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SDCL updates on investment activity

SDCL updates on investment activity – SDCL Energy Efficiency Income Trust (SEIT) has updated investors on its recent investment and financing activity. 

The LYCRA Company

SEIT has made an investment commitment of c.£3m to implement, finance and own the replacement of an energy efficient chiller system at The LYCRA Company’s Singapore facility.  Construction has commenced and commissioning of the system is expected to occur in early 2023.

ENGIE Services Singapore is the delivery partner of the turnkey project, providing design, procurement, shipping, installation and testing of the proven technologies.

The project has robust emission savings characteristics through the upgrade to a more energy efficient cooling system. Improving the efficiency of refrigeration and air conditioning represents one the largest and cheapest sources of greenhouse gas emissions globally. This investment was the first of its kind to be developed in conjunction with the Kigali Cooling Efficiency Program (K-CEP), which is a philanthropic collaboration launched in 2017 to support the Kigali Amendment of the Montreal Protocol and the transition to efficient, clean cooling solutions. 

Sustainable Living Innovations

SEIT has made a c.$5m debt investment alongside other investment partners to fund the energy efficiency measures in the 303 Battery Street building in Seattle, US.

The project entails a 15-story, 112 units net zero energy apartment building designed and constructed by Sustainable Living Innovations which, when completed, will be the greenest apartment building in Seattle and is expected to be certified as the first net zero energy multifamily high-rise building in the world. In its first year, the greenhouse gas emissions saved by the project are expected to be the equivalent of over 100,000 gallons of diesel fuel consumption.

Project construction is expected to be completed within twelve months and a sale of the building has been pre-agreed with one of the largest multi-family real estate investment trusts in the United States, Equity Residential.

The investment contributes to the direct energy efficiency systems, solar and control systems in the building, which collectively support the net zero energy designation. 

EV Network

The EV Network offers a turn-key solution to develop, fund and build publicly accessible electric vehicle (EV) charging stations in the UK and is already working with leading charge point operators.

SEIT has entered into an agreement via EV Network with ESB Energy, to significantly expand its network of convenient ultra-fast EV charging infrastructure across the UK. The new agreement is expected to deliver a significant number of rapid and ultra-fast EV charging sites in high-traffic areas at strategically selected locations. The development of the network will be carried out by The EV Network.

ESB Energy already has a network of 400 fast and rapid chargers in the UK with a strong presence in London, Birmingham and Coventry. All ESB chargers are powered by 100% renewable energy.

The ESB Energy roll-out will be funded as part of the initial £50m investment commitment to The EV Network previously announced. 

Debt financing at project level

SEIT has recently completed two project level financings, arranged and managed by the manager.

  • In the Gasnätet project, the existing debt financing has been replaced with a new 10-year financing at significantly improved terms and in the process releasing c.£25m of cash to SEIT to re-invest in its pipeline.
  • As part of the recently announced acquisition of the incremental 35% stake in the primary energy portfolio, the manager arranged US$50m of new financing at the project holding company level for this project.

Total debt (both at project and company holding company level) after the recent debt financing activity is approximately 35% of NAV, of which nil is at the company’s holding company level following the repayment of all amounts outstanding in September 2021.

SEIT : SDCL updates on investment activity

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