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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• Detail: “Placing of approximately 94.3 million New Ordinary Shares at 106.0 pence per New Ordinary Share… to raise approximately £100 million.”  The Placing Price of 106.0 pence represents a 3.9 per cent premium to the 30 Sept 2020 NAV of 102.0 pence and a discount of 1.4 per cent to closing share price of 107.5 pence on 3 February 2021.
• Dividend: “Investors in the Placing will be entitled to receive the next quarterly dividend declared by the Company for the three-month period to 31 December 2020, which is expected to be declared in March 2021”;
• Timetable: Last date for applications under the placing 11 Feb, results announced 12 Feb

Mkt Cap £566m | Prem/(disc) 6.8% | Div yield 5.1%

Event

SDCL Energy Efficiency Income Trust is seeking to raise c.£100m through an issue of 94.3m new ordinary shares at a price of 106.0p per share. The placing price represents a 3.9% premium to the September 2020 NAV and a 1.4% discount yesterday’s closing price.

Net proceeds from the raise will be used to make further investments into projects or frameworks within SEIT’s existing portfolio, as well as specific asset management initiatives, with a value of approximately £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. SEIT expects to repay its acquisition debt facility (£30m) and its RCF (£35m drawn) from the net proceeds and then re-draw on the facilities to fund the new investments.