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)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription