SDCL Energy Efficiency Income Tst Further Investment in Primary Energy (6482N)
01 Octubre 2021 - 01:00AM
UK Regulatory
TIDMSEIT
RNS Number : 6482N
SDCL Energy Efficiency Income Tst
01 October 2021
1 October 2021
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Further Investment in Primary Energy
SEEIT, the first UK listed investment company of its kind to
invest exclusively in the energy efficiency sector, has acquired
the remaining 35% equity interest that it did not already own in
Primary Energy, a portfolio of recycled energy and cogeneration
projects servicing the steel industry, located in Indiana, USA. The
interest was acquired from a consortium led by Fortistar LLC for a
cash consideration of approximately $92 million. The acquisition
was identified as part of SEEIT's near term pipeline in its recent
equity issue.
SEEIT acquired an initial 50% interest in Primary Energy in
February 2020 and increased its stake to 65% in December 2020. Both
the acquisition in December 2020 and the current acquisition were
transacted under pre-agreed terms, ensuring the Company did not
have to enter into a competitive auction process and helping to
create additional value for SEEIT shareholders. Following the
latest acquisition SEEIT is now the 100% owner of Primary
Energy.
The 298MW portfolio consists of five individual operating
projects which generate low-cost, efficient energy with substantial
environmental benefits via three recycled energy projects, one
natural gas combined heat and power project and a 50% interest in
an industrial process efficiency project. The strong environmental
benefits of the assets qualify the projects for Renewable Energy
Certificates which are equivalent to those generated by 536 MW of
solar or 374 MW of wind projects.
The portfolio of projects is located within the Indiana Harbor
Works and involves two of the most efficient and advanced steel
mills in the United States. Four of the five projects relate to
steel mills that are owned by Cleveland-Cliffs Inc., the largest
flat-rolled steel producer as well as the largest iron ore pellet
producer in North America. The remaining project services Midwest
Steel, a subsidiary of United States Steel Corporation. The
projects are fully integrated into the steel mill facilities,
including fuel handling and emissions control equipment and systems
that are critical for the operation of the facilities.
Jonathan Maxwell, CEO of Sustainable Development Capital LLP,
said: "We are pleased that SEEIT has successfully secured a 100%
interest in Primary Energy, which plays an important role in
SEEIT's portfolio with robust ESG credentials. It provides critical
and cost-effective low carbon energy services to the steel
industry, which is one the world's largest sources of greenhouse
gas emissions.
The investment supports SEEIT's total return objectives and its
progressive dividend policy. Completion of the acquisition follows
a period of strong growth and diversification in SEEIT's overall
portfolio."
For Further Information
Sustainable Development Capital T: +44 (0) 20 7287 7700
LLP
Jonathan Maxwell
Purvi Sapre
Eugene Kinghorn
Tom Hovanessian
Jefferies International Limited T: +44 (0) 20 7029 8000
Tom Yeadon
Gaudi Le Roux
Neil Winward
TB Cardew T: +44 (0) 20 7930 0777
Ed Orlebar M: +44 (0) 7738 724 630
Joe McGregor E: SEEIT@tbcardew.com
About SEEIT
SDCL Energy Efficiency Income Trust plc is a FTSE 250
constituent company and the first of its kind to invest exclusively
in the energy efficiency sector. Its projects are primarily located
in the UK, Europe and North America and include, inter alia, a
portfolio of cogeneration assets in Spain, a portfolio of
commercial and industrial solar and storage projects in the United
States, a regulated gas distribution network in Sweden and a
district energy system providing essential and efficient utility
services on one of the largest business parks in the United
States.
The Company aims to deliver shareholders value through its
investment in a diversified portfolio of energy efficiency projects
which are driven by the opportunity to deliver lower cost, cleaner
and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for
shareholders of 7-8 per cent. per annum (net of fees and expenses
and by reference to the initial issue price of GBP1.00 per Ordinary
Share), with a stable dividend income, capital preservation and the
opportunity for capital growth. The Company is targeting a dividend
of 5.62p per share in respect of the financial year to 31 March
2022. SEEIT's last published NAV was 102.5p per share as at 31
March 2021.
Past performance cannot be relied on as a guide to future
performance.
Further information can be found on the Company's website at
www.seeitplc.com .
Investment Manager
SEEIT's investment manager is Sustainable Development Capital
LLP ("SDCL"), an investment firm established in 2007, with a proven
track record of investment in energy efficiency and decentralised
generation projects in the UK, Continental Europe, North America
and Asia.
SDCL is headquartered in London and also operates worldwide from
offices in New York, Dublin, Madrid, Hong Kong and Singapore. SDCL
is authorised and regulated in the UK by the Financial Conduct
Authority.
Further information can be found at www.sdclgroup.com .
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