Energy efficiency fund to raise £175M in new share offering

SDCL Energy Efficiency Income Trust has announced a share offering to raise £175 million, saying it has identified an extensive pipeline of investment opportunities with a value of over £600 million.
Jonathan Maxwell, chief executive of SEEIT investment manager Sustainable Development Capital, said: The £160 million raised in February 2021 has financed four investments into projects that deliver cheaper, cleaner and more reliable energy solutions to clients. The energy efficiency market is continuing to grow, with new and exciting investment opportunities continuously being identified and we have an extensive pipeline of further investment opportunities that will meet SEEIT’s target returns while also further diversifying the portfolio in terms of geography, technology and counterparty.”
The company said it had £200 million in ‘organic opportunities’ that are committed, have a right of first refusal, or are in exclusivity.
• Investments in solar and storage projects across the United States via Onyx;
• Investments in on-site generation and energy efficiency at RED;
• the opportunity to acquire the remaining 35% of Primary Energy that the Company does not yet own;
• Investments into energy efficiency projects across the United States in conjunction with Spark US Energy Efficiency;
• Investments into electric vehicle charging infrastructure projects across the UK in conjunction with EV Network.
It was also undertaking due diligence on, or is in discussions for the Company to participate in, a number of new Energy Efficiency Projects for investment in the medium-term with an aggregate value in excess of £400 million