22nd Oct 2021 14:14
Ecofin US Renewables Infrastructure Trust PLC - London-based investor in US renewable energy assets - Commits to USD49.0 million acquisition of 60 megawatt operating wind asset, called Whirlwind. Deal funded by remaining net proceeds from IPO and from newly established revolving credit facility.
"Whirlwind is a proven operating wind asset, placed in service in December 2007, using 26 Siemens 2.3 MW wind turbine generators with operations and maintenance performed by Siemens Gamesa under a long-term service and maintenance agreement," company says.
Adds: "Whirlwind is located in Texas, which is experiencing sustained growth in electricity demand due to population growth and corporations migrating to this business friendly state. With electricity prices linked to natural gas prices, which have been rising, these factors provide a good backdrop for recontracting in the future and potential for inflation protection."
Whirlwind is expected to add incremental distributable cash flow to Ecofin US Renewables immediately.
Current stock price: 71.36 pence
Year-to-date change: down 5.2%
By Paul McGowan; [email protected]
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