SDCL Energy Efficiency Income Trust (SEEIT) has struck a deal with Tesco to deploy solar PV projects across some of the retailer’s properties.
The two have agreed a power purchase agreement for each individual site, with the PV to be installed in 1MW batches. SEEIT said the first phase is for around 5MW, with additional projects scheduled under a framework.
SEEIT will install, own, operate and maintain each project and has partnered with Kingspan for engineering, design, operation and construction. Kingspan will also handle O&M.
SEEIT had referenced the deal ahead of its initial public offering last December and SDLC chief executive Jonathan Maxwell said the trust was working to execute further deals with the capital it has raised.
Of the Tesco deal, he said: “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”.
Kingspan Energy managing director, Marci Bonham said it is “vital” take a lead on improving the energy performance of their estates given the increasing emphasis on sustainable development.