Acquisition Completion

RNS Number : 3625Z

SDCL Energy Efficiency Income Tst

21 May 2021

 

21 May 2021

SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")

Acquisition Completion

Further to its announcement on 6 April 2021, SEEIT confirms that it has completed the acquisition of a 100% equity interest in a commercial district energy system, RED-Rochester, LLC, (''RED'') from a fund managed by an affiliate of Stonepeak Infrastructure Partners for a cash consideration of approximately $177 million.

RED is one of North America's largest district energy systems with 117 MW of steam turbine generators plus boilers, chillers and other equipment that provide exclusive utility services to commercial and industrial customers within the 1,200 acre Eastman Business Park, located in Rochester, New York.

The acquisition has been funded from existing cash reserves and RCF facilities. RED's existing project debt finance facilities, which are equivalent to c.$84 million, remain in place post-acquisition.

For Further Information

Sustainable Development Capital LLP Jonathan Maxwell Eugene Kinghorn Purvi Sapre Keith Driver	T: [phone]
Jefferies International Limited Tom Yeadon Gaudi Le Roux Neil Winward	T: [phone]
TB Cardew Ed Orlebar Joe McGregor	T: [phone] M: [phone] E: [e-mail]

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 a portfolio of commercial and industrial solar and storage projects in the United States.

The Company aims to deliver shareholder 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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