SDCL Energy Efficiency Income targets more capital to fund growth – The board of SDCL Energy Efficiency Income (SEIT) has announced a proposed placing of new ordinary shares under its existing share issuance programme to institutional investors at a price of 103 pence per share.
In addition, the company today announced that the unaudited estimated NAV as at 30 September 2019 was approximately £169.5m, equivalent to 99.0 pence per Ordinary Share. We recently wrote on the company’s inaugural results and an acquisition made in Spain.
With regard to the size of the placing, SEIT say that it will be determined once the bookbuild process has completed.
The pipeline
The company intends to use the net proceeds of the placing to assist in funding the acquisition of certain identified project assets. Prospective acquisitions include a portfolio of energy efficiency projects in Continental Europe and portfolios of on-site energy and energy efficiency projects in the United States.
About SEIT
SEIT’s investment business is focused on clean energy and energy efficiency project finance. SEIT has established specialist funds in the UK, Ireland and Singapore and is launching new funds in New York and China. SEIT’s funds in each country are in partnership with governments as an investor, promoter or guarantor. The funds invest in energy efficiency retrofit projects and seek a return based on savings achieved. This generates ongoing operational cost savings and carbon emission reductions as well as improvements to productivity and asset values, in compliance with current and prospective building regulations.:
SEIT: SDCL Energy Efficiency Income targets more capital to fund growth