Ecofin U.s. $ Regulatory News (RNEW)

10 May 2023

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

Quarterly Net Asset Value

The Company announces that its unaudited net asset value as at 31 March 2023 on a cum-income basis was $0.9394 per Ordinary Share (31 December 2022: $0.9428) or $129.7 million (31 December 2022: $130.2 million). The contributors to the changes in net asset value are: 

· a $1.0 million increase ($0.0069 per Ordinary Share) to Fair Market Value ("FMV") of investments, principally due to updates to merchant curve power prices;

· a $0.7 million decrease ($0.0048 per Ordinary Share) due to an increase in the deferred tax accrual, largely driven by the increase to FMV of investments; and

· a $0.8 million decrease ($0.0055 per Ordinary Share) in cash and accrued financial assets, primarily driven by lower than expected energy production and revenue accrual relating to temporarily low availability and corrective maintenance actions at various sites, implications of winter storm Elliot, fund expenses, and interest expense from the Company's drawn balance on the Revolving Credit Facility.

Pre-tax discount rates which were provided by the Company's valuation service provider and used to determine FMV of investments remained flat this quarter at 7.5% unlevered.

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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.