REG - Ecofin US Renewables - Whirlwind Update

Ecofin US Renewables Infrastructure TrustAnnouncement

26/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230626:nRSZ8161Da&default-theme=true

RNS Number : 8161D  Ecofin US Renewables Infrastr.Trust  26 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.

 

26 June 2023

 

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

 

Whirlwind Update

 

The Company and Ecofin have been saddened to hear of the loss of life in
Matador, Texas following the recent tornado and convey their deepest
sympathies and condolences to all those affected by this tragic event.

 

On 21 June 2023, the Company's 59.8 MW Whirlwind Energy wind farm
("Whirlwind") in Floydada, Texas, temporarily ceased operations due to the
tornado, which damaged five project-owned transmission poles. There were no
casualties or injuries at Whirlwind. The Company has subsequently been
informed that the American Electric Power owned substation in neighbouring
Matador, through which Whirlwind transmits electricity, was severely damaged
during the incident. As a result, Whirlwind will be unable to resume
operations until the Matador substation is rebuilt. Due to the outage, the
Company has declared a force majeure event with Whirlwind's offtaker, Austin
Energy.

 

Ecofin is working closely with Whirlwind's asset and operations managers to
put in place a plan and an expected timetable to remedy the outage at
Whirlwind. The Company is also working with its insurance provider to file
claims, where applicable, for business interruption and necessary repairs to
the damaged project-owned transmission poles. Whether or not the Company is
able to recoup potential losses resulting from the tornado under its insurance
policies or other contractual arrangements, the Company expects the outage to
have a material short term impact on cash flows. As at 31 March 2023,
Whirlwind represented 38 per cent. of the net asset value (unaudited) of the
Company, or 24.5 per cent. of gross asset value (including group
debt)(unaudited).

 

The Company and Ecofin will continue to work closely with all relevant
stakeholders and further announcements will be made as appropriate.

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDDGDLLSDDGXU