SDCL Energy to fund acquisitions with GBP-175m share issue

• UK closed-ended mutual fund SDCL Energy Performance Earnings Trust Plc (LON: SEIT) intends to elevate about GBP 175 million (USD 242.1 m/EUR 203.8 m) in a regular share issue targeted at supporting its expansion through new investments.

SDCL, which is managed by investment firm Lasting Development Capital LLP, will certainly position approximately 158.4 regular shares at GBP 1.105 each, it said in a bourse filing on Thursday. The issue cost represents a 6% price cut on the closing price of the firm's stock on September 1.

The shares will certainly be offered through an open deal, positioning, provide for subscription and also middlemans offer to both existing and also new shareholders. In the open offer, shareholders will be able to obtain one brand-new average share for every 6 existing ordinary shares held.

A program in regard to the first issue results from be launched soon. Funds from the purchase will certainly most likely to sustain organic investment possibilities, the fund stated. Its investment supervisor has recognized over GBP 200 countless such opportunities that will certainly be readily available over the coming months. These consist of solar and storage space projects in the US, onsite generation as well as energy effectiveness and also electric automobile charging framework projects in the UK.

SDCL has a portfolio of 41 energy performance properties in the UK, the United States, Ireland, Spain as well as Singapore with a total value of GBP 720 million. A lot of the possessions are operational and only a tiny component is incomplete or development. The fund has a current market capitalisation of GBP 796 million.