Ecofin U.S. Renewables Infrastructure Trust plc's investment objective is to provide shareholders with an attractive level of current distributions by investing in a diversified portfolio of mixed renewable energy and sustainable infrastructure assets predominantly located in the United States with prospects for modest capital appreciation over the long term.
Ecofin U.S. Renewables Infrastructure Trust PLC (“RNEW” or the “Company”) targets attractive risk-adjusted returns and a sustainable dividend yield through a differentiated investment strategy focused on the middle market of U.S. renewable energy.
Highly experienced manager: U.S. based team with extensive investment experience and proprietary sourcing network in U.S. renewable energy
Contracted revenues from selected renewable assets: Long-term fixed-price revenue contracts with investment grade quality power purchasers yield stable revenues from selected U.S. solar and wind assets which are uncorrelated to listed securities
U.S. renewables market with promising growth outlook: $360 billion growth opportunity projected over next decade with historic unified government support to achieve 2035 carbon-free U.S. power sector goal
Conference Features
Managing Director and Group Lead – Private Clean Energy and Infrastructure Jerry Polecek was a featured speaker at the Goodacre UK Sustainable Investing: Renewable Energy Conference conference on the topic of Sustainable Income from US Wind and Solar.
Managing Director and Group Lead – Private Clean Energy and Infrastructure Jerry Polecek was a featured speaker at the Proximo US Power and Renewables Finance 2021 conference in Austin, Texas, discussing the future of power generation in the USA and how it will be successfully delivered in light of net-zero.
Managing Director - Private Clean Energy and Infrastructure Prashanth Prakash spoke at the Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference as part of the Developer/Sponsor roundtable.
Proud to be awarded the London Stock Exchange Green Economy Mark
Ecofin U.S. Renewables Infrastructure Trust PLC (“RNEW” or the “Company”) is a closed ended investment company incorporated in England and Wales. The Company’s ordinary shares (“Shares”) were admitted to the Official List of the Financial Conduct Authority and to trading on the premium listing segment of the main market of the London Stock Exchange on 22 December 2020. The Company’s ordinary shares can be traded in USD (ticker “RNEW”), or in GBP (ticker “RNEP”). The Company has been awarded the London Stock Exchange Green Economy Mark.
May 2022 Fundraising – REX Retail Offer
Retail investors, subject to the terms and conditions contained in the announcement titled REX Retail Offer dated 10 May 2022, can invest in Ecofin U.S. Renewables Infrastructure Trust plc (the “Company”) via the REX Retail Offer.
The following Intermediaries are authorised by the Company to accept and place orders in this REX Retail Offer. You can check here if your stockbrokers or share dealing platform is participating, or sign up as a new client.
The Company does not endorse and is not responsible for the content of external websites that link to this site or which are linked from it.
Objectives
The Company’s investment objective is to provide Shareholders with an attractive level of current distributions by investing in a diversified portfolio of mixed renewable energy and sustainable infrastructure assets predominantly located in the United States with prospects for modest capital appreciation over the long term.
RNEW operates with ESG considerations and criteria analysis integrated in its Investment Manager’s investment process to optimize its impact and mitigate risk. Its activities seek to directly contribute to decarbonising the power sector predominantly through long-term sustainable energy investments in wind, solar, and other types of renewable and sustainable infrastructure.
Investment Manager
RNEW is managed by Ecofin Advisors, LLC (the “Investment Manager”) which is SEC registered and has been appointed as the Company’s alternative investment fund manager (“AIFM”). Ecofin Investments, LLC is the parent of registered investment advisers Ecofin Advisors, LLC and Ecofin Advisors Limited (collectively “Ecofin”) with operations in the U.S. and London. Ecofin is a sustainable investment firm dedicated to uniting ecology and finance. Ecofin’s mission is to generate strong risk-adjusted returns while optimising investors’ impact on society and aligning with UN Sustainable Development Goals. Ecofin’s teams are sociallyinded, ESG-attentive investors, harnessing years of expertise investing in sustainable infrastructure, energy transition, clean water & environment and social impact.
Ecofin U.S. Renewables Infrastructure Trust plc RNEW
8 investments four investments closed and two further commitments since the IPO on 22 December 2020
Diversified utility scale and commercial solar portfolio of 71 assets spanning four U.S. states
reflects committed investments
100% IPO proceeds committed as of 31 December 2021
Invested Capital Since IPO
As of 31 March 2022. Source: Ecofin.
