Ecofin US Renewables Infrastr.Trust Appointment of Managing Director and Group Lead (7798D)
24 Octubre 2022 - 1:00AM
UK Regulatory
TIDMRNEW
RNS Number : 7798D
Ecofin US Renewables Infrastr.Trust
24 October 2022
24 October 2022
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
Appointment of Managing Director and Group Lead
The Board of Ecofin U.S. Renewables Infrastructure Trust PLC
(the "Company" or "RNEW") is pleased to announce that the Company's
Investment Manager, Ecofin Advisors, LLC ("Ecofin") has appointed
Eileen Fargis as the Ecofin group lead and portfolio manager for
RNEW, effective today. Eileen's appointment follows a competitive
recruitment process led by Ecofin.
In her role as Managing Director - Private Equity Sustainable
Infrastructure, Eileen will work closely with the team of
experienced professionals at Ecofin, including Ed Russell, Senior
Managing Director and Jason Benson, Director of Private Renewable
Energy, who have been ultimately responsible for the asset
management and project controllership of RNEW's high quality
portfolio of 62 U.S. solar and wind assets, spread across seven
states with a total capacity of 162 MW.
Eileen has over 20 years' industry experience, most recently as
Head of Investments for InterEnergy Holdings (UK) Ltd, an
independent developer, owner, and operator of 2.1 GW of energy
generation assets and a utility in the Caribbean and Latin America.
Eileen is the former Co-Head of the $1 billion IFC African, Latin
American and Caribbean Fund LP, a private equity fund investing on
behalf of the International Finance Corporation.
Eileen started her career in energy and infrastructure with
Skadden Arps and spent nine years at GE Capital Markets, GE Energy
Financial Services and GE Structured Finance with a focus on global
renewable energy and infrastructure assets. Eileen has previously
served on the boards of InterEnergy Holdings, CityExpress Hotels
and SURA Asset Management. Eileen is a graduate of Hamilton College
and the John Hopkins School of Advanced International Studies.
Brent Newcomb, President of Ecofin, commented : "We are thrilled
to welcome Eileen to Ecofin. She will make an immediate impact on
our team and the Company given her leadership and experience in the
private sustainable infrastructure space. She brings expertise
across all aspects of project finance along with a strong network
in the power generation industry."
Eileen Fargis, Managing Director, said: "I'm delighted to join
the RNEW team as we provide this compelling investment product to
investors. RNEW's investment strategy is well positioned to benefit
from the positive sectoral backdrop, driven by multi-year U.S.
policy tailwinds supporting renewables. The passage of the
Inflation Reduction Act ("IRA") in August 2022 represents an
unprecedented long-term policy boost for U.S. renewable energy with
approximately $369 billion allocated towards climate infrastructure
and energy security. The IRA includes provisions for extending tax
credits for solar and wind through 2035 and introduces a new tax
credit for standalone battery storage, which provides strong
alignment with RNEW's investment strategy."
Eileen's appointment strengthens the existing experienced senior
management and asset management teams within Ecofin, who have
ensured a smooth transition to new leadership. The team continues
to focus on bringing a differentiated investment strategy to
market, focused on U.S. middle market renewable energy assets. The
Company is fully invested with an attractive, long-term U.S. dollar
denominated income stream from 100% contracted revenues and the
U.S. renewable market continues to have a promising growth outlook
with historic unified government support to achieve the 2035
carbon-free U.S. power sector goal.
Patrick O'D Bourke, Chair of RNEW, said: "Eileen's appointment
comes at an important time for RNEW and the U.S. renewables sector,
as policy stimulus only strengthens the long-term investment case
in U.S. wind, solar and battery storage. The Board is pleased with
the high quality of RNEW's portfolio and its stable and growing
dividend performance to date, resulting from the Investment
Manager's active management of our 62 assets. The focus on
investment stewardship will continue and we look forward to a
strong relationship with Eileen and her team to maintain RNEW's
commitment to delivering attractive risk-adjusted returns and a
sustainable dividend to our shareholders."
For further information, please contact:
Ecofin Advisors, LLC (Investment Manager)
Michael Hart
Brad Adams
Brent Newcomb +44 20 7451 3023
Peel Hunt LLP (Joint Corporate Broker)
Liz Yong
Luke Simpson
Huw Jeremy +44 20 7418 8900
Stifel (Joint Corporate Broker)
Mark Bloomfield
Alex Miller
Madison Kominski +44 20 7710 7600
Sanne Fund Services (UK) Limited (Company
Secretary)
Martin Darragh
Maria Matheou +44 20 3327 9720
FTI Consulting (Communications)
Matthew O'Keeffe
Mitch Barltrop
Vee Montebello +44 7976 075 797
Further information on the Company can be found on its website
at
https://uk.ecofininvest.com/funds/us-renewables-infrastructure-trust-plc/
.
The Company's LEI is 2138004JUQUL9VKQWD21.
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