SDCL Efficiency Income Trust – executive interview
20/06/2025
In this interview, SDCL Efficiency Income Trust (SEIT) fund manager Tamsin Jordan gives an overview of the trust as well as some insight into its assets. SEIT is an investment trust listed on the London Stock Exchange that invests exclusively in assets that fall under the energy efficiency arm of the wider energy infrastructure sector. Its projects focus on providing energy and energy efficiency as a decentralised service directly to end users, rather than supplying the broader power grid.
SDCL Energy Efficiency Income Trust — A deep dive into key assets
22/04/2025
SDCL Energy Efficiency Income Trust (SEEIT) currently trades at a significant 46% discount to net asset value (NAV). This discount to NAV is larger than that of the company’s wider peer group, which stands at c 34% (weighted average of 19 peers), and its 13% dividend yield is the second highest in the AIC Renewable Energy Infrastructure sector. SEEIT is possibly misunderstood as it has a unique mandate (energy efficiency) and a diverse set of assets, which make comparison to peers difficult. In this note we take a closer look at its five key assets, which made up c 75% of its gross asset value at 30 September 2024. Its assets are diversified by technology and are focused almost entirely on delivering energy efficiency as a decentralised service behind the meter, rather than supplying energy to the broader grid. Both features are arguably deserving of a premium, rather than a discount valuation compared to peers.
Vantage: SEEIT – Investing in the world’s most valuable energy resource
16/12/2024
With 70% of global energy being wasted and energy efficiency emerging as a critical pathway to net zero, our latest Vantage interview explores an often-overlooked investment opportunity. SDCL Energy Efficiency Income Trust (SEEIT) targets investments in energy efficiency projects that deliver cheaper, cleaner and more reliable energy. Currently trading at a 40% discount to NAV with a 12% dividend yield, this UK 250 company offers exposure to: 1) a £1.5bn portfolio of assets operating across 10 countries; 2) 50 commercial projects from electric vehicle charging to district energy; 3) long-term contracted revenues from creditworthy counterparties; and 4) growing policy support. In this interview, fund managers Tamsin Jordan and Ben Griffiths explain how SEEIT is positioned to capitalise on what the International Energy Agency identifies as essential for achieving 2030 emissions targets.