REG - Ecofin US Renewables - Refinancing & Acquisition of Membership Interests

Ecofin US Renewables Infrastructure TrustAnnouncement

01/05/2026 07:01

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RNS Number : 6957C  Ecofin US Renewables Infrastr.Trust  01 May 2026

Ecofin U.S. Renewables Infrastructure Trust PLC

1 May 2026

For immediate release.

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

Refinancing and Acquisition of Membership Interests with respect to the Beacon
2 and Beacon 5 Projects

The Board of the Company is pleased to announce that CD Global Solar CA Beacon
2 Borrower, LLC and CD Global Solar CA Beacon 5 Borrower, LLC (the
"Borrowers") have completed the refinancing of the existing back-leveraged
term loans secured on the Beacon 2 and Beacon 5 projects (the "Refinancing").
The Refinancing has been completed with KeyBank National Association acting as
lender and administrative agent and Société Générale acting as lender.

TC Renewable Holdco I, LLC (an indirect wholly-owned subsidiary of the
Company) currently holds a 49.5% membership interest in each of the Borrowers.
In connection with the Refinancing, the Borrowers have also completed the
purchase of 100% of Firstar Development, LLC's remaining membership interests
in CD Global Solar CA Beacon 2 Holdings, LLC and CD Global Solar CA Beacon 5
Holdings, LLC to simplify the capital structure of the Beacon projects (the
"Acquisition"). The aggregate purchase price for the Acquisition was
approximately US$4.2 million, comprising US$2.2 million for Beacon 2 and
US$2.0 million for Beacon 5. Following the closing on the Acquisition, Firstar
Development, LLC ceased to be a member of the relevant Beacon holding
companies.

Under the terms of the Refinancing, the Borrowers have entered into new funded
term loan facilities totalling approximately US$84.1 million, comprising
approximately US$46.6 million for Beacon 2 and US$37.5 million for Beacon 5.
The proceeds have been used to repay the existing back-leverage indebtedness,
and related transaction costs.

The Refinancing has a new maturity date of 30 April 2031, five years from the
effective date of the Refinancing. The applicable term loan margin increased
by 0.5%, with the new interest rate profile comprising 75% of the term loan
swapped at an effective rate of 6.52% and 25% floating at Term SOFR plus
1.75%. This compares with the previous financing, which was LIBOR-based with
approximately 75% of the term loan hedged via interest rate swaps, resulting
in an all-in rate of approximately 5.2%.

In connection with the Refinancing, the Company and SBEN US Beacon 2 & 5
LP funded total sponsor equity contributions of approximately US$5.4 million
on a 50/50 basis, comprising US$2.5 million for Beacon 2 and US$2.9 million
for Beacon 5. Although Eagle Rock, LLC holds a 1% interest in the Borrowers,
the Company and SBEN US Beacon 2 & 5 LP agreed to loan Eagle Rock, LLC its
share of the equity contributions equally between them. The Company's indirect
share of these equity contributions was therefore approximately US$2.7
million.

Following the refinancing, the Company intends to make an announcement around
its first return of capital via B shares in the near future.

 

Enquiries

 Ecofin U.S. Renewables Infrastructure Trust PLC                  via the Company Secretary

 Brett Miller

 Apex Listed Companies Services (UK) Limited (Company Secretary)  +44 20 3327 9720

IMPORTANT NOTICES

 

LEI Number

The Company's LEI Number is 2138004JUQUL9VKQWD21

END

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