Listed energy efficiency fund SEEIT has increased a placing to £110m after the initial £60m sought was oversubscribed.
“In light of our offer being significantly oversubscribed and the Company’s strong acquisition pipeline, we have increased the issue size,” said chairman Tony Roper, chairman of SDCL Energy Efficiency Income Trust.
“We are very grateful for the continued support from existing shareholders and are also pleased to welcome new investors to the Company. The growing interest in SEEIT substantiates our view that there has never been a more critical time for investment in energy efficiency, particularly given the twin challenges of Covid-19 and climate change. We have an advanced near-term investment pipeline consisting of projects that would help to further expand and diversify our portfolio and to deliver attractive returns for our shareholders.”
The admission is expected to take effect and dealings in the Placing Shares to commence at 8.00 a.m. on 26 June 2020.
It is priced at 104p. SEEIT shares are currently trading at 106p.
SEEIT’s UK investments include an initial 5MW of rooftop solar deal with Tesco across 19 stores, six of which are now complete and generating income, and the Huntsman Energy Centre at Redcar. It is also invested in energy and heat assets in the US and Spain.
SEEIT last week said it is eyeing £300m worth of asset buys and said it is in “advanced negotiations” for three developments valued over £100m.
For the year to 31 March, SEEIT posted pretax profit of £11.6 million (2019: £0.4 million). Earnings per share were 5.2p (2019: 0.4p). It is paying a dividend of 5p and aims to increase that 10 per cent for the current financial year.
SEEIT energy efficiency fund shakes off Covid, eyes big buys