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SEEIT makes debt investment in Swedish geothermal firm


SeeNews Renewables  

 

    May 23 (Renewables Now) - SDCL Energy Efficiency Income Trust plc (LON:SEIT), or SEEIT, has made a debt investment in Baseload Capital Sweden AB, which specialises in small-scale geothermal projects.

    The London-listed investor, managed by Sustainable Development Capital LLP (SDCL), on Monday said it has agreed to provide a EUR-25-million (USD 26.4m) senior debt facility to finance a portfolio of projects owned by Baseload. The debt, with repayments over 10 years, will fund the capex of existing and pipeline projects. Baseload’s low-temperature geothermal projects are less complex and provide power and heat under long-term contracts with offtakers such as local utilities, municipalities and commercial and industrial (C&I) counterparties customers, SEEIT explained. The Swedish firm is developing projects in Iceland, Japan, the US and Taiwan.

    According to SEEIT fund manager Purvi Sapre, Baseload is “a great example of high efficiency renewable district energy generation.”

    The agreement was announced as part of an update on recent investment activity, along with an investment in US energy efficient motor company Turntide Technologies Inc, including a preferred equity investment of USD 10 million (EUR 9.5m) and a term sheet about the provision of a project financing facility of up to USD 100 million. SEEIT also said it has completed follow-on investments of GBP 19 million (USD 23.7m/EUR 22.4m) into Onyx, Sparkfund, Tallaght, EVN and Biotown.

    (EUR 1 = USD 1.058)

    (GBP 1 = USD 1.247/EUR 1.179)

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