Investment Name
Sector
State
Capacity (MW)1
Ownership2
Number of assets
Phase
Start of Operations
Remaining revenue contract term
Contracted Revenue Source(s)
Acquisition Date
Beacon Solar 2
Utility Scale Solar
California
29.5
49.50%
1
Operating
2017
20.7
PPA with utility
Feb-21
Beacon Solar 5
Utility Scale Solar
California
23.9
49.50%
1
Operating
2017
20.7
PPA with utility
Feb-21
SED Solar Portfolio
Commercial Solar
Massachusetts, Connecticut
11.3
100%
53
Operating
2012-2019
14.4
PPA with municipalities, schools, universities, and commercial offtakers (including fixed price contract for solar incentives);
Dec-20
Ellis Road Solar
Commercial Solar
Massachusetts
7.1
100%
1
Operating
2021
19.2
FIT with utility
Dec-20
Oliver Solar
Commercial Solar
California
4.8
100%
1
Operating
2021
13.7
PPA with commercial offtaker
Dec-20
Skillman Solar
Commercial Solar
New Jersey
2.6
100%
1
Construction
Q2 2022E
15.0
FIT with state power agency; commercial offtaker
Sep-21
Delran Solar
Commercial Solar
New Jersey
2.0
100%
1
Operating
2020
13.2
FIT with state power agency; commercial offtaker
Oct-21
Whirlwind Energy
Wind
Texas
59.8
100%
1
Operating
2007
5.7
PPA with utility
Oct-21
Echo Solar - MN
Commercial Solar
Minnesota
13.7
100%
1
Construction
Q3 2022E
25.0
PPA with utility
Jul-21
Echo Solar - VA/DE3
Commercial Solar
Virginia, Delaware
48.1
10
Construction
2022-2023E
25.0
PPA with utilities
Jul-21
Totals
202.7
71
16.5
As of 31 March 2022 E = Estimate 1. Capacity reflects RNEW’s proportionate ownership interest in the assets 2. Cash equity ownership 3. Represents a committed investment
The companies/securities are shown for illustrative purposes only and their inclusion should not be interpreted as a recommendation to buy or sell. The data is historic information as at the stated date, and should not be assumed to be the current or future holdings of the Fund. No liability is accepted in the provision of this data.
Ecofin U.S. Renewables Infrastructure Trust plc (RNEW)
As of 20/05/2022
Share Price (US$)
$1.0500
Share Price Change Percentage
0.0000%
Latest Quarterly NAV 1
$0.9764
Premium/Discount
6.1678%
as of 20/05/2022
Share Price
(as of 20/05/2022)
RNEP (GBP) price information is available via London Stock Exchange
The Company’s ordinary shares are traded on the London Stock Exchange.
LEI: 2138004JUQUL9VKQWD21 ISIN: GB00BLPK4430 SEDOL (traded in U.S. dollars): BLPK443 SEDOL (traded in sterling): BMXZ812 Ticker (traded in U.S. dollars): RNEW Ticker (traded in sterling): RNEP
The Company releases its NAV to the London Stock Exchange quarterly. These announcements are available on the Reuters and Bloomberg news services, as is other information about the Company. They are also available at the link above.
