REG - Ecofin US Renewables - Operational Update

Ecofin US Renewables Infrastructure TrustAnnouncement

29/06/2023 07:00

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RNS Number : 3068E  Ecofin US Renewables Infrastr.Trust  29 June 2023

This Announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation EU 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018.

 

29 June 2023

 

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

 

Operational Update

 

Following a review of recent performance of the Company's assets, the Company
now expects net cash flows at the portfolio level to be meaningfully lower
than forecast for the quarters ending 30 June 2023 and 30 September 2023, with
overall cash flows currently expected to return to forecast levels by the end
of the calendar year. This reduction comes as a result of certain operational
issues, including the recent events at Whirlwind, corrective maintenance
interruptions at some of the solar assets leading to lower-than-expected
energy performance, and one-time costs. The Investment Manager is actively
engaged with Whirlwind's offtaker and interconnection provider to remedy the
Whirlwind outage, as well as its operations managers to remediate the
operational issues and improve asset performance, both operationally and
financially.

 

The Board is conscious of the importance of dividend income to the Company's
shareholders and will review the existing costs of the Company together with
the Investment Manager. However, given the expected decline in cash flows, the
Board announces it expects to declare in early August a reduced dividend of
not less than 0.70 cents per share in respect of the quarter ending 30 June
2023. The Board believes a temporary reduction at this time is prudent.

 

 

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

 Martin Darragh

 Maria Matheou
 FTI Consulting (Financial PR)                         +44 79 7607 5797

 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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