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SDCL Energy Efficiency Income Trust PLC on Monday announced the making of several investments in different project portfolios, both through debt and equity.
The first transaction by the energy efficiency-focused investor is the financing of a portfolio of geothermal projects owned by Baseload Capital Sweden AB, through a senior debt facility of €25 million.
The facility will go towards financing the capital expenditure of existing and pipeline projects, as well as re-finance assets that are either operational or in constructions.
Baseload develops and operates small-scale geothermal projects which use existing heat sources, including geothermal and waste heat.
The second deal is to make an equity investment of €10 million in a Series C financing round of California-based Turntide Technologies, which manufacturers motor systems that do not use rare earth minerals.
The two companies have also signed a term sheet for SEEIT providing a project financing facility of up to $100 million, which which the company will finance the capex of future energy efficiency projects delivered by Turntide.
Finally, SDCL said it has completed £19 million in follow-on investments into existing projects since March 31, including Onyx, Sparkfund and Tallaght.
‘SEEIT's two new investments with Baseload Capital and Turntide will further diversify the portfolio by technology, industry and geography while also providing key infrastructure services in global efforts to achieve net zero. Turntide has the ability to achieve a significant reduction in global electricity consumption wasted by legacy electric motors in commercial buildings, agriculture and transport. It is also well positioned to play an important role in the electrification of transport,’ said Chief Executive Officer Jonathan Maxwell.
Shares in SDCL Energy Efficiency were up 1.0% at 119.40 pence on Monday in London.
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