UK-based investment company SDCL Energy Efficiency Income Trust (SEEIT) has agreed to acquire a series of commercial and industrial (C&I) solar and energy storage projects in the US from funds managed by Blackstone. The US$150 million transaction sees SEEIT purchase four portfolios totalling over 175MW, as well as a 50% stake in the platform that has created them, Onyx Renewable Partners. Blackstone will retain a 50% interest in Onyx.

The four portfolios comprise more than 200 solar PV projects, located in 18 US states. Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporations. Around 27% of the purchased portfolio is operational or near operational, with the remainder expected to be completed over the next 12 to 18 months.

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SDCL Energy Efficiency Income Trust plc (LON:SEIT), or SEEIT, will buy a series of solar-plus-storage portfolios along with a 50% stake in their developer, Onyx Renewable Partners, from the Blackstone Group Inc (NYSE:BX). More specifically, the investment fund will pay about USD 150 million (EUR 122.9m) and in return will get the aforementioned Onyx ownership stake along with a 100% interest in four commercial and industrial (C&I) portfolios with a combined capacity surpassing 175 MW. The agreed transaction will provide SEEIT with access to Onyx’s follow-on pipeline, which is seen growing to more than 500 MW over the next five years.

The four portfolios in question include more than 200 rooftop, carport and private-wire, ground-mounted solar photovoltaic (PV) projects in 18 states. About 27% of them, by installed capacity, are already operational or close to initiating operation. They are contracted under long-term power purchase agreements (PPAs) with predominantly investment grade C&I counterparties. The remaining assets will be completed over the next year and a half. SEEIT noted it will also have a right of first refusal to buy any future Onyx projects at a pre-agreed rate of return. The agreed transaction is expected to close in the coming weeks. SEEIT will finance it from existing cash reserves and debt facilities.

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SDCL Energy Efficiency Income Trust (SEEIT) has agreed to acquire a series of portfolios of commercial and industrial on-site solar and energy storage projects in the US. As part of the deal, SEEIT has taken a 50% interest in the platform that developed the projects – Onyx Renewable Partners – from funds managed by Blackstone for a consideration of around $150 million. Blackstone will remain a 50% shareholder of Onyx. SEEIT will acquire a 100% interest in 4 portfolios totalling over 175MW, which provide renewable energy generated on-site directly to the end-user, and a 50% interest in Onyx’s follow-on pipeline, which is projected to exceed 500MW over the next 5 years.

The 4 portfolios comprise over 200 operational, in-construction, and development-stage rooftop, carport and ‘private wire’ ground mounted solar PV projects, located in 18 US states. Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporates. The operational projects are contracted under long-term power purchase agreements with predominantly investment grade C&I counterparties. At present about 27% of the portfolio (by installed megawatts) is operational or near operational, with the remainder expected to become fully operational over the next 12 to 18 months. It will develop and manage further C&I on-site solar and energy storage projects in the US, which SEEIT will have a right of first refusal to purchase at a pre-agreed rate of return.

The acquisition will be funded from existing cash reserves and debt facilities. Onyx’s existing project debt finance facilities, which are equivalent to about £27 million at acquisition, will remain in place. Completion of the acquisition is expected in the coming weeks.

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UK investor SDCL Energy Efficiency Income Trust (SEEIT) is to acquire a portfolio of solar and energy storage projects in the US with combined capacity over 175MW from Blackstone Group and take a 50% stake in Onyx Renewable Partners follow-on pipeline totalling more than 500MW. Blackstone will remain a 50% partner in Onyx, which created the solar portfolios. The total price of the consideration is $150m and initially covers over 200 operational, construction and development stage rooftop, carport and ‘private wire’ ground mounted solar PV projects in 18 US states.

Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporates. The operational projects are contracted under long-term power purchase agreements with predominantly investment grade C&I counterparties. About 27% of the 175MW portfolio is operational or near operational, with the remainder expected to come online over the next 12 to 18 months. Onyx has a project development and asset management team based in New York. It will develop and manage further C&I on-site solar and energy storage projects in the US, which SEEIT will have a right of first refusal to purchase at a pre-agreed rate of return. The acquisition will be funded from existing cash reserves and debt facilities. Completion of the acquisition is expected in the coming weeks, after satisfaction of certain customary conditions and consents.

SEEIT’s investment manager is Sustainable Development Capital (SDC). SDC chief executive Jonathan Maxwell said: “We are delighted to further diversify the SEEIT portfolio through the acquisition of these on-site solar and storage projects and to partner with Blackstone in one of the largest sustainable energy initiatives of its kind in the US.

