BasePower announces that it has signed a framework investment agreement with SDCL Energy Efficiency Income Trust plc (SEEIT) to fund up to £50 million of projects over the next five years. The agreement will allow BasePower to accelerate delivery of sustainable energy projects for British industry.
BasePower is a growing developer and operator of energy efficiency projects for premier industry brands in the automotive, food manufacturing and logistics sectors. The company recently switched on its eighth energy centre in the UK. Projects span the full gamut of Combined Heat and Power (CHP), solar photovoltaic (PV), resilience and grid upgrades in a wide range of sizes to suit the specific needs of each site.
SDCL Energy Efficiency Income Trust plc (SEEIT) is an experienced investor in sustainable energy and is listed on the London Stock Exchange. The framework agreement will involve SEEIT investing approximately £10 million per annum over the next 5 years to build out BasePower’s project pipeline. BasePower will manage the development, construction and operation of over 35 MW of new energy efficiency assets. These are likely to include further CHP, efficiency and microgrid projects supporting UK industry as it moves to decarbonised energy.
Dan Poulson, a founder director of BasePower, said:
“We are delighted to have begun this partnership with SEEIT. Our ability to draw on a facility to finance projects of all technologies remains very popular; it leaves customers free to deploy scarce capital into their core business. We’ve known and respected the SDCL team for some years and we have a shared vision to decarbonise industry economically. This new agreement allows us to expand and broaden our offer to customers. As our work continues to accelerate, this represents a real vote of confidence for the future.”
ENDS
About SEEIT
SDCL Energy Efficiency Income Trust plc is the first UK listed company of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of recycled energy and cogeneration projects in the United States, a regulated gas distribution network in Sweden and, most recently, a portfolio of commercial and industrial solar and storage projects in the United States.
The Company aims to deliver shareholders value through its investment in a diversified portfolio of energy efficiency projects which are driven by the opportunity to deliver lower cost, cleaner and more reliable energy solutions to end users of energy.
Past performance cannot be relied on as a guide to future performance.
Further information can be found on the Company's website at www.seeitplc.com.
Investment Manager
SEEIT's investment manager is SDCL, an investment firm established in 2007, with a proven track record of investment in energy efficiency and decentralised generation projects in the UK, Continental Europe, North America and Asia.
SDCL is headquartered in London and also operates worldwide from offices in New York, Dublin, Madrid, Hong Kong and Singapore. SDCL is authorised and regulated in the UK by the Financial Conduct Authority.
Further information can be found at www.sdclgroup.com.
