19th Jun 2019 14:01
(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Wednesday said it has signed an agreement with Tesco PLC for a portfolio of rooftop solar projects.
Tesco will enter a power purchase agreement with SDCL, an energy efficiency sector investor, for each individual site and SDCL will be responsible for installing, operating, and maintaining each project.
The initial batch of projects will be around 1 megawatt and are the first phase of approximately 5 megawatts programme, with additional solar projects are planned under a framework agreement. The value of the agreement wasn't disclosed.
SDCL has partnered with Kingspan Energy Ltd, which will be the engineering, operating, and construction contractor under the deal.
"We are continuing to deliver on the pipeline opportunities identified at the time of our initial public offering and are pleased to announce our first investment in rooftop solar [photovoltaics]. We are delighted to have been selected as a supplier of these solar rooftops and pleased to be able to partner with Kingspan as a single supplier and contractor. With all the revenues being generated from the [power purchase agreements] and costs being largely fixed, this is a positive, stable investment for [SDCL] and one we are delighted to add to our growing portfolio," said Chief Executive Jonathan Maxwell.
Shares in SDCL were up 1.0% at 106.50 pence on Wednesday afternoon.
Related Shares:
TescoSdcl Energy Ef.