Net Asset Value(s)

31 October 2022

ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC

(the "Company")

Quarterly Net Asset Value

The Company announces that its unaudited net asset value as at 30 September 2022 on a cum-income basis was $0.9537 per ordinary share (30 June 2022: $0.9732) or $131.7 million (30 June 2022: $134.3 million). 

· a $1.3 million decrease in Fair Market Value ("FMV") of investments due in part to the expected quarterly roll-off of distributable cash flows in the forward-looking discounted cash flow models, partly offset by a cumulative increase in net working capital items on the balance sheet of each investment; 

· a $0.5 million decrease due to a non-recurring adjustment to the Beacon 2 and 5 solar assets' FMV related to a property tax settlement and future property tax obligations owed by the projects;

· a $0.8 million decrease in financial assets, driven largely by fund expenses, $1.9 million of dividends paid and accrued interest expense on the Company's drawn Revolving Credit Facility balance.

· Discount rates used to determine FMVs remained flat this quarter after a 25 bps increase during Q2 2022

Investment Highlights

· During the quarter, the Company closed and began construction on three additional projects within the Echo Solar Portfolio, bringing the portfolio total to six projects comprising 36.0 MWDC in Minnesota, Virginia and Delaware with 25-year investment-grade utility offtakers.

· Construction across these six Echo Solar projects is expected to be completed between Q4 2022 and Q2 2023. The Company currently accounts for projects under construction at cost, with assets revalued at FMV once operational.

· The Company continues to evaluate the potential to close on four additional projects within the Echo Solar Portfolio original commitment.

· Following the period end, the Company closed an $18 million tax equity financing commitment for the Echo Solar Portfolio, of which $1.7 million was drawn on 7 October 2022. The balance of the commitment will be drawn upon completion of certain construction milestones as the projects reach commercial operation.

· The recent passage of the Inflation Reduction Act in the U.S. is expected to have an additional positive impact on the Echo Solar Portfolio with the potential to earn further tax credits above the existing 30% Investment Tax Credit, which may create additional valuation uplift.

Investment Manager Update

· On 24 October, 2022, the Company announced that the Company's Investment Manager, Ecofin Advisors, LLC, had appointed Eileen Fargis as Managing Director - Private Equity Infrastructure and as the Ecofin group lead and portfolio manager for RNEW with immediate effect. Eileen will work closely to manage and develop the Company's portfolio with the team of experienced professionals at Ecofin, including Ed Russell, Senior Managing Director and Jason Benson, Director of Private Renewable Energy. Eileen has over 20 years' industry experience, most recently as Head of Investments for InterEnergy Holdings (UK) Ltd, an independent developer, owner, and operator of 2.1 GW of energy generation assets and a utility in the Caribbean and Latin America. Eileen is the former Co-Head of the $1 billion IFC African, Latin American and Caribbean Fund LP, a private equity fund investing on behalf of the International Finance Corporation.

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About Ecofin Advisors, LLC

Ecofin is a sustainable investment firm with roots dating to the 1990s and a global footprint with offices in the US and UK. We are driven by the idea that sustainable investment can deliver strong risk-adjusted returns while making a true impact on the environment and society. Our strategies offer global solutions in private and public securities that address global challenges in climate action, water and sustainable communities. Through these strategies we seek to achieve positive impacts that align with the UN Sustainable Development Goals and are accessible through a variety of vehicles.

About Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW")

Ecofin U.S. Renewables Infrastructure Trust PLC ("RNEW" or the "Company") is a closed ended investment company incorporated in England and Wales, targeting attractive risk-adjusted returns and a sustainable dividend yield through a differentiated investment strategy focused on the middle market of U.S. renewable energy. 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.

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.