SDCL Energy Efficiency Income Trust (SEEIT) announced a proposed placing to raise around £100m on the London Stock Exchange. The company, which is selling shares at £1.06 each, has raised capital several times since it floated in 2018 and is close to joining the FTSE 250 index.

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• SDCL ENERGY EFFCNCY. – PROPOSED PLACING
• ANNOUNCES A PROPOSED PLACING TO RAISE APPROXIMATELY £100 MILLION THROUGH AN ISSUE OF NEW ORDINARY SHARES
• PLACING AT A PRICE OF 106.0 PENCE PER ORDINARY SHARE

SDCL Energy Efficiency Income Trust PLC – invests in energy efficiency, solar, and electric vehicle charging infrastructure projects – Plans to raise GBP100 million from placing of 94.3 million new shares at 106.00 pence each, a 3.9% premium to its net asset value on September 30 last year of 102.00p. Cash would be used on several “organic” opportunities for further investment within the existing portfolio, as well as for new investments in commercial and industrial solar projects in the US and in EV charging projects in the UK.

Chair Tony Roper notes SDCL Energy Efficiency has grown its portfolio to about GBP600 million across 34 projects since the trust’s London float in December 2018, providing a 17% total return to shareholders. Company adds there have been no operational issues in its portfolio since its interim update.

Current stock price: 107.10p for GBP563.5 million market capitalisation

Year-to-date change: up 0.6%

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SDCL Energy Efficiency Income Trust is seeking to raise £100m (€113m) by way of a share placing to fund investments.

The London-listed investment firm, which raised £105m in October last year, is proposing to raise the additional capital by issuing new shares at 106p each to invest further capital in the “identified pipeline opportunities, diversifying its existing portfolio and securing value from new and organic follow-on investments”.

Tony Roper, chairman of SDCL Energy Efficiency Income Trust, said the company has made progress since its initial public offering in December 2018.

By employing a disciplined acquisition strategy and rigorous asset management, the company has grown its portfolio to approximately £600m and delivered total shareholder returns of 17%, said Roper.

He said the issuance programme has allowed SDCL to carefully align its investment pipeline with its ongoing equity requirements and the firm has rapidly deployed the £105m raised in its oversubscribed placing in October into three new acquisitions.

”The importance of energy efficiency in ensuring that climate targets can be met is becoming ever clearer and as this market develops and matures, we are excited by the pipeline of investment opportunities which the investment manager has assembled which not only meet our strict investment criteria but will also enhance and further diversify our portfolio,” Roper said.

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SDCL to issue £100m in shares

The board of SDCL Energy Efficiency Income Trust has announced a proposed placing to raise approximately £100 million ($136 million) through an issue of new shares, at a price of 106 pence per share.

The London-listed investment trust recently invested in commercial and industrial solar projects across the US in conjunction with Onyx, investments into energy efficiency projects across the US in conjunction with Sparkfund, and investments into electric vehicle charging infrastructure projects across the UK in conjunction with EV Networks.

The Investment Manager is currently progressing a number of new investment opportunities, with a combined value in excess of £100 million, which are at advanced stages of negotiation or due diligence, which, if acquired, would provide further geographic and technological diversification to the existing portfolio.

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SDCL Energy Efficiency Income Trust plc (SEEIT), managed by UK firm Sustainable Development Capital LLP, is set to launch a placing to raise approximately £100 million through an issue of new ordinary shares…

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London-listed SDCL Energy Efficiency Income Trust (SEEIT) is proposing a placing to raise £100 million ($136.5 million).

New ordinary shares will be offered at 106p each, representing a 3.9% premium to the company’s 30 September 2020 NAV and a discount of 1.4% on the closing share price on 3 February 2021.

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

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

The manager is also working on a number of new investment opportunities that are in advanced stages of negotiation or due diligence. The pipeline has a combined value in excess of £100 million.

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• SDCL Energy Efficiency Income Trust have announced a £100m placing (94.3m shares at 106p). The price is a 3.9% premiumto the end September NAV and a 1.4% discount to last night’s closing price. The money would go into commercial and industrial solar projects across the United States in conjunction with Onyx; energy efficiency projects across the United States in conjunction with Sparkfund; and investments into electric vehicle charging infrastructure projects across the UK in conjunction with EV Plus some other potential opportunities that the manager has identified. Jefferies is handling the placing. The announcement says that “Individuals wishing to invest in new ordinary shares through an ISA, SSAS or SIPP should contact their professional advisers regarding their eligibility.”

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SDCL Energy Efficiency Income (SEIT) dipped 0.6% to 106.9p as it sought to place £100m of new shares.

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