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Ecofin US Renewables Infrastructure cuts dividend after Texas tornado

7th Aug 2023 12:18

(Alliance News) - Ecofin US Renewables Infrastructure Trust PLC on Monday declared a halved dividend for the quarter to June 30, following the impact of a tornado in Texas in June.

The London-based investor in US renewable energy assets announced a dividend of 0.7 US cents per share, halved from 1.4 cents a year prior. Further, it expects its dividends for the quarters to September 30 and December 31 to remain at the reduced level of 0.7 cents.

This would equate to a dividend target of 3.5 cents for 2023, down 38% from 5.6 cents paid for 2022.

The company reiterated that it expects a decline in net cash due to historically low wind resource during the quarter at its Whirlwind asset, which it named as reason to cut its dividend.

In June, Ecofin US announced the 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.

Ecofin US Renewables Infrastructure Trust shares were 0.1% higher at 48.43 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News reporter

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