Ecofin US Renewables pockets USD 13m to fund growth

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

May 20 (Renewables Now) - Ecofin US Renewables Infrastructure Trust PLC (LON:RNEW) said today it has raised USD 13.1 million (EUR 12.4m) gross from a recent share issue and retail offer aimed at supporting investments across its USD-3-billion deal pipeline.

Specifically, USD 10.8 million was secured from the issue of ordinary shares at a price of USD 1.015 apiece. The retail offer in the UK has led to the raising of around USD 2.3 million. A total of 12.93 million new ordinary shares will be issued following the two transactions.

Ecofin will apply to list the new stock on the premium segment of the London Stock Exchange's Main Market. The renewable energy trust expects dealings to begin on May 24.

As previously announced, Ecofin will use the fresh funds to repay amounts under its revolving credit facility and finance new investments. Among these is a USD-40-million investment in a portfolio of 10 construction stage solar assets, as well as the acquisition of a 13-MW solar project in Maine.

In the near term, Ecofin will seek to make around USD 166 million of investments in solar and storage assets, with more than USD 1 billion worth of opportunities expected to transact in the next six months.

(USD 1.0 = EUR 0.946)

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