The SEEIT fund has been a co-owner of Primary Energy since February 2020, but as of September 30, 2021, SEEIT is now the full owner of Primary Energy.
For those of you who are not already familiar, we are Sustainable Development Capital LLP (SDCL). SDCL is, in turn, the Investment Manager of an investment company listed on the London Stock Exchange called SDCL Energy Efficiency Income Trust (SEEIT). SEEIT is the company that has acquired Primary Energy.
As any business is nothing without its employees, we recognize the crucial role that the team plays in the ongoing success of Primary Energy.
SEEIT is an investment company that invests for the long term in operational energy efficiency and decentralized generation projects with high quality clients. SEEIT invests predominantly in the US, Europe, and the United Kingdom. As the organization squarely fits with SEEIT’s investment objectives, we purchased the remaining stake in Primary Energy.
History in the USA
SEEIT has a significant existing portfolio of projects in the US and SDCL has had a permanent presence in New York City for nearly a decade with a specific focus on building and owning energy efficient and decentralized sustainable projects. SEEIT has been a co-owner of Primary Energy since February 2020. SEEIT’s portfolio of projects in the US also includes RED-Rochester, one of North America’s largest district energy systems located within Eastman Business Park, Rochester, New York. SEEIT also acquired an interest in Onyx Renewable Energy, one of the largest developers and owners of commercial and industrial solar and storage projects operating across the US.
Today and the Future
Because SEEIT invests for the long term, we will continue to work with the Primary Energy leadership team to identify prospective areas for investment for the business. The operational safety and efficiency of the company is critically important to SDCL, so we intend on maintaining these high standards into the future. SDCL will continue to closely collaborate with customers as well as local and regional stakeholders on these matters. SDCL has well established Environmental, Social and Governance (ESG) principles that focus on positive societal impacts throughout its portfolio of investments. SDCL will focus on ensuring that improvements to Primary Energy will adhere to these principles by reducing the amount of carbon dioxide produced and increasing the amount of renewable energy generated. Primary Energy has made great progress on the ESG front over the past several years and we will continue to build upon this success. SEEIT has been awarded the Green Economy Mark from the London Stock Exchange, which recognizes London-listed companies and funds that generate between 50% and 100% of total annual revenues from products and services that contribute to the global green economy.