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October 1, 2021

Fortistar Successfully Exits Remaining Interest in Primary Energy

WHITE PLAINS, N.Y. (October 1, 2021)

Fortistar, a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges, today announced the sale of its remaining 35% equity interest in Primary Energy, a portfolio of recycled energy and cogeneration projects servicing the steel industry, to SEEIT, the first UK-listed investment company of its kind to invest exclusively in the energy efficiency sector. The interest was acquired for a cash consideration of approximately $92 million. The acquisition was identified as part of SEEIT’s near-term pipeline in its recent equity issue.

SEEIT acquired an initial 50% interest in Primary Energy in February 2020 and increased its stake to 65% in December 2020. Both the acquisition in December 2020 and the current acquisition were transacted under pre-agreed terms, creating additional value for SEEIT shareholders by ensuring the firm did not have to enter into a competitive auction. Following the latest acquisition, SEEIT is now the 100% owner of Primary Energy.

Primary Energy’s 298MW portfolio consists of five individual operating projects which generate low-cost, efficient energy with substantial environmental benefits via three recycled energy projects, one natural gas combined heat and power project and a 50% interest in an industrial process efficiency project. The strong environmental benefits of the assets qualify the projects for Renewable Energy Certificates equivalent to those generated by 536 MW of solar or 374 MW of wind projects.

The portfolio of projects is located within the Indiana Harbor Works and involves two of the most efficient and advanced steel mills in the United States. Four of the five projects relate to steel mills that are owned by Cleveland-Cliffs Inc., the largest flat-rolled steel and iron ore pellet producer in North America. The remaining project services Midwest Steel, a subsidiary of United States Steel Corporation. The projects are fully integrated into the steel mill facilities, including fuel handling and emissions control equipment and systems that are critical for the operation of the facilities.

Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said: “We are pleased that SEEIT has successfully secured a 100% interest in Primary Energy, which plays an important role in SEEIT’s portfolio with robust ESG credentials. It provides critical and cost-effective low carbon energy services to the steel industry, which is one the world’s largest sources of greenhouse gas emissions.

The investment supports SEEIT’s total return objectives and its progressive dividend policy. Completion of the acquisition follows a period of strong growth and diversification in SEEIT’s overall portfolio.”

SDCL Energy Efficiency Income Trust plc is a FTSE 250 constituent company and the first of its kind to invest exclusively in the energy efficiency sector. Its projects are primarily located in the UK, Europe and North America and include, inter alia, a portfolio of cogeneration assets in Spain, a portfolio of commercial and industrial solar and storage projects in the United States, a regulated gas distribution network in Sweden and a district energy system providing essential and efficient utility services on one of the largest business parks in the United States.

Charles Chamberlayne
Director of Communications
Tel. (202) 302-7612

About Fortistar

Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing assets, first in independent power projects and now into other areas that support decarbonization. As a team, Fortistar has led financings raising over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit:  and follow the company on LinkedIn.

Media Contact: Caleigh Bourgeois (513) 675-7466