23rd Nov 2022 10:31
(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Wednesday signed an agreement to finance the design, acquisition and installation of energy efficiency solutions across various buildings in the US for BlocPower Energy Services 2 LLC.
SDCL is an investment company focused on assets in the energy efficiency sector, such as electric vehicle charging infrastructure and geothermal and biogas projects.
It said it will invest in Bloc Power through a 10% participation in a USD80 million loan facility. BlocPower is a wholly owned subsidiary of energy developer BlocPower LLC.
BlocPower provides energy efficiency solutions to decarbonise and electrify buildings, targeting small and medium-sized enterprises and low-to-moderate income communities in New York, SDCL said.
It added that capital expenditure required per site is expected to be around USD100,000 and USD150,000.
"SEEIT will benefit from long-term stable cashflows, through contracted debt repayments amortising over 10-12 years and with a fixed interest rate at the time of funding linked to the credit support provided for each project," the company explained.
SDCL plans to announce its interim results for the six months ended September 30 on December 8.
Shares in SDCL were up 0.1% to 109.06 pence each in London on Wednesday.
By Sophie Rose; [email protected]
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