In QuotedData’s morning briefing 30 September 2024:

• SDCL Energy Efficiency Income (SEIT) has published an interim update statement. It says that its operational assets are performing in line with expectations, on a consolidated basis, and that the portfolio is also well positioned for growth. Two of SEIT’s largest investments, Onyx, an established provider of distributed clean energy solutions to commercial and industrial customers across the United States, and EVN, a successful electric vehicle charging platform in the UK, are growing fast and ahead of budget. Both platforms require further capital. SEIT says that it is therefore actively pursuing financing, co-investment and disposal opportunities to support the growth of these assets and secure value for its shareholders. It says that any surplus capital raised will be used to pay down its revolving credit facility (RCF). SEIT says that interest rate cuts in the US and UK are likely to have a positive impact on the value of its portfolio on a discounted cash flow basis. It adds that, while this may in due course reduce its weighted average discount rate, its board views it as prudent to materially absorb decreases in risk free rates through increases in risk premiums for the September 2024 valuation due to ongoing economic and geopolitical uncertainty.
• Home REIT (HOME) has sold a further 200 properties from its portfolio at a series of public auctions held on the 25, 26 and 27 of September, for a total of £36.9m, representing 15% of the company’s portfolio by value (in line with the draft February 2024 values). The sales mean that the company has now sold 1,208 properties and exchanged on a further 293 properties for a combined £216.9m, which will be used to reduce borrowings and provide working capital.
• Aquila European Renewables (AERI) has completed the sale of its 25.9% interest in Tesla, its Norwegian Wind farm, to Sunnhordland Kraftlag AS for €27.0m. The sale represents a premium of €2.6m above the prevailing valuation reflected in AERi’s NAV as at 30 June 2024. As outlined in AERI’s announcement dated 5 September 2024, proceeds will be primarily used to fully repay the remaining drawn balance of €26.1m that is outstanding under AERI’s revolving credit facility. Based on AERI’s NAV as at 30 June 2024, AERI’s total leverage is expected to reduce from 36.3% to 31.7% on a pro forma basis.

We also have:

• Wind up proposals for Keystone Positive Change
• US Solar terminates sale of RECs from its Oregon assets
• Annual results from Bluefield Solar Income
• Annual results from CQS New City High Yield
• Annual results from JPMorgan Global Growth & Income
• Triple Point Social Housing REIT appoints new manager