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London-listed SEEIT has raised £160 million ($221 million) following a fresh capital raise announced on 4 February.

The raise was significantly in excess of its £100 million target, with the board increasing the shares available due to demand to 150.9 million new shares at 106p each.

Dealings in the new shares are expected to commence on 16 February 2021.

SEEIT says it has several opportunities to make add-on investments in projects in its existing portfolio, with a value of around £100 million.

These include:

• investments in commercial and industrial solar projects across the US in conjunction with Onyx
• investments in energy efficiency projects across the US in conjunction with Sparkfund
• investments in electric vehicle charging infrastructure projects across the UK in conjunction with EV Networks

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SDCL Energy Efficiency Income Trust plc (SEEIT) has raised £160 million from a placing of new ordinary shares, far exceeding its target of £100 million due to a high level of demand from investors.

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Mkt Cap £560m | Prem/(disc) 5.8% | Div yield 5.2%

Event

SDCL Energy Efficiency Income has raised gross proceeds of £160m via the issue of 151m new shares at a price of 106p per share. The size of the placing was increased from a £100m target. The placing price represented a 3.9% premium to the September 2020 NAV.

Net proceeds from the raise will be used to repay existing debt facilities, which total £65m. The company will use the remaining proceeds to make further investments into projects within SEIT’s existing portfolio, as well as specific asset management initiatives, with a value of c.£100m. These include:

• investments into commercial and industrial solar projects across the United States in conjunction with Onyx
• investments into energy efficiency projects across the United States in conjunction with Sparkfund
• investments into electric vehicle charging infrastructure projects across the UK in conjunction with EV Networks

The manager is also progressing on a number of new opportunities, with a combined value in excess of £100m.

• “increase the size of the Placing to £160 million [from £100m]. Accordingly, the Placing will result in the issue of 150.9 million New Ordinary Shares at the Placing Price of 106 pence per share. Notwithstanding the increased size of the Placing, applications for the New Ordinary Shares exceeded the total number of shares to be issued and accordingly a scaling back exercise has taken place.”