31st Dec 2020 09:27
(Alliance News) - Ecofin US Renewables Infrastructure Trust PLC on Thursday announced the acquisition of the third out of four seed investments, which comprise of operating and construction stage solar photovoltaic projects that serve utility and commercial offtakers across three US states.
The seed investment includes a 100% ownership interest in a 11.3 megawatts commercial rooftop and ground-mount solar portfolio, which consists of 52 operating assets in Massachusetts and one operating asset in Connecticut, with 100% of their revenue contracted with a weighted average remaining term of approximately 16 years.
The London-based investor in US renewable energy assets said it acquired the third seed investment for USD21.1 million.
Ecofin acquired two of the seed investments for USD10.9 million on Wednesday last week, which included 100% cash equity interest in a 4.8 megawatts commercial rooftop solar project in California and a 7.1 megawatts ground-mount solar project in Massachusetts.
Managing Director Jerry Polacek said: "With this portfolio of contracted operating solar assets closed, RNEW has acquired three of the four seed investments totalling approximately 60% of the seed portfolio within two weeks of its initial listing. Ecofin remains focused on completing the acquisition of the remaining seed investment in early 2021 and on continuing to fulfil Ecofin US's investment strategy."
Shares in Ecofin US Renewables were down 1.1% at USD1.00 in London on Thursday.
By Zoe Wickens; [email protected]
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