Investors have flocked to put their money into an investment vehicle backing energy-efficiency projects.
SDCL Energy Efficiency Income Trust, a FTSE 250 company, said that it had raised £135 million of fresh capital in a placing with City institutions and retail investors, more than the £100 million it had targeted. The offer was priced at 114p, towards the bottom of the 113p to 117p indicative range but well above the last official net asset value per share figure of 108.4p as of March 31.
It was the ninth successive capital-raising for SEEIT since its launch in 2018. The fresh cash will be used for existing projects and to back potential new ventures, including electric vehicle charging stations, and biogas and geothermal generating projects.
After the new shares are admitted to the official list, trading in them will begin tomorrow. Based on the price yesterday, SEEIT will have a market value of almost £1.3 billion.
SEEIT said it had increased the size of the offer after taking account of demand, its pipeline of projects to back and its debt. Under the terms of the offer it could have raised £150 million. Its shares rose a penny, or 0.9 per cent, to 116p yesterday.