REG - Ecofin US Renewables - Appointment of Managing Director and Group Lead

Ecofin US Renewables Infrastructure TrustAnnouncement

24/10/2022 07:01

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RNS Number : 7798D  Ecofin US Renewables Infrastr.Trust  24 October 2022

 24 October 2022

 

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

 

Appointment of Managing Director and Group Lead

 

The Board of Ecofin U.S. Renewables Infrastructure Trust PLC (the "Company"
or "RNEW") is pleased to announce that the Company's Investment Manager,
Ecofin Advisors, LLC ("Ecofin") has appointed Eileen Fargis as the Ecofin
group lead and portfolio manager for RNEW, effective today. Eileen's
appointment follows a competitive recruitment process led by Ecofin.

 

In her role as Managing Director - Private Equity Sustainable Infrastructure,
Eileen will work closely with the team of experienced professionals at Ecofin,
including Ed Russell, Senior Managing Director and Jason Benson, Director of
Private Renewable Energy, who have been ultimately responsible for the asset
management and project controllership of RNEW's high quality portfolio of 62
U.S. solar and wind assets, spread across seven states with a total capacity
of 162 MW.

 

Eileen has over 20 years' industry experience, most recently as Head of
Investments for InterEnergy Holdings (UK) Ltd, an independent developer,
owner, and operator of 2.1 GW of energy generation assets and a utility in the
Caribbean and Latin America. Eileen is the former Co-Head of the $1 billion
IFC African, Latin American and Caribbean Fund LP, a private equity fund
investing on behalf of the International Finance Corporation.

 

Eileen started her career in energy and infrastructure with Skadden Arps and
spent nine years at GE Capital Markets, GE Energy Financial Services and GE
Structured Finance with a focus on global renewable energy and infrastructure
assets. Eileen has previously served on the boards of InterEnergy Holdings,
CityExpress Hotels and SURA Asset Management. Eileen is a graduate of Hamilton
College and the John Hopkins School of Advanced International Studies.

 

Brent Newcomb, President of Ecofin, commented: "We are thrilled to welcome
Eileen to Ecofin. She will make an immediate impact on our team and the
Company given her leadership and experience in the private sustainable
infrastructure space. She brings expertise across all aspects of project
finance along with a strong network in the power generation industry."

 

Eileen Fargis, Managing Director, said: "I'm delighted to join the RNEW team
as we provide this compelling investment product to investors. RNEW's
investment strategy is well positioned to benefit from the positive sectoral
backdrop, driven by multi-year U.S. policy tailwinds supporting renewables.
The passage of the Inflation Reduction Act ("IRA") in August 2022 represents
an unprecedented long-term policy boost for U.S. renewable energy with
approximately $369 billion allocated towards climate infrastructure and energy
security. The IRA includes provisions for extending tax credits for solar and
wind through 2035 and introduces a new tax credit for standalone battery
storage, which provides strong alignment with RNEW's investment strategy."

 

Eileen's appointment strengthens the existing experienced senior management
and asset management teams within Ecofin, who have ensured a smooth transition
to new leadership. The team continues to focus on bringing a differentiated
investment strategy to market, focused on U.S. middle market renewable energy
assets.  The Company is fully invested with an attractive, long-term U.S.
dollar denominated income stream from 100% contracted revenues and the U.S.
renewable market continues to have a promising growth outlook with historic
unified government support to achieve the 2035 carbon-free U.S. power sector
goal.

 

Patrick O'D Bourke, Chair of RNEW, said: "Eileen's appointment comes at an
important time for RNEW and the U.S. renewables sector, as policy stimulus
only strengthens the long-term investment case in U.S. wind, solar and battery
storage. The Board is pleased with the high quality of RNEW's portfolio and
its stable and growing dividend performance to date, resulting from the
Investment Manager's active management of our 62 assets. The focus on
investment stewardship will continue and we look forward to a strong
relationship with Eileen and her team to maintain RNEW's commitment to
delivering attractive risk-adjusted returns and a sustainable dividend to our
shareholders."

 

 

For further information, please contact:

 

 Ecofin Advisors, LLC (Investment Manager)

 Michael Hart                                                                    +44 20 7451 3023

 Brad Adams

 Brent Newcomb

 Peel Hunt LLP (Joint Corporate Broker)                                          +44 20 7418 8900

 Liz Yong

 Luke Simpson

 Huw Jeremy

 Stifel (Joint Corporate Broker)                                                 +44 20 7710 7600

 Mark Bloomfield

 Alex Miller

 Madison Kominski
 Sanne Fund Services (UK) Limited (Company Secretary)                            +44 20 3327 9720

 Martin Darragh

 Maria Matheou
 FTI Consulting (Communications)                                                 +44 7976 075 797

 Matthew O'Keeffe

 Mitch Barltrop

 Vee Montebello

 

Further information on the Company can be found on its website
at https://uk.ecofininvest.com/funds/us-renewables-infrastructure-trust-plc/
(https://uk.ecofininvest.com/funds/us-renewables-infrastructure-trust-plc/) .

 

The Company's LEI is 2138004JUQUL9VKQWD21.

 

 

 

 

 

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