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19 October 2021
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
Revolving Credit Facility
The Board of Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW" or the "Company") is pleased to announce that its wholly-owned U.S. subsidiary, RNEW Capital, LLC, has entered into a $65 million secured revolving credit facility ("RCF") with KeyBank, one of the premier lenders to the U.S. renewable energy industry.
The RCF comprises a $50 million, two year facility priced at LIBOR plus 1.75% and a $15 million, three year facility priced at LIBOR plus 2.00%. The RCF also includes an accordion option which provides access to an additional $20 million of capital which can be accessed subject to certain conditions. This substantial commitment with attractive pricing and terms reflects the high quality renewable energy assets with long term revenue contracts held by RNEW.
Jerry Polacek, Managing Director and Group Lead at Ecofin Advisors, LLC, said:
"We are pleased to expand our relationship with KeyBank through this well-structured revolving credit facility that provides tremendous operating flexibility to facilitate RNEW's growth. We anticipate utilizing the RCF imminently, in part, to close on RNEW's committed pipeline of approximately $50 million and an additional $61 million of investments under exclusivity. RNEW's actionable near-term pipeline also includes an additional $171 million of wind and solar deals with long term revenue contracts where bids have been submitted. "
Andy Redinger, Managing Director and Group Head of Utilities, Power & Renewable Energy at KeyBanc Capital Markets, said:
"We could not be more excited on the closing RNEW's inaugural corporate revolver. Our long-term relationship with Ecofin and RNEW's management team uniquely positioned Key to provide this important source of capital. "
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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