In QuotedData’s morning briefing 4 February 2021:
- SDCL Energy Efficiency Income Trust have announced a £100m placing (94.3m shares at 106p). The price is a 3.9% premium to the end September NAV and a 1.4% discount to last night’s closing price. The money would go into commercial and industrial solar projects across the United States in conjunction with Onyx; energy efficiency projects across the United States in conjunction with Sparkfund; and investments into electric vehicle charging infrastructure projects across the UK in conjunction with EV Networks. Plus some other potential opportunities that the manager has identified. Jefferies is handling the placing. The announcement says that “Individuals wishing to invest in new ordinary shares through an ISA, SSAS or SIPP should contact their professional advisers regarding their eligibility.”
- Ecofin U.S. Renewables Infrastructure has completed the acquisition of all four seed investments described in its prospectus. Within just over one month from admission, the company has invested about half of its IPO proceeds. This latest deal involves a payment of about $24.5m for a 49.5% stake in a 107.8 MW utility scale solar portfolio consisting of 2 operating assets in Kern County, California. These have 100% of their revenues contracted with an investment grade rated utility for a weighted average remaining term of approximately 22 years.
- Marble Point Loan Financing has invested $12.7m in Marble Point CLO XIX Ltd, a newly issued $400m CLO. It will own 36.7% of the equity tranche. The yield on this is estimated to be between 12% and 14%. Marble Point CLO XIX is expected to have, approximately, a five year reinvestment period, two year non-call period and 13 year maturity. Its expected weighted average cost of debt is LIBOR + 197 basis points (1.97%).
- Alliance Trust reports that Lomas, one of the nine managers responsible for its portfolio, is being wound down as two of its senior portfolio managers have decided to retire. Willis Towers Watson, the investment manager, is in the process of reallocating the part of the portfolio managed by Lomas between the eight other managers. The termination of Lomas’ appointment will be effective once the reallocation has been completed.
We also have news of a trading update from EPE Special Opportunities, a new investment by JLEN Environmental and updates from UK Commercial Property REIT and Alternative Income REIT.