(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Monday said its performance in the financial year to the end of March was in line with expectations.
The investment company said its total assets have increased to over GBP380 million, compared to GBP100 million at initial public offering in December 2018.
The capital value of SDCL Energy Efficiency's portfolio has remained stable, it said, notwithstanding the downturn in global markets in conjunction with the Covid-19 pandemic.
Total borrowings were GBP63 million as at March 31, versus none as at the end of September 2019. The company said GBP39 million of its borrowings is repayable in July which, absent any refinancing, would be payable from the company's existing cash reserves, which totalled GBP70 million as at March 31. The remaining debt is not due to expire until June 2022.
SDCL Energy Efficiency said it remains on track to achieve the target dividend of 5.0 pence per share for the year ended March 31 and is guiding for 5.5p per share payout for its current financial year.
Turning to operation, the company said, as at the end of March, it had a portfolio of 26 energy efficiency investments, with 93% of the assets in operational phase and 7% of assets under development or construction.
"In spite of the unprecedented global situation around Covid-19, SEEIT's portfolio continues to perform in line with expectations and deliver cheaper, cleaner and more reliable energy solutions to clients and provide stable, predictable cash flows to the company," said Chief Executive Jonathan Maxwell.
SDCL Energy Efficiency shares were trading 0.5% higher in London on Monday at 104.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Sdcl Energy Ef. (SEIT)