We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ecofin U.s. Renewables Infrastructure Trust Plc | LSE:RNEP | London | Ordinary Share | GB00BLPK4430 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -1.56% | 31.50 | 31.00 | 32.00 | 31.50 | 31.50 | 31.50 | 64,500 | 08:00:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | -4.29M | -6.73M | -0.0487 | -8.42 | 44.19M |
TIDMRNEW
RNS Number : 9526V
Ecofin US Renewables Infrastr.Trust
07 December 2023
7 December 2023
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
(the "Company")
Operational Update
-- Whirlwind Texas wind asset: expected to reenergise this month -- Ellis Road solar asset: back online -- Strategic Review: continued progress
The Company is pleased to announce progress in relation to asset re-energisation within the portfolio and the ongoing Strategic Review process.
Whirlwind - Texas wind asset
Further to the Whirlwind Update announcement published by the Company on 27 July 2023 (RNS Number: 3265H) and the Q3 2023 Operational Update and Net Asset Value announcement on 2 November 2023 (RNS Number: 2050S), and relating to the 21 June 2023 tornado in Matador, Texas, the Company's 59.8 MW Whirlwind Energy wind farm ("Whirlwind") in Floydada, Texas, has now moved significantly closer to coming back online. The asset management team of Ecofin Advisors, LLC (the "Investment Manager") continues to work with the relevant counterparties to restore generation from Whirlwind following the tornado damage to a nearby substation in June 2023. AEP, the owner of the Matador and Paducah substations, has now finished testing a new transmission line past Matador to Paducah. The Company expects to reenergise by mid-December 2023 (previously anticipated by end November) subject to wind speeds and a number of other variables. The first payment on the Company's business interruption coverage has now been received from the insurance providers and further payments are scheduled to follow, substantially mitigating lost revenue and expenses incurred as a result of the outage.
Ellis Road - Massachusetts solar farm
The Operational Update announcement published by the Company on 29 June 2023 (RNS Number: 3068E) cited a number of operational issues including the recent events at Whirlwind but also corrective maintenance interruptions at some of the solar assets leading to lower-than-expected energy performance. In particular, the Ellis Road solar farm ("Ellis Road") in Westminster, Massachusetts, was subject to rodent infestation. The Investment Manager's asset management team has worked with the operations managers on site to remediate the operational issues, replace and better insulate wiring as needed, and improve asset performance, and is pleased to report that Ellis Road is now back online.
Strategic Review
Finally, the Strategic Review announcement published by the Company on 8 September 2023 (RNS Number: 7853L) flagged, alongside the appointment of Marathon Capital ("Marathon") as financial adviser, a process in relation to the sale of the Company's assets which, if successful, would result in an expected return of cash to shareholders, in connection with a winding up of the Company or similar transaction. The Company and Marathon continue to make progress and the Board will make further announcements when appropriate.
There can be no certainty as to the outcome of the Strategic Review or any asset sale process, nor whether any potential transaction or transactions arising could be successfully completed or the valuation at which it or they could be completed. In addition, should a transaction arise that would involve the sale of the Company's assets, it is expected that the implementation of such transaction will be conditional upon shareholder approval at a general meeting of the Company.
The person responsible for arranging the release of this announcement on behalf of the Company is Martin Darragh.
For further information, please contact:
Ecofin Advisors, LLC (Investment Manager) Edward Russell Eileen Fargis Jason Benson Michael Hart +1 913 981 1020 Stifel (Corporate Broker) Edward Gibson-Watt Rajpal Padam +44 20 7710 Madison Kominski 7600 Marathon Capital (Financial Adviser) +1 646 823 1650 Ammad Faisal Gaurav Khanna +44 7770 496 Chris Shaw 261 Apex Listed Companies Services (UK) Limited (Company Secretary) Martin Darragh +44 20 3327 Maria Matheou 9720 FTI Consulting (Financial PR) Matthew O'Keeffe Mitch Barltrop +44 7976 075 Vee Montebello 797
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.
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 rns@lseg.com 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
UPDUPGWWPUPWPUQ
(END) Dow Jones Newswires
December 07, 2023 02:00 ET (07:00 GMT)
1 Year Ecofin U.s. Renewables I... Chart |
1 Month Ecofin U.s. Renewables I... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions