Ecofin U.s. $ Regulatory News (RNEW)

31 January 2023

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

Net Asset Value

The Company announces that its unaudited net asset value as at 31 December 2022 on a cum-income basis was $0.9428 per Ordinary Share (30 September 2022: $0.9537) or $130.2 million (30 September 2022: $131.7 million). The contributors to the decrease in net asset value are: 

· no material change to Fair Market Value ("FMV") of investments;

· a $0.9 million decrease ($0.0067 per Ordinary Share) due to an increase in the deferred tax accrual largely driven by project level prior period adjustments; and

· a $0.6 million decrease ($0.0042 per Ordinary Share) in cash and accrued financial assets, driven largely by lower than expected wind resource, fund expenses, accrued interest expense on the Company's drawn Revolving Credit Facility balance and inverter replacement on solar sites, partially offset by strong insolation during summer months.

The blended weighted average pre-tax discount rate used to determine FMV of investments remained flat this quarter at 7.5%, after a 25 bps increase during Q2 2022.

Investment Highlights

Ø The portfolio generated 335 GWh of clean electricity during 2022 from a fully invested portfolio of diversified solar and wind generating projects, delivering to shareholders a consistent and attractive cash dividend yield.

Ø The SED portfolio performed at 109% for the year when compared to production expectations.

Ø During the quarter, two projects in the Echo Solar Portfolio reached commercial operation and the remaining four projects in the portfolio are expected to reach commercial operation in Q2 2023.

Ø The Company closed an $18 million tax equity financing commitment for the Echo Solar Portfolio, exemplifying the Company's ability to deliver optimal financing structures to support the portfolio. The commitment will be drawn upon completion of certain construction milestones as the projects reach commercial operation.

For further information, please contact:

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.