Zephyr: SEEIT raises more money

General/ 13 October 2020

Posted on Tuesday, 13 October 2020 10:02

SDCL Energy Efficiency Income Trust (SEEIT) is raising GBP 80.00 million under an existing share issue programme announced in June. The UK-closed-ended investment company is selling 76.20 million new stocks at 105.00 pence apiece, representing a 4.0 per cent premium to its net asset value of 101.00 pence, as at 31st March 2020. It noted the price is also a discount of 5.4 per cent to the close of 111.00 pence yesterday, being the last trading day prior to this announcement. Chairman Tony Roper said: “This proposed capital raise builds on the strong momentum SEEIT has achieved over the last two years. “Energy efficiency is critically important in global efforts to address the climate emergency and has become an increasing focus for investors. “The proceeds of this placing will allow SEEIT to continue to invest in this important and growing market whilst also delivering additional scale and diversification to shareholders.” Chief executive Jonathan Maxwell stated money raised will fund investments and new acquisitions. He added SEEIT already has its eye on opportunities that are either under exclusivity or at an advanced stage of negotiation and due diligence. As at 31st March 2020, the company had a portfolio of 26 assets – across technology, geography and credit counterparty – with an aggregate value of GBP 320.00 million. Since the end of March and a GBP 110.00 million capital increase in June 2020, SEEIT has acquired, or committed to buying, GBP 57.00 million-worth of assets. This includes ultra-fast electric vehicles charging stations in the UK; combined heat and power assets installed at various hotels in the country; and energy efficiency projects in Singapore. Zephyr, the M&A database published by Bureau van Dijk, shows 993 capital increases by UK-based companies have been announced in 2020 to date. SEEIT’s latest cash call currently ranks 98th by value.