Ecofin US Renewables Infrastr.Trust Acquisition Closing and Near Term Pipeline Update (2276M)
20 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMRNEW
RNS Number : 2276M
Ecofin US Renewables Infrastr.Trust
20 September 2021
20 September 2021
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
Acquisition Closing and Near Term Pipeline Update
The Board of Ecofin U.S. Renewables Infrastructure Trust PLC
("RNEW" or the "Company") is pleased to announce the closing of the
following acquisition, which will further deploy the Company's IPO
proceeds.
Closing the acquisition of Echo Solar Portfolio's largest
asset
In July, the Company signed an agreement to acquire twelve solar
photovoltaic projects ("Echo Solar Portfolio"), which are at
construction stage and are expected to be completed and to commence
operations in phases beginning in the first quarter of 2022. The
combined capacity of the projects is estimated at 69 megawatts (MW)
and the aggregate asset value is approximately $95 million. On 17
September, the Company closed the acquisition of the 13.7 MW solar
project in Minnesota representing approximately 25% of Echo Solar
Portfolio's asset value. This high quality solar project reinforces
the differentiated nature of RNEW through its 25 year fixed-price
power purchase agreement with an investment grade rated utility to
insulate cash flows from volatile wholesale power prices. The
remaining eleven assets comprising the Echo Solar Portfolio are
progressing their project milestones which will enable more project
closings in the near term consistent with the plans announced in
July.
Near Term Pipeline Update
The Company's Investment Manager reports that its advanced near
term pipeline of contracted solar and wind deals committed or under
exclusivity totals approximately $100 million. This amount
comprises a $38 million incremental investment in the Echo Solar
Portfolio through a reduction in project level gearing, $50 million
for an operating wind asset and $12 million for a construction
stage commercial solar asset, both under exclusivity. The broader
near term pipeline continues to be in excess of $3.0 billion
including two wind assets totalling $62 million and two solar
assets totalling $50 million, each with bids submitted.
Since the Company has approximately $30 million remaining of
uncommitted IPO funds to be fully deployed it is pursuing both a
non-recourse construction loan facility related to the Echo Solar
Portfolio and a Company subsidiary senior secured revolving credit
facility in parallel with its existing equity placing programme to
ensure sufficient funds are available to absorb this expected
investment growth in 2021. Given the quantum of the advanced
near-term pipeline, the Company maintains its expectation of fully
deploying its IPO proceeds into solar and wind investments in 2021
consistent with its target at the time of IPO issuance.
For further information, please contact:
Ecofin Advisors, LLC (Investment Manager)
Jerry Polacek
Matthew Ordway
Prashanth Prakash +1 913 981 1020
Stifel (Corporate Broker)
Mark Bloomfield
Nick Donovan +44 207 710 7600
PraxisIFM Fund Services (UK) Limited (Company
Secretary)
Martin Darragh
Maria Matheou +44 204 513 9260
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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END
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