UK-listed SDCL Energy Efficiency Income Trust (SEEIT) has made its first investment in continental Europe with the acquisition of a €64m portfolio of energy generation assets in Spain.

The investment company, which floated on the London Stock Exchange in December last year, said it will buy the 125MW portfolio of cogeneration assets, made up of five combined heat and power plants, two olive processing plants and two biomass plants.

The portfolio benefits from long-term contracted revenues, SEEIT said.

The acquisition is to be funded through a combination of existing cash reserves and, if appropriate, available borrowing facilities.

SEEIT said operations and maintenance on the portfolio will continue to be carried out by the vendor, who’s name was undisclosed.

The latest investment is the company’s fourth acquisition since launch, SEEIT said, adding that it is continuing to review a substantial pipeline of new investment opportunities, a number of which are at an advanced stage.

Jonathan Maxwell, CEO and founder of Sustainable Development Capital, the company’s investment manager, said: “We are delighted to be making our first investment in continental Europe, consistent with the policy and strategy of the company.

“This portfolio achieves high levels of combined electrical and thermal efficiency, as well as producing clean and renewable energy. It represents an investment in a highly cash generative and proven operational portfolio and further diversifies the company, in terms of geography, technology and application.”