Renewable

March 1 (Renewables Now) - SDCL Energy Efficiency Income Trust plc (LON:SEIT), or SEEIT, has wrapped up the acquisition of over 175 MW of commercial and industrial (C&I) solar and storage systems in the US and a 50% stake in their developer Onyx Renewable Partners.

The deal with Blackstone Group Inc (NYSE:BX) was announced back in December. It involves an initial, upfront payment of USD 120 million (EUR 99.5m), and up to an additional USD 30 million to be deployed as construction of some of the acquired projects progresses.

As part of the transaction, SEEIT acquired 100% in four portfolios with long-term power purchase agreements (PPAs) in place with predominantly investment grade C&I counterparties. As of December, 27% of the capacity was operational or close to entering in operation.

The buyer used cash on hand to finance the acquisition, with which it also gained access to Onyx’s longer-term pipeline expected to surapss 500 MW in the next five years.

(USD 1 = EUR 0.83)

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