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SDCL Energy Efficiency Income Trust inks deals with Tesco for portfolio of rooftop solar projects

The trust said Tesco will enter a power purchase agreement for each individual site, with SDCL to be responsible for installing, operating, and maintaining each project

Solar panels
SDCL said the initial batch of projects will be around 1 megawatt and are the first phase of approximately 5 megawatts programme

SDCL Energy Efficiency Income Trust PLC (LON:SEIT) has signed an agreement with supermarkets giant Tesco PLC (LON:TSCO) for a portfolio of rooftop solar projects.

The energy efficiency sector investor said Tesco will enter a power purchase agreement for each individual site, with SDCL to be responsible for installing, operating, and maintaining each project.

READ: SDCL has first mover advantage as energy efficiency becomes mainstream

The trust said the initial batch of projects will be around 1 megawatt and are the first phase of approximately 5 megawatts programme, with additional solar projects are planned under a framework agreement.

It has partnered with Kingspan Energy Ltd, which will be the engineering, operating, and construction contractor under the deal.

SDCL’s chief executive Jonathan Maxwell commented: "We are continuing to deliver on the pipeline opportunities identified at the time of our initial public offering and are pleased to announce our first investment in rooftop solar [photovoltaics].”

He added: “With all the revenues being generated from the [power purchase agreements] and costs being largely fixed, this is a positive, stable investment for [SDCL] and one we are delighted to add to our growing portfolio.”

In afternoon trading, SDCL shares held steady at 105.50p.

Quick facts: SDCL Energy Efficiency Investments

Price: 107.5 GBX

LSE:SEIT
Market: LSE
Market Cap: £288.5 m
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