Significant investment experience in Europe, U.S. and Australia
Experience in energy and infrastructure, especially renewable energy
Served as Chairman of Audit Committee at Affinity Water and Chairman of Trustees of Viridian Group pension fund
Previously with Peat Marwick (now KPMG), Hill Samuel, Barclays de Zoete Wedd and Powergen
Cambridge University
Tammy Richards 25 years experience
Expertise in risk management, structured finance and multi-sector leadership
Served as the Deputy Chief Credit officer of the energy finance unit, a global US$15 billion business focused on complex debt and equity investments in the energy sector
Held positions of European Risk Leader, Emerging Markets for the Structured Finance Group in London and Deputy Chief Risk Officer for Energy Financial Services
Previously a Managing Director, Credit Risk and Portfolio Analytics with GE Capital Corporation
Dartmouth College and Cornell University
Louisa Vincent 30 years experience
Significant experience in financial services in the UK, Australia, Benelux, Nordics and the Gulf
Held position of Managing Director, Head of Institutions at Lazard Asset Management, and before that, Head of Client Service for SSgA
Chair of Fight For Sight, the UK’s leading eye research charity
MBA (Exec) from Australian Graduate School of Management (AGSM). Deakin University/Royal Melbourne Institute of Technology
David Fletcher 40 years experience
Currently Chairman of two Audit Committees, and related non executive directorships
Direct experience and involvement in Board Risk, Remuneration and Compliance Committees
Understanding of board and management dynamics and governance from membership to Exco etc
Held CF1 and CF2 FCA controlled functions
Strong understanding of corporate strategy, business development as well as acquisition and disposal of businesses
International dimension, having worked in Hong Kong and Japan as well as Director of a Group with operations in overseas jurisdictions
Broad sector experience including Asset Management, Family Office, Life Assurance, Private Equity and Corporate Advisory
Prior executive directorships of UK regulated Companies
Member of the Finance Committee of The Hurlingham Club (2013-2017) and currently a Governor of the Roehampton Church of England Primary School
Investment Team
Jerry Polacek, CFA Managing Director and Group Lead 20 years experience
Co-founded Energy & Infrastructure Capital LLC (EIC)
Co-founded GE Energy Financial Services’ renewable energy group
Adelphi University, BA; Columbia University, MBA
Matthew Ordway Managing Director 19 years experience
Co-founded EIC
Previously with Ridgeline, First Wind, GE Energy Financial Services
Fairfield University, BS; Columbia University, BS, MBA
Prashanth Prakash, CFA Director 13 years experience
Co-founded EIC
Previously with Deutsche Asset & Wealth Management and JPM Infrastructure Investment Fund
National Institute of Technology, India, BS; University of Rochester, MBA
Company Secretary & Registered Office
Sanne Fund Services (UK) Limited
125 London Wall London EC2Y 5AS
Investment Manager
Ecofin Advisors, LLC
6363 College Boulevard
Suite 100A
Overland Park, KS 66211
The share register for Ecofin U.S. Renewables Infrastructure Trust plc is maintained by Computershare Investor Services. If you have a problem – such as a lost documentation or dividend cheque – please contact Computershare Investor Services directly. Your account details may also be accessed by using their website.
Computershare Investor Services PLC The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, United Kingdom
Impact goal: Allocate capital using an ESG integrated investment process to build and operate a diversified portfolio of renewable energy assets that achieves RNEW’s investment objective
The Company’s emphasis on ESG comes from the top: its Board of Directors is diverse and has substantial and relevant investment experience to provide strong corporate governance.
RNEW is focused on allocating capital using an investment process which fully integrates ESG considerations and analysis to build and operate a diversified portfolio of renewable energy assets consistent with RNEW’s investment objective. The Company has selected Ecofin as its investment manager which aligns with its investment and impact objectives.
Ecofin, through its parent company, is a signatory to the Principles for Responsible Investment (PRI) and incorporates ESG analysis into its investment and reporting process. All Ecofin’s investment strategies for renewable infrastructure are designed to provide investors with attractive long-term returns and a level of impact that aligns with United Nations Sustainable Development Goals:
This strategy seeks to achieve positive impacts that align with the following UN Sustainable Development Goals
Due to legal restrictions, the contents of the following web pages may not be accessed by persons who are located in the United States, Canada, Australia, New Zealand, Japan, the Republic of South Africa or residents in any EU Member State (other than any EU Member State where Ecofin U.S. Renewables Infrastructure Trust PLC’s (the “Company’s”) shares are legally marketed) or in any other country where an offer of the securities to the public is not taking place.
The promotion of shares in the Company is restricted under the Alternative Investment Fund Managers Directive 2011/61/EU (the “AIFM Directive”) and, consequently, information contained on the pages that follow is only directed at persons to whom shares in the Company may lawfully be marketed pursuant to the AIFM Directive.
The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended, (the “US Investment Company Act”), and investors will not be entitled to the benefits of the US Investment Company Act. The shares of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold, exercised, resold, transferred or delivered, directly or indirectly, in or into the United States or to or for the account or benefit of any US Person (within the meaning of Regulation S under the US Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. There has been and will be no public offer of the Shares in the United States.
While the Company has taken reasonable care to ensure that the information on this website (other than information accessed by hyperlink) is accurate at the time of last revision of the website, the Company accepts no liability for the accuracy or completeness or use of, nor any liability to update, the information contained on this website. The contents of this website should not be construed as the giving of advice or the making of a recommendation and should not be relied on as the basis for any decision or action. In particular, actual results and developments may be materially different from any forecast, forward-looking statement, opinion or expectation expressed on this website.
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