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13 October 2021
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
Acquisition Closings
The Board of Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW" or the "Company") is pleased to announce the closing of the following acquisitions, which will further deploy the Company's IPO proceeds.
Completion of the acquisition of Skillman Solar
In May, the Company announced that it had signed an agreement to acquire a 2.6 MW commercial solar asset ("Skillman Solar") with an asset value of approximately $6.0 million and a cash equity value of approximately $4.0 million. On 30 September, the Company closed the acquisition of Skillman Solar. The project's construction is now substantially completed and the system is expected to be interconnected to the grid and become operational in the fourth quarter of 2021.
Acquisition of an additional operating commercial solar asset in New Jersey
In addition, the Company has acquired a 2.0 MW commercial solar facility ("Delran Solar") for approximately $3.0 million, representing its second solar investment in New Jersey. The Delran Solar project has been operating since mid-2020 and will immediately add distributable cash flow to RNEW in 2021.
These two high quality solar projects both reinforce the differentiated nature of RNEW through its 15 year fixed price feed-in-tariff ("FIT") for the projects renewable energy credits and a fixed price power purchase agreement ("PPA") with two large corporate customers, that extend for up to a 30 year term for Skillman Solar and 25 years for Delran Solar. Combined, the FIT and PPA fixed price revenue contracts for these acquisitions further mitigate RNEW's exposure to volatile wholesale power prices and provide economical sustainable energy to its customers to decarbonize their operations.
For further information, please contact:
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Ecofin Advisors, LLC (Investment Manager) Jerry Polacek Matthew Ordway Prashanth Prakash
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+1 913 981 1020 |
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Stifel (Corporate Broker) Mark Bloomfield Nick Donovan
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+44 207 710 7600 |
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PraxisIFM Fund Services (UK) Limited (Company Secretary) Martin Darragh Maria Matheou
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+44 204 513 9260 |
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FTI Consulting (Financial PR) Matthew O'Keeffe Mitch Barltrop Vee Montebello
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+44 797 607 5797 |
Further information on the Company can be found on its website at https://uk.ecofininvest.com/funds/us-renewables-infrastructure-trust-plc/.
The Company's LEI is 2138004JUQUL9VKQWD21.
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