SEEIT shops Onyx-developed solar and storage from Blackstone

Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.

December 24 (Renewables Now) - SDCL Energy Efficiency Income Trust plc (LON:SEIT), or SEEIT, will buy a series of solar-plus-storage portfolios along with a 50% stake in their developer, Onyx Renewable Partners, from the Blackstone Group Inc (NYSE:BX).

More specifically, the investment fund will pay about USD 150 million (EUR 122.9m) and in return will get the aforementioned Onyx ownership stake along with a 100% interest in four commercial and industrial (C&I) portfolios with a combined capacity surpassing 175 MW. The agreed transaction will provide SEEIT with access to Onyx’s follow-on pipeline, which is seen growing to more than 500 MW over the next five years.

The four portfolios in question include more than 200 rooftop, carport and private-wire, ground-mounted solar photovoltaic (PV) projects in 18 states. About 27% of them, by installed capacity, are already operational or close to initiating operation. They are contracted under long-term power purchase agreements (PPAs) with predominantly investment grade C&I counterparties.

The remaining assets will be completed over the next year and a half.

SEEIT noted it will also have a right of first refusal to buy any future Onyx projects at a pre-agreed rate of return.

The agreed transaction is expected to close in the coming weeks. SEEIT will finance it from existing cash reserves and debt facilities.

(USD 1.0 = EUR 0.819)

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