Renewable

December 19 (Renewables Now) - Investment fund SDCL Energy Efficiency Income Trust plc (LON:SEIT), or SEEIT, on Thursday said it has raised about GBP 54.1 million (USD 71.1m/EUR 64.6m) of gross proceeds from a non pre-emptive placing of new ordinary shares.

The fund originally intended to raise GBP 40 million in the placing, launched on December 17, but thanks to significant oversubscription it increased the total size. The fund placed 52 million shares at a price of GBP 1.04 apiece, bringing the total number of ordinary shares issued by SEEIT to over 320 million.

The placing closed on December 18, with Jefferies International Limited serving as bookrunner. Trading in the new shares on the London Stock Exchange is expected to begin on December 23.

This is SEEIT's third capital increase since its initial public offering last December and will help fund upcoming acquisitions. The most recent acquisition completed by the fund was the purchase of a co-generation portfolio in Spain for EUR 150 million (USD 165m) from Spanish construction firm Sacyr SA in November. SEEIT's other investments include a portfolio of rooftop solar projects in the UK and a portfolio of co-generation assets in the US.

(GBP 1.0 = USD 1.313/EUR 1.194)

(EUR 1.0 = USD 1.1)

Join Renewables Now's free daily newsletter now!