Energy portfolio from a consortium led by American clean energy firm Fortistar LLC.
The portfolio comprises three recycled energy projects, one natural gas combined heat & power project, and a 50% interest in an industrial process efficiency project. The projects are located within Indiana Harbor Works East and Indiana Harbor Works West, both of which are two steel mills owned by ArcelorMittal SA and United States Steel Corp, respectively.
The purchase has been financed through cash reserves, SDCL said.
"We are delighted to have completed this acquisition. This opportunity involves a proven operational portfolio of industrial energy efficiency projects with strong environmental benefits. This investment further diversifies our portfolio in terms of geography, technology, counterparty and application and we are confident that this acquisition will make a significant contribution to our total returns," said Chief Executive Jonathan Maxwell.
Shares in London-based SDCL were up 0.4% at 110.38 pence each on Wednesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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