The renewable energy infrastructure company, SDCL Energy Efficiency Income (SEIT), has finalised the acquisition of a 50% interest in Primary Energy, a portfolio of recycled energy and cogeneration projects located in Indiana, USA, for an equity cash value of around $110m. The deal was initially announced on 30 December 2019 – you can read more on it here.
SEIT says the 298MW portfolio consists of five operating projects which generate low-cost, efficient energy, comprising three recycled energy projects, one natural gas combined heat and power project and a 50% interest in an industrial process efficiency project.
Project debt finance facilities remain in place following cash deal
The acquisition has been financed through cash reserves while existing project debt finance facilities remain in place post-acquisition.
Commenting on the acquisition, Jonathan Maxwell, CEO and founder of SEIT’s manager, notes that “This opportunity involves a proven operational portfolio of industrial energy efficiency projects with strong environmental benefits.This investment further diversifies SEIT’s portfolio, in terms of geography, technology, counterparty and application. We are confident that this acquisition will make a significant contribution to the trust’s total returns.”
SEIT: SDCL Energy Efficiency Income completes $110m US deal