Ecofin US Renewables Infrastr.Trust Acquisition of Seed Assets and ITC Extension (7266J)

TIDMRNEW

RNS Number : 7266J

Ecofin US Renewables Infrastr.Trust

23 December 2020

23 December 2020

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

ACQUISITION OF SEED ASSETS AND TAX CREDIT EXTENSION

Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW" or the "Company") is pleased to announce that it has completed the acquisition of two of the four seed investments described in its prospectus dated 11 November 2020.

The two seed investments, acquired for an aggregate consideration of $10.9m, include a 100% cash equity interest in a 4.8 MW commercial rooftop solar project in California ("Seed Investment 2") and a 100% cash equity interest in a 7.1 MW ground-mount solar project in Massachusetts ("Seed Investment 4"), both of which have 100% of their revenues contracted with a weighted average remaining term of over 17 years.

Commenting on today's announcement, Jerry Polacek, Managing Director and Group Lead of Private Clean Energy & Infrastructure at Ecofin, said:

"Ecofin is pleased that RNEW has completed the acquisition of two of the four seed investments on its first day of trading on the Main Market. Ecofin also notes that on Monday 21 December, the U.S. Congress passed a broad spending bill with bipartisan support which included a two year extension of the Investment Tax Credit for solar (retaining the 2020 rate of 26%, which had been scheduled to step down to 22% in 2021) and a one year extension of the production tax credit for onshore wind, which should pave the way for continued industry growth."

All definitions in this announcement refer to the Prospectus dated 11 November 2020.

 
 For further information, please contact: Ecofin Advisors, LLC (Investment Manager) 
    Jerry Polacek 
    Matthew Ordway 
    Prashanth Prakash                             [phone] 
   Stifel (Corporate Broker) 
    Corporate: 
    Mark Bloomfield 
    Nick Donovan 
    Maarten Freeriks                            [phone] 
 
  Further information on the Company can be found on its website 
  at https://ecofininvest.com/rnew. 
  The Company's LEI is 2138004JUQUL9VKQWD21. 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQFLFISFTLVFII

(END) Dow Jones Newswires

December 23, 2020 09:30 ET (14:30 GMT)