https://theenergyst.com/seeit-expands-with-acquisition-of-energy-efficiency-projects-in-singapore/

SDCL Energy Efficiency Income Trust plc, a UK-listed investment company that invests exclusively in the energy efficiency sector, today announces the acquisition of its first portfolio of energy efficiency projects in Singapore from Singapore Energy Efficiency Investments Pte. Ltd. (‘SEEPL’) and associates for an equity cash consideration of £2 million.

The portfolio consists of six operating assets, including chillers and bespoke energy-efficient air compressors that are installed at the premises of five leading industrial counterparties in Singapore, including subsidiaries of large multinational institutions. The total remaining portfolio life is 6 years and 10 months.

This investment in proven operational assets further diversifies SEEIT’s portfolio, in terms of geography, technology, counterparty and application.

Importantly, the acquisition represents SEEIT’s first energy efficiency investment in Singapore and, together with SDCL’s presence in the region, provides a platform from which the Company can explore future opportunities in this and other attractive jurisdictions in the region.

The acquisition constitutes a smaller related party transaction, falling within the scope of Listing Rule 11.1.10R as the Company’s Investment Manager, Sustainable Development Capital LLP (SDCL) and its associates, have an interest in SEEPL. The Board of Directors of the Company took independent valuation advice when negotiating this acquisition. The acquisition has been funded through existing cash reserves and is expected to contribute positively to SEEIT’s total returns.

SDCL’s CEO, Jonathan Maxwell, said, “With this investment, SEEIT establishes a portfolio in Singapore from which it can scale up to address other opportunities in the country and the region. We are investing into the decarbonisation of manufacturing in the region, including cooling efficiency, where air conditioning and refrigeration management have been demonstrated to offer the largest and most cost-effective potential for greenhouse gas emission reductions”.

Markuz Jaffe, 01 October 2020

• £2m for a portfolio of energy efficiency projects in Singapore, consisting of six operating assets including chillers and bespoke energy-efficient air compressors that are installed at the premises of five industrial counterparties.

SDCL Energy Efficiency Income Trust PLC – energy efficiency investor – Acquires first portfolio …

Dayo Laniyan, 1 October, 2020

https://www.morningstar.co.uk/uk/news/AN_1601577641320865200/in-brief-sdcl-energy-efficiency-acquires-portfolio-in-singapore.aspx

SDCL Energy Efficiency Income Trust PLC – energy efficiency investor – Acquires first portfolio of energy efficiency projects in Singapore from Singapore Energy Efficiency Investments Pte Ltd for GBP2 million. Portfolio comprises six assets, including chillers and air compressors installed at the premises of five industrial counterparties. Remaining portfolio life is six years and ten months.

Current stock price: 109.50 pence

Year-to-date change: up 1.9%

Link to Article

SEEIT has entered into an agreement with Electric Vehicle Network (EVN) to acquire an initial 112 rapid and ultra-fast EV charging stations across the UK for up to £50m.

SEEIT is the first UK-listed investment company of its kind to invest exclusively in the energy efficiency sector.

The EV charging sites will be developed and funded by EVN to the point at which they are contracted and construction ready, at which stage they will be acquired by SEEIT.

Once operational, the EV charging sites will be contracted through 20-year, fixed price, CPI inflated Energy Service Agreements to charge point operators.

In addition to the initial 112 sites, EVN has plans to develop a further 380 EV charging sites, requiring an additional £150m in the next 36 months, for which SEEIT has a right of first negotiation.

Jonathan Maxwell, CEO of SDCL, said: “There is a growing need for charging infrastructure in the UK as we transition towards more efficient fuel choices that reduce harm to our environment. We identified EV charging infrastructure as a target area in our June 2020 Prospectus and are pleased to have this opportunity to invest.

“EVN’s unique business model offers CPOs charging infrastructure as a service. This fits our model of investing in availability-based services with strong counterparties. Project revenues will be generated from energy services agreements with predictable costs, presenting the opportunity for a stable and predictable investment for SEEIT and one we are delighted to add to our portfolio. This will also provide further diversification in terms of technology, counterparty and application.”

Link to Article

Watson Farley & Williams (“WFW”) has advised SDCL Energy Efficiency Income Trust plc (“SEEIT”) on its acquisition of an initial 112 rapid and ultra-fast EV charging stations across the UK from Electric Vehicle Network Limited (“EVN”) for a total consideration of up to £50m.

