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SDCL Energy Efficiency Income Trust PLC on Thursday said it intends to raise £75 million through a placing, which will go towards new or follow-on investments into projects or frameworks.
The placing will be conducted under the investment trust's existing share issuance programme, and Jefferies will act as sole global coordinator and bookrunner.
SDCL said its investment manager is in exclusive negotiations for around £100 million of investments in new opportunities, and has identified a wider pipeline of over £250 million in opportunities, which includes heat pumps, cooling and district heating.
The proceeds from the placing are expected to be fully invested within the next three to six months
SDCL said the amount of shares that would be issued and at what price, would be determined by Jefferies at the close of the bookbuild.
Shares in SDCL Energy Efficiency Income were down 3.6% at 116.67 pence on Thursday in London.
‘SEEIT has a substantial pipeline of 'organic' follow-on opportunities, which arise from existing investments that it has made. These investments tend to benefit from pre-agreed rates of return and have the advantages of an existing track record with the projects and counterparties. There is also a large pipeline of new investment opportunities that can help to enhance SEEIT's prospects for income and capital growth, as well as further diversifying its portfolio,’ said Chair Tony Roper.
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