SDCL Energy Efficiency Income Trust has exceeded its initial £60m (€66m) fundraising target to raise £110m.

The UK-listed company said due to the strong support from investors, it had increased the size of its initial share issue plan.

SDCL said it expects the capital raised to be used to invest in a pipeline of opportunities and also to partly pay down its existing debt facilities.

Tony Roper, chairman of SDCL Energy Efficiency Income Trust said: “The growing interest in SDCL substantiates our view that there has never been a more critical time for investment in energy efficiency, particularly given the twin challenges of Covid-19 and climate change.

“We have an advanced near-term investment pipeline consisting of projects that would help to further expand and diversify our portfolio and to deliver attractive returns for our shareholders.”

Projects that SDCL invests in either provide decentralised on-site generation of power and heat, or projects which reduce energy demand.

The company’s portfolio comprises assets across the UK, Europe and North America.

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