SEEIT beats target in latest fundraise

The SDCL Energy Efficiency Income Trust (SEEIT) has successfully raised £135 million (€155m US$145m) in its latest fundraise process.

The total came in considerably in front of the trust's target, which had been set at £100 million (€115m US$114m) ahead of the issue of new ordinary shares, which were priced at 114p each.

The decision to increase the size of the issue was made by the board based on the company's current pipeline and available debt facilities.

Most recently, SDCL bought a solar portfolio from United Utilities, which is the main water utility company in the north west of England.

It is thought that the deal was concluded for £100 million (€118m US$119m) and will result in SEEIT taking on all of United Utilities Renewable Energy, which owns a portfolio of seventy renewables schemes with a combined capacity of 69MW.

The vast majority of the portfolio is comprised of solar projects, with nine percent of the portfolio's capacity offered by wind resources and one percent by hydro.

Before that, the trust invested in a district heating system in the United States.

SDCL struck a US$177 million (£127m €150m) deal with Stonepeak-backed Ironclad Energy Partners, to buy RED-Rochester, a specialist in commercial district energy and a supplier of utility services to Eastman Business Park, an industrial hub located in Rochester, New York.