Ecofin US Renewables Infrastr.Trust Net Asset Value(s) (5657E)
31 Octubre 2022 - 1:00AM
UK Regulatory
TIDMRNEW
RNS Number : 5657E
Ecofin US Renewables Infrastr.Trust
31 October 2022
31 October 2022
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
(the "Company")
Quarterly Net Asset Value
The Company announces that its unaudited net asset value as at
30 September 2022 on a cum-income basis was $0.9537 per ordinary
share (30 June 2022: $0.9732) or $131.7 million (30 June 2022: $
134.3 million).
-- a $1.3 million decrease in Fair Market Value ("FMV") of
investments due in part to the expected quarterly roll-off of
distributable cash flows in the forward-looking discounted cash
flow models, partly offset by a cumulative increase in net working
capital items on the balance sheet of each investment;
-- a $0.5 million decrease due to a non-recurring adjustment to
the Beacon 2 and 5 solar assets' FMV related to a property tax
settlement and future property tax obligations owed by the
projects;
-- a $0.8 million decrease in financial assets, driven largely
by fund expenses, $1.9 million of dividends paid and accrued
interest expense on the Company's drawn Revolving Credit Facility
balance .
-- Discount rates used to determine FMVs remained flat this
quarter after a 25 bps increase during Q2 2022
Investment Highlights
-- During the quarter, the Company closed and began construction
on three additional projects within the Echo Solar Portfolio,
bringing the portfolio total to six projects comprising 36.0 MW(DC)
in Minnesota, Virginia and Delaware with 25-year investment-grade
utility offtakers.
-- Construction across these six Echo Solar projects is expected
to be completed between Q4 2022 and Q2 2023. The Company currently
accounts for projects under construction at cost, with assets
revalued at FMV once operational.
-- The Company continues to evaluate the potential to close on
four additional projects within the Echo Solar Portfolio original
commitment.
-- Following the period end, the Company closed an $18 million
tax equity financing commitment for the Echo Solar Portfolio, of
which $1.7 million was drawn on 7 October 2022. The balance of the
commitment will be drawn upon completion of certain construction
milestones as the projects reach commercial operation.
-- The recent passage of the Inflation Reduction Act in the U.S.
is expected to have an additional positive impact on the Echo Solar
Portfolio with the potential to earn further tax credits above the
existing 30% Investment Tax Credit, which may create additional
valuation uplift.
Investment Manager Update
-- On 24 October, 2022, the Company announced that the Company's
Investment Manager, Ecofin Advisors, LLC, had appointed Eileen
Fargis as Managing Director - Private Equity Infrastructure and as
the Ecofin group lead and portfolio manager for RNEW with immediate
effect. Eileen will work closely to manage and develop the
Company's portfolio with the team of experienced professionals at
Ecofin, including Ed Russell, Senior Managing Director and Jason
Benson, Director of Private Renewable Energy. 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.
For further information, please contact:
Ecofin Advisors, LLC (Investment Manager)
Edward Russell
Eileen Fargis
Jason Benson
Michael Hart +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
Rajpal Padam
Madison Kominski +44 20 7710 7600
Sanne Fund Services (UK) Limited (Company
Secretary)
Martin Darragh
Maria Matheou +44 20 3327 9720
FTI Consulting (Financial PR)
Matthew O'Keeffe
Mitch Barltrop
Vee Montebello +44 7976 075797
About Ecofin Advisors, LLC
Ecofin is a sustainable investment firm with roots dating to the
1990s and a global footprint with offices in the US and UK. We are
driven by the idea that sustainable investment can deliver strong
risk-adjusted returns while making a true impact on the environment
and society. Our strategies offer global solutions in private and
public securities that address global challenges in climate action,
water and sustainable communities. Through these strategies we seek
to achieve positive impacts that align with the UN Sustainable
Development Goals and are accessible through a variety of
vehicles.
About Ecofin U.S. Renewables Infrastructure Trust PLC
("RNEW")
Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW" or the
"Company") is a closed ended investment company incorporated in
England and Wales, targeting attractive risk-adjusted returns and a
sustainable dividend yield through a differentiated investment
strategy focused on the middle market of U.S. renewable energy. The
Company's ordinary shares ("Shares") were admitted to the Official
List of the Financial Conduct Authority and to trading on the
premium listing segment of the main market of the London Stock
Exchange on 22 December 2020. The Company's ordinary shares can be
traded in USD (ticker "RNEW"), or in GBP (ticker "RNEP"). The
Company has been awarded the London Stock Exchange Green Economy
Mark.
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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