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Acquisition activity

SEIT: Mkt Cap £748m | Prem/(disc) 9.8% | Div yield 5.0%

SDCL Energy Efficiency Income has completed the acquisition of a series of portfolios of on-site solar and energy storage projects in the US, together with a 50% interest in Onyx Renewable Partners (first announced in December). SEIT will initially pay $120m, with an incremental $30m expected to be deployed in the coming months as construction progresses on the solar projects. The projects include a 100% interest in four solar and storage portfolios totalling c.175 MW of operational, in-construction and development stage assets. The 50% interest in Onyx provides access to its longer-term pipeline, which is projected to exceed 500MW over the next 5 years. The acquisition was one of the projects identified prior to the recent capital raise and has been financed through cash reserves. Existing project debt finance facilities remain in place post-acquisition.

• Asset: “a series of portfolios of commercial and industrial (“C&I”) on-site solar and energy storage projects in the United States, together with a 50% interest in the platform that created them, Onyx Renewable Partners”
• Consideration: “US$120 million with an incremental US$30 million expected to be deployed in the coming months as construction progresses on solar projects”. The investment is expected to scale up over time as they continue the build out of Onyx’s pipeline.

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