REG - SDCL Energy Effcncy. - Portfolio Update

SDCL Energy Efficiency Income TrustAnnouncement

25/07/2024 07:00

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RNS Number : 7261X  SDCL Energy Efficiency Income Tst  25 July 2024

25 July 2024

 

SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")

Portfolio Update

 

SDCL Energy Efficiency Income Trust plc is pleased to announce improved
financing for portfolio companies Primary Energy and Onyx Renewable Partners
("Onyx").

Primary Energy

SEEIT successfully renegotiated the loan facility for Primary Energy with an
improved margin of 350bps over Secured Overnight Financing Rate (SOFR), down
from c.425bps, whilst also restructuring the debt to improve yields for SEEIT.
The loan facility sets debt at a total of $178 million, in line with previous
levels and includes a $158 million amortising loan and a $20 million revolving
credit facility ("RCF") with a five-year term. This was made possible by the
successful renegotiation of Primary Energy's Cokenergy contract with Cleveland
Cliffs earlier this year.

The consortium of existing lenders included Celtic Bank, East West Bank,
Investec and Apollo. Apterra Infrastructure Capital, an affiliate of Apollo
Global Management, acted as Sole Bookrunner, Lead Arranger, and Administrative
Agent.

Onyx

SEEIT has successfully agreed to upsize and extend Onyx's three-year RCF to
$100 million, providing additional flexibility for use of the SEEIT
company-level RCF across its broader pipeline of organic opportunities. This
expansion will strengthen the deployment of Onyx's solar project pipeline
across the US, which continues to support corporate and industrial emissions
reduction efforts in various communities.

Investec remains the incumbent lender on the facility, while Siemens Financial
Services and Mitsubishi HC Capital America join as new lenders.

Jonathan Maxwell, CEO of the Investment Manager, SDCL, said: "The improvement
in financing at Primary Energy and Onyx will provide overall better terms and
further flexibility as we remain committed to our prudent approach to gearing
across the portfolio. The competitive facilities are also testament to the
positive work our asset management team are undertaking at both an operational
and commercial level."

 

 

 For Further Information

 Sustainable Development Capital LLP  T: +44 (0) 20 7287 7700

 Jonathan Maxwell

 Purvi Sapre

 Eugene Kinghorn

 Ben Griffiths

 Tamsin Jordan

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

 Tom Yeadon

 Gaudi le Roux

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

 Ed Orlebar                           M: +44 (0) 7738 724 630

 Henry Crane                          E: SEEIT@tbcardew.com (about%3Ablank)

 

About SEEIT

 

SDCL Energy 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 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. SEEIT's last published NAV was 90.5p per
share as at 31 March 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.seeitplc.com (http://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 on at www.sdclgroup.com
(http://www.sdclgroup.com) .

 

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