TIDMSEIT
RNS Number : 2536R
SDCL Energy Efficiency Income Tst
05 March 2021
5 March 2021
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Company Update
SDCL Energy Efficiency Income Trust plc is pleased to provide an
update on recent investment activity and Investment Manager
Environmental, Social and Governance ("ESG") initiatives .
Framework investment agreements
SEEIT has signed framework agreements with two preferred
development partners providing it with the right to invest in a
series of energy efficiency assets in the UK and the United
States.
SEEIT has signed a framework agreement with BasePower Limited
("BasePower"), a developer and operator of on-site energy projects
in the UK, which are expected to include solar PV, high efficiency
combined heat and power ("CHP") and microgrid projects for
commercial and industrial clients. Under the framework, BasePower
will manage development, construction and operations of the
projects. The pipeline is approximately 37 MW and is expected to
involve an investment of approximately GBP10 million per annum over
the next 5 years.
SEEIT has also signed a new agreement with Sparkfund, an
existing developer relationship in the United States. SEEIT
invested US$22 million in a portfolio of project-backed loans in
September 2019. Under this new agreement, SEEIT would re-finance a
new portfolio of projects at construction completion over the next
12 months, which are expected to include energy efficiency and
resiliency measures such as lighting, heating, ventilation and air
conditioning, backup generation and building management systems and
controls. This new investment is expected to involve projects
totalling approximately US$20 million.
Such framework agreements with established developers and
partners can generate valuable organic follow-on pipeline
investment opportunities, often on pre-agreed terms.
Investment Manager ESG Initiatives
The Investment Manager, Sustainable Development Capital LLP
("SDCL"), is pleased to have joined the UK Green Building Council
as it had stated it planned to do in the Company's ESG report in
October 2020. The UK Green Building Council's mission is to
radically improve the sustainability of the built environment, by
transforming the way it is planned, designed, constructed,
maintained and operated. It promotes improvements to the built
environment that help in mitigating and adapting to climate change,
eliminating waste and maximising resource efficiency, embracing and
restoring nature and promoting biodiversity, optimising the health
and wellbeing of people and creating long-term value for society
and improving quality of life.
SDCL is also pleased to have joined the Green Finance
Institute's Coalition for the Energy Efficiency of Buildings
("CEEB"). Green Finance Institute (the "Institute") is an
independent, commercially focused organisation supported by HM
Treasury, the Department for Business, Energy and Industrial
Strategy and the City of London Corporation. The Institute seeks to
mobilise capital to accelerate the domestic and international
transition to a sustainable, net-zero carbon economy that is also
climate resilient. The CEEB convenes global experts from finance,
property and energy sectors, and across policy, academia and
non-profit organisations, to develop the market for financing a
net-zero carbon and climate resilient built environment in the UK
and internationally.
For Further Information
Sustainable Development Capital T: +44 (0) 20 7287 7700
LLP
Jonathan Maxwell
Eugene Kinghorn
Purvi Sapre
Keith Driver
Jefferies International Limited T: +44 (0) 20 7029 8000
Tom Yeadon
Gaudi Le Roux
Neil Winward
TB Cardew T: +44 (0) 20 7930 0777
Ed Orlebar M: +44 (0) 7738 724 630
Joe McGregor 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 GBP1.00 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 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 at www.sdclgroup.com .
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