In QuotedData’s morning briefing 11 June 2025: SDCL Efficiency Income’s Onyx Renewable Partners has secured a new debt facility that will allow it to fund its near term pipeline and we have interim results from TwentyFour Select Monthly Income.
- SDCL Efficiency Income Trust (SEIT) has announced that its US subsidiary, Onyx Renewable Partners, has secured a new US$260m senior secured credit facility, replacing a US$115m revolving credit facility. Arranged by Apterra Infrastructure Capital, the financing will support the continued construction and operation of Onyx’s portfolio of distributed energy assets, including onsite solar PV and battery storage projects. The new facility allows Onyx to self-fund its near-term pipeline and reduces future funding needs from SEIT, with little impact on overall portfolio gearing. While Onyx’s valuation is mostly underpinned by contracted assets, a sale of the platform has proven difficult amid US policy uncertainty. SEIT is now pursuing private equity partnerships instead, with a small group of parties in discussions. More detail will follow in SEIT’s upcoming annual report.
- TwentyFour Select Monthly Income Fund (SMIF) has released its interim results for the six months to 31 March 2025, during which SMIF delivered an NAV total return of 4.9% and dividends of 3.88p per share – tracking ahead of its 6p annual target. NAV per share edged up to 83.87p, while net assets rose to £234.4m. Performance was driven by strong income generation, with CLOs and insurance-linked bonds leading sector returns at 5.83% and 6.04%, respectively. The fund benefited from elevated yields, particularly in floating-rate CLOs and European bank debt, areas where the managers remain overweight. The fund traded at a 2.09% average premium to NAV, and issued 16.9m new shares in response to demand. Looking ahead, the managers expect continued macro volatility but remain optimistic on credit, citing high all-in yields, strong balance sheets, and minimal direct exposure to geopolitical risks.
- Digital 9 Infrastructure (DGI9) has announced the completion of the sale of its interest in SeaEdge UK1, a data centre and subsea fibre landing station in Newcastle, to Stellium Datacenters. The £10.7m sale price was broadly in line with the investment’s end-2024 NAV, and included deferred rent. Following transaction costs, net proceeds of £10.3m, along with surplus working capital, will be used to fully repay and cancel the group’s £13m revolving credit facility. This marks the final stage of DGI9’s deleveraging process, which began in 2024 and included the disposals of Verne Global in March and EMIC-1 in May 2025. The company remains focused on an orderly wind-down, with proceeds from remaining investments to be returned to shareholders.
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