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Net Asset Value at 31 December 2021

11th Mar 2022 07:00

RNS Number : 4759E
Ecofin US Renewables Infrastr.Trust
11 March 2022
 

The following announcement replaces the Net Asset Value section of the announcement released at 07:00

on 27 January 2022 under RNS number 7741Z.

.

The full new section of the announcement is shown below. All other details in the announcement remain unchanged.

 

 

11 March 2022

 

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company" or "RNEW")

 

Net Asset Value at 31 December 2021

 

Net Asset Value ("NAV")

 

Through the year-end internal accounting review procedures, Ecofin, the Investment Manager, identified that an accrual for deferred tax is required at RNEW Holdco, LLC, the Company's wholly-owned U.S. subsidiary, which is subject to U.S. income taxes. The impact of this accrual is a reduction of the Company's unaudited NAV as at 31 December 2021 of $1.9 million, or 1.5 cents per ordinary share, as further detailed below.

 

The Company does not expect this accrual to have any adverse economic impact on RNEW Holdco, LLC's ability to distribute cash to RNEW nor for RNEW to achieve its targeted dividend yield of 5.25 cents to 5.75 cents per ordinary share (based on the IPO issue price of 100 cents per ordinary share) in 2022 or in future years.

 

 

Restated, as at

31 December 2021

Unadjusted, as at

31 December 2021

NAV, $ millions

123,722,589

125,602,679

NAV per share

98.9c

100.4c

 % reduction

-1.5%

 

The Company's audited results for the period ended 31 December 2021 and its 2021 Annual Report will be published in mid-April 2022.

 

For further information, please contact:

 

 Ecofin Advisors, LLC (Investment Manager)

 Jerry Polacek

 Matthew Ordway

 Prashanth Prakash

 

 

+1 913 981 1020

Stifel (Corporate Broker)

Mark Bloomfield

Alex Miller

 

+44 207 710 7600

Sanne Fund Services (UK) Limited (Company Secretary)

Martin Darragh

Maria Matheou

+44 20 3327 9720

FTI Consulting (Financial PR)

Matthew O'Keeffe

Mitch Barltrop

Vee Montebello

 

+44 797 607 5797

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NAVQFLBFLXLXBBK

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