SDCL Energy Efficiency Income Trust plc
(“SEEIT” or the “Company”)
Company update
Contract Renewal
SEEIT is pleased to announce that Cokenergy, a project within its Primary Energy portfolio, has renewed its long term contract with Cleveland Cliffs at the Indiana Harbor Works East steel mill in the US. The contract provides for the onsite supply of steam and electricity which is generated by Primary Energy’s facility from waste heat from the onsite coke ovens.
Final terms align with the assumptions included in the September 2023 valuation and reflect the in principle agreement reported in the interim accounts published in December 2023 (“Interim Accounts”). The renewal will also de-risk elements of the contract by passing through certain costs and introducing improved inflation correlation of revenues.
Portfolio Trading Update
The Company is pleased to report that in aggregate the operational cashflows being generated in the final quarter of the calendar year 2023 have remained in line with the Investment Manager’s expectations, continuing the progress outlined in the Interim Accounts, notwithstanding there has been some variability in individual asset performances in the period. The Investment Manager continues to monitor project specific KPI’s carefully and actively engage with the different management teams as required. Further project specific updates will be provided in its 31 March 2024 results.
Portfolio Disposals
The pursuit of selected disposals from the portfolio is a priority for the Investment Manager and it has now received a number of credible proposals in relation to multiple assets which are within its range of pricing expectations and thereby support the most recently published net asset value. Whilst there can be no certainty that these proposals will result in a sale, the Investment Manager is focused on progressing these processes expediently and will provide further updates in due course.
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