REG - SDCL Efficiency Inc. - Onyx Renewables Secures New Financing Facility

SDCL Efficiency Income TrustAnnouncement

11/06/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250611:nRSK2886Ma&default-theme=true

RNS Number : 2886M  SDCL Efficiency Income Trust PLC   11 June 2025

11 June 2025

 

SDCL Efficiency Income Trust plc ("SEIT" or the "Company")

Onyx Renewables Secures New Financing Facility

 

SDCL Efficiency Income Trust plc (LSE: SEIT) advises that its wholly owned
subsidiary, Onyx Renewable Partners LP ("Onyx"), has secured a new senior
secured credit facility to support the growth of Onyx's portfolio of
distributed energy projects across the United States. As a result of securing
this financing, and based on its current growth profile, Onyx is now able to
self-fund its upcoming pipeline, which represents a key milestone in Onyx's
evolution as a mature platform.

The $260 million senior secured facility will replace the existing $115
million RCF at Onyx and will directly support the ongoing construction and
operation of Onyx's clean energy infrastructure projects including onsite
solar PV and battery storage. The facility was arranged and led byApterra
Infrastructure Capital.

Outcomes for SEIT

The new facility will substantially reduce the future funding requirements
from SEIT's RCF whilst having minimal effect on the look through gearing
position of the portfolio as a whole.

The majority of Onyx's value is underpinned by contracted projects that are
relatively straightforward to assess and value. However, a smaller proportion,
up to 15% of Onyx's valuation, is attributed to its platform value, comprising
growth potential and development pipeline, which is currently more challenging
to capitalise.

Despite receiving a number of proposals from interested parties for the entire
entity, in the current market environment, characterised in the United States
by elevated policy uncertainty, a disposal of Onyx has proven difficult to
achieve on acceptable terms. Rather than continuing with its formal,
externally advised disposal process for Onyx, the Investment Manager is
pursuing selected alternatives for a privately negotiated transaction,
including but not limited to equity capital partnerships for Onyx's existing
contracted portfolio. A limited number of parties have been carefully selected
to enter into private negotiations.

Further details and updates on the Company will be available in the upcoming
annual report and accounts.

For Further Information

 Sustainable Development Capital LLP  T: +44 (0) 20 3874 1460

 Jonathan Maxwell

 Eugene Kinghorn

 Ben Griffiths

 Tamsin Jordan

 Jefferies International Limited      T: +44 (0) 20 7029 8000

 Tom Yeadon

 Gaudi Le Roux

 Cardew Group                         T: +44 (0) 20 7930 0777

 Ed Orlebar                           E: SEIT@cardewgroup.com (mailto:SEIT@cardewgroup.com)

 Henry Crane                          M: +44 (0) 7738 724 630

                                      E: henry.crane@cardewgroup.com (mailto:henry.crane@cardewgroup.com)

 Liam Kline                           M: +44 (0) 7827 130 429

                                      E: liam.kline@cardewgroup.com

 

About SEIT

SDCL Efficiency Income Trust plc is a constituent of the FTSE 250 index. It
was the first UK listed company of its kind to invest exclusively in the
energy efficiency sector. Its projects are primarily located in North America,
the UK and Europe 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, a
portfolio of on-site energy recycling, cogeneration and process efficiency
projects, servicing the largest steel blast furnace in the United States 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 with a
stable dividend income, capital preservation and the opportunity for capital
growth. The Company is targeting a dividend of 6.32p per share in respect of
the financial year to 31 March 2025. SEIT's last published NAV was 90.6p per
share as at 30 September 2024.

Past performance cannot be relied on as a guide to future performance.

Further information can be found on the Company's website at www.seitplc.com
(http://www.seitplc.com/) .

Investment Manager

SEIT'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 Hong Kong and Singapore. SDCL is authorised and regulated in
the UK by the Financial Conduct Authority.

Further information can be found on at www.sdclgroup.com
(http://www.sdclgroup.com/) .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBIGDLUGBDGUG