REG - Ecofin US Renewables - Dividend Declaration

Ecofin US Renewables Infrastructure TrustAnnouncement

07/08/2023 07:00

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RNS Number : 4173I  Ecofin US Renewables Infrastr.Trust  07 August 2023

7 August 2023

 

 

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

 

Dividend Declaration

 

The Board of Ecofin U.S. Renewables Infrastructure Trust PLC declares an
interim dividend in respect of the period from 1 April 2023 to 30 June 2023 of
0.7 cents per Ordinary Share (the "Q2 2023 Dividend"), payable on 8 September
2023 to shareholders on the register on 18 August 2023. The ex-dividend date
will be on 17 August 2023.

 

As announced on 29 June and 27 July 2023, the Company expects to see a decline
in net cash flow following historically low wind resource during the quarter
at Whirlwind, a phenomenon that was experienced across the U.S., compounded by
the recent events at Whirlwind, corrective maintenance interruptions at two of
the solar projects leading to lower-than-expected energy performance, and
one-time costs. As a result, the Board prudently decided to reduce the Q2 2023
Dividend.

 

The Investment Manager continues to work closely with its asset and operations
managers to remedy the recent and unexpected operational challenges. As a
result of these challenges, the Board expects the Company's dividend for each
of the quarters ending 30 September 2023 and 31 December 2023 to remain at a
reduced level of 0.70 cents per share. Taken together with the dividends
declared for the quarters ended 31 March 2023 and 30 June 2023, this would
equate to a dividend target of 3.5 cents per share for the 2023 financial
year.* The Board and Investment Manager continue to monitor closely the
operating cash flows of the business and are keeping the appropriate level of
future quarterly dividends under review.

 

* The dividend targets stated in this announcement are targets only and not
profit forecasts. There can be no assurance that these targets will be met, or
that the Company will make any distributions at all and they should not be
taken as an indication of the Company's expected future results. The Company's
actual returns will depend upon a number of factors, including but not limited
to the Company's net income and level of ongoing charges. Accordingly,
potential investors should not place any reliance on these targets and should
decide for themselves whether or not the target dividend is reasonable or
achievable.

 

 

For further information, please contact:

 

 Ecofin Advisors, LLC (Investment Manager)             +1 913 981 1020

 Edward Russell

 Eileen Fargis

 Jason Benson

 Michael Hart

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

 Liz Yong

 Luke Simpson

 Huw Jeremy

 Stifel (Joint Corporate Broker)                       +44 20 7710 7600

 Edward Gibson-Watt

 Rajpal Padam

 Madison Kominski

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

 Martin Darragh

 Maria Matheou
 FTI Consulting (Financial PR)                         +44 7976 075797

 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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