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SDCL Energy Efficiency Income raises £250m in oversubscribed issue


SDCL Energy Efficiency Income (SEIT) has announced that it has raised £250m from its oversubscribed issue, reflecting a strong level of support from both institutional and retail investors. Given the level of demand and the company’s acquisition pipeline, the Board has decided to increase the target size of the Issue from gross proceeds of £175 million to £250 million. However, there was still significant excess demand and so a scaling back exercise has taken place. SEIT will now issue 226,244,343 new ordinary shares, at a price of 110.5 pence per share, which will be split as follows:

  • 79,274,806 Ordinary Shares under the Open Offer (including the Excess Application Facility);
  • 134,712,840 Ordinary Shares under the Placing;
  • 6,185,472 Ordinary Shares under the Offer for Subscription; and
  • 6,071,225 Ordinary Shares under the Intermediaries Offer.

Comments from Tony Roper, Chairman of SDCL Energy Efficiency Income

 “We are extremely grateful to all existing and new shareholders for the strong support they have shown. This is our largest placing to date and our first to include an intermediaries offer. The issue was once again significantly over-subscribed, reflecting the strength of opportunity in the energy efficiency sector and the confidence of our shareholders in our ability to deliver. Given the depth and quality of our near-term investment pipeline, a significant portion of which is made up of organic investment opportunities which are either committed, have a right of first refusal, or are in exclusivity, the Board has chosen to increase the target capital raise to £250 million, from £175 million.

The Investment Manager has identified a broad pipeline of exciting opportunities for investment, and we are confident that the proceeds of this raise will be invested in a timely and efficient manner into existing assets and new investments that further diversify and complement the Company’s portfolio.

This is a critical time for the energy efficiency sector, with the urgent need to tackle the climate crisis, in which it will play a key role by providing new opportunities to invest in cleaner, cheaper and more reliable energy.”

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