Ecofin US Renewables Infrastr.Trust Portfolio Investment and Pipeline Update (1214G)
22 Julio 2021 - 3:23AM
UK Regulatory
TIDMRNEW
RNS Number : 1214G
Ecofin US Renewables Infrastr.Trust
22 July 2021
22 July 2021
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
Portfolio Investment and Pipeline Update
The Board of Ecofin U.S. Renewables Infrastructure Trust PLC
("RNEW" or the "Company") is pleased to announce the following
positive developments with respect to the Company's investment
activities.
Acquisition of twelve solar photovoltaic projects ($95 million
asset value)
The Company has signed an agreement to acquire twelve ground
mount solar photovoltaic projects at construction stage with an
aggregate asset value of approximately $95 million. The combined
capacity of the projects is estimated at 69 megawatts, which will
help offset over 83,000 tonnes of CO(2) equivalent each year. The
projects are expected to commence operations in phases beginning in
the first quarter of 2022.
The Investment Manager is working with construction and tax
equity financing parties to structure these transactions optimally
for the benefit of the Company's investors. It is expected that the
Company will invest approximately $25 million during the
construction phase with potential to increase its equity investment
up to approximately $63 million during the operating phase through
a reduction of gearing. Completion of this transaction will further
diversify the Company's investment portfolio across the states of
Minnesota, Virginia, and Delaware through 25-year fixed price power
purchase agreements with investment grade utility purchasers.
Following the signing of this agreement, the Company has now
committed or invested approximately 75% of the Company's IPO
proceeds.
Pipeline Update
The Company's Investment Manager reports that its near-term (6
month) pipeline of potential investment opportunities remains
strong and exceeds $3.0 billion. The Investment Manager is pursuing
wind and additional solar investment opportunities that offer
further potential for the Company's portfolio to be fully invested
in the coming months.
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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