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SDCL Energy Efficiency returns to market after four months

9 April 2019

UK’s first listed energy efficiency fund, SDCL Energy Efficiency Income, looks to raise more money from institutional investors having committed most of the £100 million gathered at its December flotation.

The UK’s first listed energy efficiency fund, SDCL Energy Efficiency Income (SEIT), is looking to raise more money from institutional investors just four months after attracting £100 million for its flotation.

The company, which aims to pay a 5% dividend from investments in energy saving infrastructure, did not say how much it was seeking to raise but said the money would be used to fund its ‘strong’ pipeline of new acquisitions.

It said it was in advanced negotiations with the seller of a portfolio of ‘cogeneration’ assets in southern Europe and among other investment opportunities it was looking at rooftop solar projects in the UK and Portugal.

Jonathan Maxwell of Sustainable Development Capital, SEIT’s fund manager, had invested £60 million of the flotation proceeds and committed a further £30 million, the company said.

The new shares are being issued at 101p which is 1.7% less than yesterday’s closing price of 102.8p and 3.1% more than its 98p NAV per share. They will be eligible for SEIT’s first dividend in May of at least 1p per share.

SEIT shares have traded at a small premium over NAV since coming to market and edged up to 102.8p today.

The placing is being handled by corporate broker Jefferies and is expected to close on 16 April.

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