Ecofin US Renewables acquires 12 MW of solar in US
Solar farm. Author: Alan Levine.
Ecofin US Renewables Infrastructure Trust PLC (LON:RNEW) has acquired nearly 12 MW of solar capacity through two projects in the US, the company announced last week.
The investment trust, incorporated in England and Wales, raised USD 125 million (EUR 102m) in its initial public offering (IPO) in London earlier this month. The two acquisitions are part of the seed investments announced in its IPO prospectus.
Ecofin paid USD 10.9 million in total for 100% cash equity interests in a commercial rooftop solar facility in California with a capacity of 4.8 MW and a ground-mount solar installation in Massachusetts with a capacity of 7.1 MW. Both projects have contracts for 100% of their output with a weighted average remaining term of more than 17 years.
Ecofin's prospectus described four seed investments. The trust also said it has identified a pipeline of 124 projects, mainly utility-scale and commercial wind and solar.