SDCL Energy Announces Financial Results for the Year Ended 31 March 2021

Source: 6/24/2021, Location: Europe

SDCL Energy Efficiency Income Trust plc (SEIT) ("SEEIT") announces financial results for the year ended 31 March 2021.


- Net Asset Value ("NAV") per share of 102.5p as at 31 March 2021, up from 101.0p as at 31 March 2020 and a total NAV return for the period of 8.0%

- Earnings per share of 7.0p for year to 31 March 2021 (March 2020: 5.2p)

- Profit Before Tax of £32.4 million for year to 31 March 2021, up from £11.6 million for the prior year to 31 March 2020

- Aggregate dividends of 5.5p per share declared relating to the year ended 31 March 2021, in line with target

- Target dividend [2] of 5.62p per share for year to March 2022, a 2.2% increase from 31 March 2021

- Portfolio Valuation of £553 million at 31 March 2021, up 73% from £320 million at 31 March 2020

- Investment at fair value on balance sheet of £573 million at 31 March 2021, up from £254 million 31 March 2020

- Market Capitalisation of £758 million at 31 March 2021, up from £296 million at 31 March 2020 and a total shareholder return of 30.0% since IPO to 22 June 2021

- Investment of approximately £255 million made in 7 investments during the year

- Cash of £126 million at 31 March 2021 available for investments and the fourth interim dividend payable in June 2021

- Capital raised of £375 million during the financial year from three well-supported equity issues, with proceeds deployed into investments from the Company's pipeline

- Carbon Savings of 654,205 tCO2 (2020: 156,000[3] tCO2) from Company's portfolio, which also produced 895,212 MWh of electricity (2020: 113,0003 MWh)

Post Year End Highlights

- $177 million acquisition of RED-Rochester, LLC, a commercial district energy system in the United States

Tony Roper, Chairman of SEEIT, said:

"Twelve months ago, no-one could have foreseen the effect that the COVID-19 pandemic would have on the world, its human impact and the repercussions for the global economy. Despite this and other challenges that it brought about, the performance of the Company's underlying investment portfolio of energy efficiency infrastructure assets remained resilient, achieving growth in NAV and enabling us to achieve our dividend targets. Capital raised in the year has been successfully committed through a number of substantial investments, further diversifying its portfolio. We are very grateful for the continued support from new and existing investors."

Jonathan Maxwell, CEO of SDCL, the Investment Manager said:

"We will continue to seek to build a diversified portfolio for the Company and, particularly, to further diversify in terms of technologies that are compatible with a pathway towards decarbonisation. The sectors in which SEEIT is investing are receiving increasing levels of interest. Governments and companies are continually increasing their carbon reduction commitments and therefore the demand for cost effective and low carbon energy solutions will continue to increase."

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