Rooftop solar projects for leading UK supermarket
19 June 2019
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
Rooftop solar projects for a leading UK supermarket
SDCL Energy Efficiency Income Trust plc is pleased to announce that it has entered into an agreement with Tesco plc ("Tesco") with regards to a portfolio of rooftop solar photovoltaic ("PV") projects. The initial batch of solar projects will be c.1 megawatt of a first phase of c.5 megawatts with additional solar projects scheduled under a framework agreement.
Tesco will enter into a Power Purchase Agreement ("PPA") with SEEIT for each individual site. Under the terms of the PPAs, SEEIT will be responsible for the installation, ownership, operation and maintenance of each project.
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. Alongside manufacturing and supplying high performance building envelope and renewable energy solutions, Kingspan is a leading engineering, procurement and construction contractor with a strong solar rooftop track record in the UK.
This investment fits our investment thesis by bringing competitively priced clean energy directly to the point of use. The project represents SEEIT's second project investment since listing on the London Stock Exchange and acquiring the Seed Portfolio in December 2018 and its first operating project incorporating solar PV technology. The Company continues to invest the proceeds from Initial Public Offering and recent Placing, executing on its identified pipeline opportunities.
Commenting on the project, Jonathan Maxwell, CEO of SDCL, said:
"We are continuing to deliver on the pipeline opportunities identified at the time of our Initial Public Offering and are pleased to announce our first investment in rooftop solar PVs. We are delighted to have been selected as a supplier of these solar rooftops and pleased to be able to partner with Kingspan as a single supplier and contractor. With all the revenues being generated from the PPAs and costs being largely fixed, this is a positive, stable investment for SEEIT and one we are delighted to add to our growing portfolio".
Marci Bonham, Managing Director of Kingspan Energy Ltd, added:
"With growing emphasis on the importance of sustainable development, it is vital large businesses lead the way by embracing the latest building technologies to enable them to push the performance of their facilities beyond current standards. We are delighted to be a partner on this ambitious project and to have the opportunity to deliver a full turnkey package, from the design and product supply to installation and ongoing maintenance, on such a large scale."
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 Emma Crawshaw |
T: +44 (0) 20 7930 0777 / E: SEEIT@tbcardew.com M: +44 (0) 7738 724 630
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About SEEIT (www.sdcleeit.com)
SDCL Energy Efficiency Income Trust is the first listed company of its kind to invest exclusively in the energy efficiency sector. SEEIT raised £100 million gross proceeds in its London Stock Exchange IPO in December 2018, followed by an additional Placing of £72 million gross proceeds on the 16th April 2019. The Company acquired its seed portfolio in December 2018 for a total cash commitment of £87 million and made its first investment in the USA in March 2019. Examples of the projects in the seed portfolio include Combined Cooling/Heating and Power Plants ("CCHP") at a Citi data centre and St Bartholomew's Hospital in London, as well as LED lighting projects for hundreds of Santander properties and over 100 NCP car parks in the UK.
SEEIT 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.
SEEIT aims to give investors an attractive total return with a stable dividend income, capital preservation and the opportunity for capital growth.
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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