Ecofin US Renewables Infrastructure Trust PLC said on Friday that losses on investments affected its 2022 profit.

The London-based investor in US renewable energy assets said its net asset value per share at December 31 was 94.3 US cents per share, down 4.7% from 98.9 cents per share at the same time a year prior.

Econfin US said its 2022 NAV total return was 1.1% compared to 2021’s total return of 2.8%.

The company’s pretax profit in 2022 was $1.2 million, down 65% from $3.4 million in 2021, as losses on investments widened to $6.4 million from $322,000 the year prior.

Ecofin US declared a 2022 total dividend in line with the company target of 5.6 cents.

Looking ahead, the company said it expects to benefit from the Inflation Reduction Act in the US, which has allocated $369 billion to climate infrastructure and energy. Ecofin US also said it is mainly focused on managing its portfolio and overseeing assets that are under construction.

Shares were up 0.3% at 62.95 pence in London on Friday afternoon.

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