The sites, largely located in forecourts and car parks with large site owners, are expected to take between six and twelve weeks to build. In addition to the initial 112 sites, EVN has plans to develop a further circa 380 EV charging sites, requiring an additional circa £150m in the next 36 months, for which SEEIT has a right of first negotiation.

Founded in 2018, SEEIT is the first UK-listed investment company of its kind to invest exclusively in the energy efficiency sector. EVN is a dedicated EV charging infrastructure development company.

The WFW London team that advised SEEIT was led by Energy Partner Emmanuel Ninos, supported by Senior Associate John Rosmini who assisted on property matters, and Associate Tim Williams who handled corporate aspects of the transaction.

Emmanuel commented “This substantial investment in a large portfolio of rapid and ultra-fast EV charging stations demonstrates the demand for attractive investments in the UK EV sector. WFW has now acted on a number of innovative transactions in the EV sector across Europe, including France, Germany and the UK”.

SDCL Energy Efficiency Income Trust (SEEIT) has signed a deal with Electric Vehicle Network to acquire an initial 112 rapid and ultra-fast EV charging stations for £50 million.

The EV charging sites will be developed and funded by EVN to the point at which they are contracted and construction ready, at which stage they will be acquired by SEEIT.

The construction period for each project is expected to be around six to 12 weeks.

Once operational, the EV charging sites will be contracted through 20-year, fixed price Energy Service Agreements (ESAs) to charge point operators (CPO)

The EV Charging sites will also enter into long-term land-lease agreements with the site-owners, which are large, established forecourt or car park operators on the same basis.

EVN, through its subsidiaries, will also manage the construction and operation of the assets, through asset management and maintenance contracts in accordance with the period and terms of the ESAs.

In addition to the initial 112 sites, EVN has plans to develop a further 380, requiring an additional £150m in the next 36 months, for which SEEIT has a right of first negotiation.

Jonathan Maxwell, chief executive of SEEIT, said: “There is a growing need for charging infrastructure in the UK as we transition towards more efficient fuel choices that reduce harm to our environment.

“We identified EV charging infrastructure as a target area in our June 2020 Prospectus and are pleased to have this opportunity to invest.”

The EV Network, (EVN), a leading independent developer of high-powered EV charging stations, has secured funding for the construction of its first round of projects. The initial £50 million commitment is the first stage of an up to £200 million programs of project investment and will be provided by clean energy investor Sustainable Development Capital (SDCL). The initial commitment will be drawn down from the SDCL Energy Efficiency Income Trust plc (SEIT.LN), managed by SDCL, into qualifying projects. This will help EVN achieve its target of building out a network of high-powered EV charging hubs across the UK. EVN plans to use the initial commitment to develop around 100 locations, each with multiple ultra-fast charge points.

Lord Barker, Chairman of EVN said: “Securing this substantial project level funding isn’t just great news for EVN and all our stakeholders but a terrific shot in the arm for the whole U.K. electric vehicle sector. Industry leader EVN will now roar out of the Covid lockdown and look to drive the roll out of our state-of-the-art fast charging stations faster than Lewis Hamilton. This is private sector green recovery at its most promising.”

Reza Shaybani, Co-Founder & CEO of EVN said: “I am delighted that we have achieved this important milestone in our company. Our unique business model offers Charge Point Operators (CPOs) a fully funded, turn-key solution to high-powered EV charging. This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future. Public demand for cleaner air, long-term and prudent Government policies alongside the automotive industry’s shift from ICEs to EVs will make the transition towards a cleaner and greener future of mobility possible. I must congratulate our exceptional team for this outstanding achievement, especially in the current economic climate.”

Sam Shaybani, Co-Founder & Director of EVN added: “There is absolutely a revolution taking place within the automotive and wider mobility sector as we try to move away from using petrol and diesel and push towards using electrons as our source of fuel. It is so important that we now begin to accelerate this transition as we all know the massive climate challenge facing us, and I completely believe that this investment will boost the shift to e-mobility. Since 2017, a lot of hard work has gone into getting the company to this moment, we have big aspirations and cannot wait to begin this new era of the company’s growth.”

Jonathan Maxwell, CEO of Sustainable Development Company (SDCL) said: “There is a growing need for charging infrastructure in the UK as we transition towards more efficient fuel choices that reduce harm to our environment, that are cost-effective and reliable. EVN’s unique business model offers Charge Point Operators (CPOs) charging infrastructure as a service, making high-powered EV charging hubs available for use at high-quality locations nationwide. This fits our model of investing in availability-based services with strong counterparties.”