RNEW Ecofin U.s. Renewables Infrastructure Trust Plc

TIDMRNEW

RNS Number : 3068E

Ecofin US Renewables Infrastr.Trust

29 June 2023

This Announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.

29 June 2023

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

Operational Update

Following a review of recent performance of the Company's assets, the Company now expects net cash flows at the portfolio level to be meaningfully lower than forecast for the quarters ending 30 June 2023 and 30 September 2023, with overall cash flows currently expected to return to forecast levels by the end of the calendar year. This reduction comes as a result of certain operational issues, including the recent events at Whirlwind, corrective maintenance interruptions at some of the solar assets leading to lower-than-expected energy performance, and one-time costs. The Investment Manager is actively engaged with Whirlwind's offtaker and interconnection provider to remedy the Whirlwind outage, as well as its operations managers to remediate the operational issues and improve asset performance, both operationally and financially.

The Board is conscious of the importance of dividend income to the Company's shareholders and will review the existing costs of the Company together with the Investment Manager. However, given the expected decline in cash flows, the Board announces it expects to declare in early August a reduced dividend of not less than 0.70 cents per share in respect of the quarter ending 30 June 2023. The Board believes a temporary reduction at this time is prudent.

For further information, please contact:

 
 Ecofin Advisors, LLC (Investment Manager) 
  Edward Russell 
  Eileen Fargis 
  Jason Benson 
  Michael Hart                                   +1 913 981 1020 
 Peel Hunt LLP (Joint Corporate Broker) 
  Liz Yong 
  Luke Simpson 
  Huw Jeremy                                    +44 20 7418 8900 
 Stifel (Joint Corporate Broker) 
  Edward Gibson-Watt 
  Rajpal Padam                                  +44 20 7710 7600 
 Apex Listed Companies 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 79 7607 5797 
 

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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