REG - Ecofin US Renewables - Net Asset Value(s)

Ecofin US Renewables Infrastructure TrustAnnouncement

31/01/2023 07:00

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RNS Number : 3170O  Ecofin US Renewables Infrastr.Trust  31 January 2023

31 January 2023

 

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

 

Net Asset Value

 

The Company announces that its unaudited net asset value as at 31 December
2022 on a cum-income basis was $0.9428 per Ordinary Share (30 September 2022:
$0.9537) or $130.2 million (30 September 2022: $131.7 million).  The
contributors to the decrease in net asset value are:

·      no material change to Fair Market Value ("FMV") of investments;

·      a $0.9 million decrease ($0.0067 per Ordinary Share) due to an
increase in the deferred tax accrual largely driven by project level prior
period adjustments; and

·      a $0.6 million decrease ($0.0042 per Ordinary Share) in cash and
accrued financial assets, driven largely by lower than expected wind
resource, fund expenses, accrued interest expense on the Company's drawn
Revolving Credit Facility balance and inverter replacement on solar sites,
partially offset by strong insolation during summer months.

 

The blended weighted average pre-tax discount rate used to determine FMV of
investments remained flat this quarter at 7.5%, after a 25 bps increase during
Q2 2022.

 

Investment Highlights

 

Ø The portfolio generated 335 GWh of clean electricity during 2022 from a
fully invested portfolio of diversified solar and wind generating projects,
delivering to shareholders a consistent and attractive cash dividend yield.

Ø The SED portfolio performed at 109% for the year when compared to
production expectations.

Ø During the quarter, two projects in the Echo Solar Portfolio reached
commercial operation and the remaining four projects in the portfolio are
expected to reach commercial operation in Q2 2023.

Ø The Company closed an $18 million tax equity financing commitment for the
Echo Solar Portfolio, exemplifying the Company's ability to deliver optimal
financing structures to support the portfolio. The commitment will be drawn
upon completion of certain construction milestones as the projects reach
commercial operation.

 

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

 Mark Bloomfield

 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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