SDCL Energy Announces Acquisition Completion

Source: www.gulfoilandgas.com 3/1/2021, Location: North America

Further to its announcement on 24 December 2020, SEEIT confirms it has completed the acquisition of a series of portfolios of commercial and industrial ("C&I") on-site solar and energy storage projects in the United States, together with a 50% interest in the platform that has created them, Onyx Renewable Partners (" Onyx") from funds managed by Blackstone (''Blackstone'').

Upfront initial consideration is US$120 million with an incremental US$30 million expected to be deployed in the coming months as construction progresses on solar projects. We expect the US$150 million investment to scale up over time as we continue the build-out of Onyx's high quality on-site solar pipeline.

The projects being acquired include a 100% interest in four solar and storage portfolios totalling over 175 MW of operational, in-construction and development stage assets, which provide renewable energy generated on-site directly to the end-user and a 50% interest in Onyx and its longer-term pipeline, which is projected to exceed 500MW over the next 5 years.

The acquisition has been financed through existing cash reserves. Existing project debt finance facilities remain in place post-acquisition.


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