SDCL Energy Efficiency Income Tst Acquisition Completion (3625Z)
May 21 2021 - 1:00AM
UK Regulatory
TIDMSEIT
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 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 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 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 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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END
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