“The projects will make a meaningful impact to reduce the carbon footprint of commercial and industrial clients across the US by providing cheaper, cleaner and more reliable energy directly at the point of use and is strongly aligned with SEEIT’s investment policy and objectives, as well as the global climate policy agenda.”

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SDCL Energy Efficiency Income Trust (SEEIT) has agreed to acquire a series of on-site solar and energy storage projects in the US in a deal worth around £110 million. As part of the transaction the UK-listed company will also take on a 50% interest in New York-headquartered Onyx Renewables Partners from Blackstone, which will retain the other half of the firm.

The deal is expected to go through in the coming weeks and will be funded from SEEIT’s existing cash reserves and debt facilities. The London-headquartered firm will acquire a 100% interest in four portfolios totalling over 175 megawatts (MW), which provide renewable energy generated on-site directly to the end-user. It will also take on half of Onyx’s follow-on pipeline, which is projected to exceed 500MW over the next five years. The four portfolios comprise over 200 operational, construction and development stage rooftop, carport and “private wire” ground mounted solar PV projects, located in 18 US states.

The operational projects are contracted under long-term power purchase agreements. As it stands, around 27% of the portfolio is operational or near operational, with the remainder expected to come online over the next 12 to 18 months. SEEIT will also have a right of right of first refusal for future commercial and industrial on-site solar and energy storage projects developed by Onyx. Onyx’s existing project debt finance facilities, which are equivalent to c.£27 million at acquisition, will remain in place.

Jonathan Maxwell, chief executive of Sustainable Development Capital, said: “We are delighted to further diversify the SEEIT portfolio through the acquisition of these on-site solar and storage projects and to partner with Blackstone in one of the largest sustainable energy initiatives of its kind in the United States.

“The projects will make a meaningful impact to reduce the carbon footprint of commercial and industrial clients across the United States by providing cheaper, cleaner and more reliable energy directly at the point of use and is strongly aligned with SEEIT’s investment policy and objectives, as well as the global climate policy agenda.”

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SEEIT is pleased to announce that it has agreed to acquire 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 has created them, Onyx Renewable Partners (“Onyx”) from funds managed by Blackstone (”Blackstone”) for a consideration of approximately $150 million. Blackstone will remain a 50% partner in Onyx.

SEEIT will acquire a 100% interest in four portfolios totalling over 175 MW, which provide renewable energy generated on-site directly to the end-user, and a 50% interest in Onyx’s follow-on pipeline, which is projected to exceed 500MW over the next 5 years. The four portfolios comprise over 200 operational, construction and development stage rooftop, carport and ‘private wire’ ground mounted solar PV projects, located in 18 US states. Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporates.

The operational projects are contracted under long-term power purchase agreements with predominantly investment grade C&I counterparties. At present c.27% of the portfolio (by installed MWs) are operational or near operational, with the remainder expected to become fully operational over the next 12 to 18 months. All projects benefit from robust contracts as to construction and operations with experienced EPC and O&M subcontractors.

Onyx has a highly experienced and dedicated project development and asset management team based in New York. It will develop and manage further C&I on-site solar and energy storage projects in the United States, which SEEIT will have a right of first refusal to purchase at a pre-agreed rate of return. The investment provides SEEIT with a substantial initial portfolio and a scalable pipeline of opportunities in a major growth market. It also has strong diversification benefits with investments being made in portfolios of projects, including smaller projects under 5 MW as well as larger projects of 5 to 15+ MW.

The Onyx projects are well aligned to SEEIT’s investment policy as they increase the supply of renewable energy generated on-site and help to reduce greenhouse gas emissions arising from the supply, distribution and consumption of energy. They deliver cheaper, cleaner and more reliable energy solutions directly to the end user. The investment will help SEEIT to achieve its total returns targets – offering the opportunity for capital growth from the pipeline as well as income – and to support its progressive dividend policy.

The acquisition will be funded from existing cash reserves and debt facilities. Onyx’s existing project debt finance facilities, which are equivalent to c.£27 million at acquisition, will remain in place.

Completion of the acquisition is expected in the coming weeks, after satisfaction of certain customary conditions and consents.

Commenting on the acquisition, Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said: “We are delighted to further diversify the SEEIT portfolio through the acquisition of these on-site solar and storage projects and to partner with Blackstone in one of the largest sustainable energy initiatives of its kind in the United States. The projects will make a meaningful impact to reduce the carbon footprint of commercial and industrial clients across the United States by providing cheaper, cleaner and more reliable energy directly at the point of use and is strongly aligned with SEEIT’s investment policy and objectives, as well as the global climate policy agenda.”

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