SDCL Energy Efficiency Income Trust (SEEIT) is raising GBP 80.00 million under an existing share issue programme announced in June. The UK-closed-ended investment company is selling 76.20 million new stocks at 105.00 pence apiece, representing a 4.0 per cent premium to its net asset value of 101.00 pence, as at 31st March 2020. It noted the price is also a discount of 5.4 per cent to the close of 111.00 pence yesterday, being the last trading day prior to this announcement. Chairman Tony Roper said: “This proposed capital raise builds on the strong momentum SEEIT has achieved over the last two years. “Energy efficiency is critically important in global efforts to address the climate emergency and has become an increasing focus for investors. “The proceeds of this placing will allow SEEIT to continue to invest in this important and growing market whilst also delivering additional scale and diversification to shareholders.” Chief executive Jonathan Maxwell stated money raised will fund investments and new acquisitions. He added SEEIT already has its eye on opportunities that are either under exclusivity or at an advanced stage of negotiation and due diligence. As at 31st March 2020, the company had a portfolio of 26 assets – across technology, geography and credit counterparty – with an aggregate value of GBP 320.00 million. Since the end of March and a GBP 110.00 million capital increase in June 2020, SEEIT has acquired, or committed to buying, GBP 57.00 million-worth of assets. This includes ultra-fast electric vehicles charging stations in the UK; combined heat and power assets installed at various hotels in the country; and energy efficiency projects in Singapore. Zephyr, the M&A database published by Bureau van Dijk, shows 993 capital increases by UK-based companies have been announced in 2020 to date. SEEIT’s latest cash call currently ranks 98th by value

Energy efficiency investor SDCL Energy Efficiency Income Trust launched a share placing to raise £80 million to fund investment opportunities.

New shares in the company were being offered at 105p per share, representing a 5.4% discount to its closing price on Monday.

The company said it was pursuing opportunities including investments under exclusivity with an aggregate equity value of over £100 million.

These included an established operational European regulated energy network in a major Western European city, and a pipeline of follow-on investments from the company’s existing portfolio.

SDCL Energy Efficiency also cited investments at an advanced stages of due diligence, or in bilateral negotiation , with an aggregate equity value of over £150 million.

These included a portfolio of commercial and industrial on-site solar projects in the US and further investment in combined heat and power projects in the UK.

At 9:40am: [LON:SEIT] share price was -4.5p at 106.5p

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SDCL Energy Efficiency Income has acquired a portfolio of energy efficiency projects in Singapore for an equity cash consideration of £2m. The portfolio consists of six operating assets, including chillers and bespoke energy-efficient air compressors that are installed at the premises of five industrial counterparties in Singapore, including subsidiaries of large multinational institutions. The total remaining portfolio life is 6 years and 10 months. The acquisition is the company’s first investment in Singapore and it plans to use this as a platform from which it can explore future opportunities in the region.

SEIT: Mkt Cap £462m | Prem/(disc) 11.7% | Div yield 5.1%

SDCL Energy Efficiency Income Trust expands into Singapore

CEP Staff • 2 October 2020

London-listed SDCL Energy Efficiency Income Trust (SEEIT) plc has struck its first deal in Singapore, acquiring a portfolio of six operational assets.

Full article here (paywalled): https://cleanenergypipeline.com/news/sdcl-energy-efficiency-income-trust-expands-into-singapore/

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

LONDON: SDCL Energy Efficiency Income Trust has announced 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”.

SDCL Energy Efficiency Income Trust plc is the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Since IPO, SEEIT has made seven investments and commitments in a diversified portfolio of distributed generation and energy efficiency projects totalling c.£375m.

The projects are located in the UK, Europe and North America in broadly equal proportions and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States and, most recently, investments and commitments in operational and construction assets in the UK.

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%

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