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1 Mar 2021 07:00
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 LLP Jonathan Maxwell Eugene Kinghorn Purvi Sapre Keith Driver
| T: +44 (0) 20 7287 7700
|
Jefferies International Limited Tom Yeadon Gaudi Le Roux Neil Winward
| T: +44 (0) 20 7029 8000
|
TB Cardew Ed Orlebar Joe McGregor | T: +44 (0) 20 7930 0777 M: +44 (0) 7738 724 630 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 £1.00 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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