Specialist energy efficiency fund SEEIT has raised £72m from a share placing, with dealing set to commence tomorrow (18 April).
The company will use the money to acquire further projects, said chairman Tony Roper:
“We are delighted with the support shown by both existing and new investors in this fundraise. The proceeds raised will enable us to fund specific acquisition opportunities under advanced negotiation, to diversify and expand the existing portfolio and reflects SEEIT’s strong momentum since its IPO in December.”
SEEIT is the first UK-listed investment fund to invest exclusively in the energy efficiency sector. It used much of the £100m raised via the IPO to acquire CCHP and lighting projects and a majority stake in CHP assets in the U.S.
According to SEEIT’s prospectus, its pipeline includes a rooftop solar PV project for a large UK retailer, and co-generation assets in Southern Europe.
Investment bank Jefferies is acting as SEEIT sponsor and sole bookrunner for the follow-on.
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It seems that it will not be possible to include any shareholding in this fiund within an ISA scheme. Why this restriction?