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5 Feb 2020 07:00
5 February 2020
SDCL Energy Efficiency Income Trust plc("SEEIT" or the "Company")
Acquisition Completion
Further to its announcement on 30 December 2019, SDCL Energy Efficiency Income Trust plc is pleased to have completed the acquisition of a 50% interest in Primary Energy, a portfolio of recycled energy and cogeneration projects located in Indiana, USA, from a consortium led by Fortistar LLC (''Fortistar'') for an equity cash consideration of approximately $110 million.
The 298MW portfolio consists of five operating projects which generate low-cost, efficient energy, comprising three recycled energy projects, one natural gas combined heat and power project and a 50% interest in an industrial process efficiency project.
The acquisition has been financed through cash reserves. Existing project debt finance facilities remain in place post-acquisition.
Commenting on the acquisition, Jonathan Maxwell, CEO and Founder of Sustainable Development Capital LLP, 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 SEEIT's portfolio, in terms of geography, technology, counterparty and application. We are confident that this acquisition will make a significant contribution to SEEIT's total returns.''
For Further Information
Sustainable Development Capital LLP Jonathan Maxwell Keith Driver
| T: +44 (0) 20 7287 7700
|
Jefferies International Limited Gary Gould Tom Hovanessian
| 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 (the "Company") is the first listed company of its kind to invest exclusively in the energy efficiency sector. Examples of the projects in the portfolio include combined cooling/heating and power plants, as well as energy efficiency projects in the UK and the US. Since IPO, the Company has invested in a diversified portfolio of energy efficiency assets, including the seed portfolio, a portfolio of rooftop solar PV projects for Tesco in the UK, a portfolio of cogeneration assets in the USA, a portfolio of energy efficiency loans in the USA and a portfolio of cogeneration assets in Spain.
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.
Further information can be found on the Company's website at www.sdcleeit.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 the group also operates worldwide from offices in New York, Dublin, Hong Kong and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.
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