SDCL Energy Efficiency Income Trust PLC on Thursday said it aims to raise about £100 million by issuing new shares at 113 to 117 pence each.
The FTSE 250 stock was trading 1.8% lower at 114.40 pence each in London on Thursday morning.
SDCL Energy Efficiency is an investment company focused on assets in the energy efficiency sector, such as electric vehicle charging infrastructure and geothermal and biogas projects.
The placing will be run by Jefferies International Ltd, starting immediately. SDCL Energy Efficiency said it will invest the fresh cash into a pipeline of opportunities to diversify its portfolio.
SDCL Energy Efficiency additionally will make an offer to retail investors worth up to €8 million via Peel Hunt Ltd’s REX platform at the same price as the placing.
Meanwhile, the company’s portfolio is performing in line with expectations despite macroeconomic concerns, it said. Net asset value is set to ‘have continued to progress in-line with its long-term targets’. As of March 31, NAV was at 108.4 pence per share, up from 102.5p a year prior.
‘SEEIT has continued to perform during a period of significant volatility in the energy sector and the wider economy. SEEIT’s differentiated approach to reducing energy costs provides solutions which improve resilience for our counterparties. Against a backdrop of rising energy prices and growing concerns around climate change and energy security, energy efficiency is now higher up the global agenda than ever before,’ said Chair Tony Roper.
The company aims to declare a second interim dividend for the year ending March 31, 2023 in November. Last month, it declared a first interim dividend of 1.50 pence per share.
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