Sequoia Economic Infrastructure subsidiary gets California lender licence

Sequoia Economic Infrastructure Income Fund announced on Tuesday that its wholly-owned subsidiary, Sequoia IDF Holdings, has received a finance lender licence under the Californian Financing Law.

The London-listed firm said the development would significantly expand the company's pipeline of opportunities in California, and provide a competitive edge over non-licensed lenders.

It noted that California, recognised as one of the largest and fastest-growing markets for infrastructure finance in the United States, would rank as the world's fifth largest economy if it were a country.

SEQI said it was aiming to target sectors within California including energy transition, digitalisation, and transport infrastructure, leveraging the new licence to capitalise on such high-growth areas.

At 1237 BST, shares in Sequoia Economic Infrastructure Income Fund were up 0.87% at 81.3p.

Reporting by Josh White for Sharecast.com.