Ecofin announces acquisition of seed assets

LONDON: Ecofin U.S. Renewables Infrastructure Trust PLC (RNEW) has now completed the acquisition of three of the four seed investments described in its prospectus dated 11 November 2020.

The third seed investment, acquired for an aggregate consideration of $21.1m, includes a 100% ownership interest in a 11.3 MW commercial rooftop and ground-mount solar portfolio consisting of 52 operating assets in Massachusetts and 1 operating asset in Connecticut (“Seed Investment 3”), which have 100% of their revenues contracted with a weighted average remaining term of approximately 16 years.    

Commenting on today’s announcement, Jerry Polacek, Managing Director and Group Lead of Private Clean Energy & Infrastructure at Ecofin, said: “With this portfolio of contracted operating solar assets closed, RNEW has acquired three of the four seed investments totalling approximately 60% of the seed portfolio within two weeks of its initial listing.  Ecofin remains focused on completing the acquisition of the remaining seed investment (“Seed Investment 1″) in early 2021 and on continuing to fulfill RNEW’s investment strategy.”