Power production begins at Tesco UK solar projects
19 November 2019
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Power production begins at Tesco UK solar projects
SEEIT is pleased to announce the completion of its first two rooftop solar photovoltaic system installations under the previously announced framework agreement with Tesco plc (''Tesco''). The projects at Tesco Huntingdon and Tesco Lewes recently achieved first power generation and are now generating revenues for SEEIT under individual Power Purchase Agreements. Further sites are in the process of being completed as part of the first phase of c.5 megawatts of solar projects under the framework agreement.
SEEIT has partnered with Kingspan Energy Limited ("Kingspan") to provide a complete design, build, finance, operate and maintenance solution for Tesco, with Kingspan being the project Engineering, Operation and Construction contractor as well as the Operation and Maintenance contractor.
Commenting on the project, Jonathan Maxwell, CEO of SDCL, said:
"We are delighted that the first two projects are now generating power. Having only entered into the agreement in June, to have begun generating power and revenue within six months is a real achievement. We are excited about continuing to work with Tesco and Kingspan as further sites are completed as part of the framework agreement."
Marci Bonham, Managing Director of Kingspan Energy Ltd, added:
"As the country looks to accelerate the change to a low-carbon economy, it is vital that big businesses lead the way. It is great to see Tesco take such positive action, and we are thrilled to work alongside SEEIT on this ambitious, large-scale project, supporting them with our energy solutions and expertise. We look forward to seeing continued positive results from this partnership."
For Further Information
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Sustainable Development Capital LLP Jonathan Maxwell Miles Alexander Keith Driver
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T: +44 (0) 20 7287 7700
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Jefferies International Limited Gary Gould Tom Hovanessian
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T: +44 (0) 20 7029 8000
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TB Cardew Ed Orlebar Joe McGregor |
T: +44 (0) 20 7930 0777 M: +44 (0) 7738 724 630 E: SEEIT@tbcardew.com |
About SEEIT
SDCL Energy Efficiency Income Trust plc (the "Company") is the first listed company of its kind to invest exclusively in the energy efficiency sector. Examples of the projects in the portfolio include combined cooling/heating and power plants, as well as energy efficiency projects in the UK and the US. Since IPO, the Company has invested in a diversified portfolio of energy efficiency assets, including the seed portfolio, a portfolio of rooftop solar PV projects for Tesco (UK), a portfolio of cogeneration assets (USA), a portfolio of energy efficiency loans (USA) and a portfolio of cogeneration assets (Spain).
The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for shareholders of 7-8 per cent. per annum (net of fees and expenses and by reference to the initial issue price of £1.00 per Ordinary Share), with a stable dividend income, capital preservation and the opportunity for capital growth.
Further information can be found on the Company's website at www.sdcleeit.com.
Investment Manager
SEEIT's investment manager is Sustainable Development Capital LLP ("SDCL"), an investment firm established in 2007, with a proven track record of investment in energy efficiency and decentralised generation projects in the UK, Continental Europe, North America and Asia.
SDCL is headquartered in London and the group also operates worldwide from offices in New York, Dublin and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.
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