REG - Ecofin US Renewables - New Management Arrangements

Ecofin US Renewables Infrastructure TrustAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250506:nRSF3238Ha&default-theme=true

RNS Number : 3238H  Ecofin US Renewables Infrastr.Trust  06 May 2025

LEI: 2138004JUQUL9VKQWD21

6 May 2025

Ecofin U.S. Renewables Infrastructure Trust PLC (the "Company")

New management arrangements

As announced by the Company on 7 February 2025, the Company's existing
investment manager, Ecofin Advisors, LLC ("EA") served twelve months' notice
on the Company to terminate its alternative investment fund management
agreement with the Company (the "AIFM Agreement"). The Company's board of
directors (the "Board") has since considered its options with respect to the
ongoing management of the Company and its assets for the remainder of the
Company's managed wind-down process and is pleased to provide an update to
shareholders as set out below.

Self-management

The Company announces that it has applied to the FCA to become registered as a
self-managed alternative investment fund. Subject to FCA approval, the Company
intends that it will remain self-managed for the remainder of its wind-down
process. The Company has therefore agreed with EA that the AIFM Agreement will
be terminated with effect from the date of the FCA's approval of the Company's
application (the "Effective Date"). EA has agreed to waive all fees payable to
it by the Company pursuant to the AIFM Agreement between the date of this
announcement and the Effective Date. Upon the early termination of EA's
appointment on the Effective Date, EA has agreed to pay the Company the sum of
US$100,000.

Infrastructure business services agreement

The Company is pleased to announce the appointment of Sustainability Partners
Services, LLC ("Sustainability Partners"), to provide day-to-day operational
support to the Company in relation to the management of the Company's business
and assets (including providing support to the Company's other service
providers in relation to valuations and financial reporting).

Nancy Johnson, currently VP, Finance and Asset Management at EA, has accepted
a new role with Sustainability Partners as Chief Financial Officer and will
continue to oversee the management of the assets. Nancy joined EA in 2022 from
NextEra Energy, to lead the group's accounting and asset management team. She
has nearly 15 years of experience in the industry and will provide the
continuity required for a seamless transition.

Pursuant to the agreement with Sustainability Partners (the "Infrastructure
Business Services Agreement"), the Company has agreed to pay Sustainability
Partners a one-off setup fee of US$50,000 and an ongoing annual services fee
equal to the lesser of one per cent. of the market value of the Company's
ordinary shares or the Company's Net Asset Value, subject to a minimum annual
fee of US$325,000.

The Company has agreed to indemnify Sustainability Partners in relation to
certain potential liabilities to third parties up to a cap of US$1 million.
Sustainability Partners has also agreed to indemnify the Company for losses
incurred as a result of Sustainability Partners' services in certain
circumstances subject to a limit equal to three months' fees.

Subject to limited immediate rights of termination (including on the
insolvency of the Company or SP), the Infrastructure Business Services
Agreement may be terminated on twelve months' written notice.

Investment policy

The Company's investment policy, as approved by shareholders in January 2025,
will continue to be to realise all the assets in the Group's portfolio in an
orderly manner with a view to ultimately returning cash to the Company's
shareholders following repayment of any outstanding borrowings of the Group
from the proceeds of the assets realised.

Enquiries:

 Apex Listed Companies Services (UK) Limited (Company Secretary)

 Jenny Thompson                                                   +44 20 4582 6470

This announcement is released by the Company and the information contained
within this announcement is deemed by the Company to constitute inside
information for the purposes of Article 7 of the UK version of the EU Market
Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, such
information is now considered to be in the public domain. The person
responsible for arranging for the release of this announcement on behalf of
the Company is Jenny Thompson of Apex Listed Companies Services (UK) Limited.

 

 

 

 

 

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZGGKVZRGKZM