(Alliance News) - Ecofin US Renewables Infrastructure Trust PLC on Tuesday said its wholly-owned subsidiary RNEW Capital LLC completed an amendment and extension to its USD65 million revolving credit facility.
The London-based investor in US renewable energy assets said its RCF with KeyBank, "one of the premier lenders to the US renewable energy industry", was extended by 12 months.
Ecofin US Renewables said the facility comprises of two tranches. The USD50 million tranche has been extended to October 2024 with a secured overnight financing rate of 2.00% to October 2023 and 2.125% thereafter. This is alongside a USD15 million tranche extended to October 2025 with a SOFR of 2.25% to October 2023 and 2.375% thereafter.
Shares in Ecofin US Renewables were up 5.9% to 45.00 pence in London on Tuesday afternoon, falling 47% over the last 12 months.
On Monday morning, shares tumbled 8% to 44.20p each, after the company said it declared a force majeure event with the offtaker of its Texas wind farm project, after a tornado damaged facilities.
On Wednesday, last week, the firm told investors that its 59.8 megawatt Whirlwind Energy wind farm in Floydada, Texas temporarily ceased operations due to the tornado, which damaged five project-owned transmission poles. There were no casualties or injuries.
However, Ecofin on Monday said it was since told that American Electric Power Inc's substation in Matador, through which Whirlwind transmits electricity, was severely damaged during the incident.
Subsequently, Whirlwind was been unable to resume operations, which will continue to be the case until the substation is rebuilt.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Ecofin U.s. $ (RNEW)
Ecofin U.s. (RNEP)