Ecofin US Renewables Infrastr.Trust Net Asset Value, Dividend Declaration & Pipeline (3108X)
May 04 2021 - 1:00AM
UK Regulatory
TIDMRNEW
RNS Number : 3108X
Ecofin US Renewables Infrastr.Trust
04 May 2021
4 May 2021
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
Net Asset Value, Dividend Declaration and Pipeline Update
Net Asset Value
Ecofin U.S. Renewables Infrastructure Trust PLC (the "Company"
or "RNEW") announces that the unaudited net asset value of the
Company as at 31 March 2021 on a cum-income basis was $123.8
million or $0.9906 per ordinary share.
Dividend Declaration
The Board is pleased to declare a maiden interim dividend in
respect of the period from IPO on 22 December 2020 to 31 March 2021
of 0.4 cents per ordinary share, payable on 10 June 2021 to
shareholders on the register on 14 May 2021. The ex-dividend date
will be 13 May 2021.
The exchange rate for determining the dividend amount in Pounds
sterling will be confirmed by way of an announcement by the Company
on or around 19 May 2021.
At IPO, the Board stated that it would target an initial annual
dividend yield of 2 to 3 per cent (based on the initial issue
price) in respect of the period from Admission until 31 December
2021, assuming the net IPO proceeds were deployed and assets were
substantially fully operational. The Board is pleased with progress
to date and this interim dividend, which is being declared two
months ahead of schedule (July) as had been indicated in the IPO
prospectus, sets strong foundations to accomplish that target. The
maiden interim dividend is fully covered by operating
cashflows.
Pipeline Update
The Board is also pleased to provide several positive
developments with respect to the Company's portfolio and investment
pipeline. RNEW has committed approximately $6 million to acquire a
commercial-scale ground-mount solar project in New Jersey with
contracted revenues for 30 years. The closing of this acquisition
is subject to certain conditions which mitigate risk for RNEW,
including completion of mechanical construction expected in August
2021. This project will extend the term of RNEW's contracted
revenues from investment-grade counterparties whilst also
diversifying its asset base by location. Following this
transaction, RNEW will have committed or invested approximately 55%
of the IPO proceeds.
The Company's Investment Manager reports that its near-term (6
month) pipeline of potential investment opportunities remains
strong and totalled $4.9 billion as of 31 March 2021, an increase
of $1.6 billion since 31 December 2020. Moreover, the wind pipeline
expanded from circa $300 million at year-end 2020 to more than $1.5
billion by 31 March 2021. The Investment Manager is currently
pursuing near-term wind and solar investment opportunities that
offer the potential for the Company's portfolio to be substantially
invested in the coming months. The Investment Manager is focused on
execution and the Board remains confident about fulfilling its
target to fully commit the Company's IPO proceeds in 2021.
For further information, please contact:
Ecofin Advisors, LLC (Investment Manager)
Jerry Polacek
Matthew Ordway
Prashanth Prakash +1 913 981 1020
Stifel (Corporate Broker)
Mark Bloomfield
Nick Donovan
Maarten Freeriks +44 207 710 7600
PraxisIFM Fund Services (UK) Limited (Company
Secretary) +44 204 513 9260
Further information on the Company can be found on the
Investment Manager's website at https://ecofininvest.com/rnew
The Company's LEI is 2138004JUQUL9VKQWD21.
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