Ecofin US Renewables Infrastr.Trust Acquisition of Seed Assets and ITC Extension (7266J)
December 23 2020 - 8:30AM
UK Regulatory
TIDMRNEW
RNS Number : 7266J
Ecofin US Renewables Infrastr.Trust
23 December 2020
23 December 2020
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
ACQUISITION OF SEED ASSETS AND TAX CREDIT EXTENSION
Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW" or the
"Company") is pleased to announce that it has completed the
acquisition of two of the four seed investments described in its
prospectus dated 11 November 2020.
The two seed investments, acquired for an aggregate
consideration of $10.9m, include a 100% cash equity interest in a
4.8 MW commercial rooftop solar project in California ("Seed
Investment 2") and a 100% cash equity interest in a 7.1 MW
ground-mount solar project in Massachusetts ("Seed Investment 4"),
both of which have 100% of their revenues contracted with a
weighted average remaining term of over 17 years.
Commenting on today's announcement, Jerry Polacek, Managing
Director and Group Lead of Private Clean Energy &
Infrastructure at Ecofin, said:
"Ecofin is pleased that RNEW has completed the acquisition of
two of the four seed investments on its first day of trading on the
Main Market. Ecofin also notes that on Monday 21 December, the U.S.
Congress passed a broad spending bill with bipartisan support which
included a two year extension of the Investment Tax Credit for
solar (retaining the 2020 rate of 26%, which had been scheduled to
step down to 22% in 2021) and a one year extension of the
production tax credit for onshore wind, which should pave the way
for continued industry growth."
All definitions in this announcement refer to the Prospectus
dated 11 November 2020.
For further information, please contact: Ecofin Advisors, LLC (Investment Manager)
Jerry Polacek
Matthew Ordway
Prashanth Prakash +1 913 981 1020
Stifel (Corporate Broker)
Corporate:
Mark Bloomfield
Nick Donovan
Maarten Freeriks +44 20 7 710 7600
Further information on the Company can be found on its website
at https://ecofininvest.com/rnew.
The Company's LEI is 2138004JUQUL9VKQWD21.
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END
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