LONDON: Ecofin U.S. Renewables Infrastructure Trust (RNEW) has now completed the acquisition of all four seed investments described in its prospectus dated 11 November 2020.
Within just over one month from admission, the Company has therefore now invested approximately 50% of the net IPO proceeds.
The aggregate consideration payable for the fourth seed investment, is approximately $24.5m.
The fourth seed investment comprises a 49.5% cash equity interest in a 107.8 MW utility scale solar portfolio consisting of 2 operating assets in Kern County, California , which have 100% of their revenues contracted with an investment grade rated utility for a weighted average remaining term of approximately 22 years.
Commenting on today’s announcement, Jerry Polacek, Managing Director and Group Lead of Private Clean Energy & Infrastructure at Ecofin, said: “With the four Seed Assets acquired comfortably within the timeline outlined in the Prospectus, RNEW has demonstrated the strong execution capabilities of its seasoned US based investment management team.
Ecofin remains focused on continuing to fulfill RNEW’s investment strategy and participating in the improved environment for US solar and wind investment unfolding under the new US presidential administration.
The pipeline of opportunities capable of being transacted within the next six months has grown from the levels presented in the Prospectus and Ecofin is actively working on a selected number of investments that it hopes to bring to a conclusion shortly”.