SDCL Energy expands footprint with announcement of three new projects

(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Tuesday announced two new ...

Alliance News 26 October, 2021 | 11:22AM
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(Alliance News) - SDCL Energy Efficiency Income Trust PLC on Tuesday announced two new investments, one in Singapore and the other in the US, as well as one agreement for electric vehicle charging stations in the UK.

SDCL invests in energy efficiency sector, including co-generation, solar and storage projects in the UK, Europe and North America.

The FTSE 250-listed firm said it has made an investment commitment of GBP3 million to implement, finance and own the replacement of an energy efficient chiller system at Lycra Co's Singapore facility.

Lycra produces fibre and other materials for the apparel and personal care industries.

"The investment in the LYCRA project demonstrates the value of SDCL's relationships in Asia, which provides for the continued sourcing of compelling energy efficient projects in the country and wider region, here focussed on the crucial topic of cooling," said Chief Executive Jonathan Maxwell.

Construction of the system has commenced and commissioning of the system is expected to occur in early 2023.

SDCL has additionally made a USD5 million debt investment alongside other investment partners to fund the energy efficiency measures in the 303 Battery Street building in Seattle, US.

The project entails a 15-story, 112 unit "net zero energy" apartment building designed and constructed by Sustainable Living Innovations.

Lastly, SDCL has inked an agreement with ESB Energy to expand its network of ultra-fast electric vehicle charging infrastructure across the UK. The development of the network will be carried out by EV Network, an infrastructure development company in the EV UK market.

"The agreement with ESB Energy and our ongoing partnership with EV Network is a commitment to address current challenges facing energy efficiency and pollution prevention in the transport sector, as well as the much publicised need to invest in the UK's EV charging infrastructure capability to enable the uptake and servicing of electric vehicles," Maxwell said.

Shares in SDCL were 0.2% higher at 113.77 pence each in London on Tuesday morning.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
SDCL Energy Efficiency Income Ord 115.51 014 -

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