LONDON: SDCL Energy Efficiency Income Trust plc has completed the acquisition of a 50% interest in Primary Energy, a portfolio of recycled energy and cogeneration projects located in Indiana, USA, from a consortium led by Fortistar LLC for an equity cash consideration of approximately $110 million.

The 298MW portfolio consists of five operating projects which generate low-cost, efficient energy, comprising three recycled energy projects, one natural gas combined heat and power project and a 50% interest in an industrial process efficiency project.

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

Commenting on the transaction, Jonathan Maxwell, CEO and Founder of Sustainable Development Capital LLP, said: “We are delighted to have completed this acquisition. This opportunity involves a proven operational portfolio of industrial energy efficiency projects with strong environmental benefits.

This investment further diversifies SEEIT’s portfolio, in terms of geography, technology, counter party and application. We are confident that this acquisition will make a significant contribution to SEEIT’s total returns.”