REG - Ecofin US Renewables - Operational Update

Ecofin US Renewables Infrastructure TrustAnnouncement

07/12/2023 07:00

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RNS Number : 9526V  Ecofin US Renewables Infrastr.Trust  07 December 2023

7 December 2023

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

Operational Update

·    Whirlwind Texas wind asset: expected to reenergise this month

·    Ellis Road solar asset: back online

·    Strategic Review: continued progress

The Company is pleased to announce progress in relation to asset
re-energisation within the portfolio and the ongoing Strategic Review process.

Whirlwind - Texas wind asset

Further to the Whirlwind Update announcement published by the Company on 27
July 2023 (RNS Number: 3265H) and the Q3 2023 Operational Update and Net Asset
Value announcement on 2 November 2023 (RNS Number: 2050S), and relating to the
21 June 2023 tornado in Matador, Texas, the Company's 59.8 MW Whirlwind Energy
wind farm ("Whirlwind") in Floydada, Texas, has now moved significantly closer
to coming back online. The asset management team of Ecofin Advisors, LLC (the
"Investment Manager") continues to work with the relevant counterparties to
restore generation from Whirlwind following the tornado damage to a nearby
substation in June 2023. AEP, the owner of the Matador and Paducah
substations, has now finished testing a new transmission line past Matador to
Paducah. The Company expects to reenergise by mid-December 2023 (previously
anticipated by end November) subject to wind speeds and a number of other
variables.  The first payment on the Company's business interruption coverage
has now been received from the insurance providers and further payments are
scheduled to follow, substantially mitigating lost revenue and expenses
incurred as a result of the outage.

Ellis Road - Massachusetts solar farm

The Operational Update announcement published by the Company on 29 June 2023
(RNS Number: 3068E) cited a number of operational issues including the recent
events at Whirlwind but also corrective maintenance interruptions at some of
the solar assets leading to lower-than-expected energy performance. In
particular, the Ellis Road solar farm ("Ellis Road") in Westminster,
Massachusetts, was subject to rodent infestation. The Investment Manager's
asset management team has worked with the operations managers on site to
remediate the operational issues, replace and better insulate wiring as
needed, and improve asset performance, and is pleased to report that Ellis
Road is now back online.

Strategic Review

Finally, the Strategic Review announcement published by the Company on 8
September 2023 (RNS Number: 7853L) flagged, alongside the appointment of
Marathon Capital ("Marathon") as financial adviser, a process in relation to
the sale of the Company's assets which, if successful, would result in an
expected return of cash to shareholders, in connection with a winding up of
the Company or similar transaction. The Company and Marathon continue to make
progress and the Board will make further announcements when appropriate.

There can be no certainty as to the outcome of the Strategic Review or any
asset sale process, nor whether any potential transaction or transactions
arising could be successfully completed or the valuation at which it or they
could be completed. In addition, should a transaction arise that would involve
the sale of the Company's assets, it is expected that the implementation of
such transaction will be conditional upon shareholder approval at a general
meeting of the Company.

The person responsible for arranging the release of this announcement on
behalf of the Company is Martin Darragh.

 

For further information, please contact:

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

 Edward Russell

 Eileen Fargis

 Jason Benson

 Michael Hart

 Stifel (Corporate Broker)                                                                                +44 20 7710 7600

 Edward Gibson-Watt

 Rajpal Padam

 Madison Kominski

 Marathon Capital (Financial
 Adviser)

                                                                                                        +1 646 823 1650
 Ammad Faisal

 Gaurav Khanna

                                                                                                        +44 7770 496 261
 Chris Shaw

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

 Martin Darragh

 Maria Matheou

 FTI Consulting (Financial PR)                                                                            +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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