7 August 2023
ECOFIN U.S. RENEWABLES INFRASTRUCTURE TRUST PLC
(the "Company")
Dividend Declaration
The Board of Ecofin U.S. Renewables Infrastructure Trust PLC declares an interim dividend in respect of the period from 1 April 2023 to 30 June 2023 of 0.7 cents per Ordinary Share (the "Q2 2023 Dividend"), payable on 8 September 2023 to shareholders on the register on 18 August 2023. The ex-dividend date will be on 17 August 2023.
As announced on 29 June and 27 July 2023, the Company expects to see a decline in net cash flow following historically low wind resource during the quarter at Whirlwind, a phenomenon that was experienced across the U.S., compounded by the recent events at Whirlwind, corrective maintenance interruptions at two of the solar projects leading to lower-than-expected energy performance, and one-time costs. As a result, the Board prudently decided to reduce the Q2 2023 Dividend.
The Investment Manager continues to work closely with its asset and operations managers to remedy the recent and unexpected operational challenges. As a result of these challenges, the Board expects the Company's dividend for each of the quarters ending 30 September 2023 and 31 December 2023 to remain at a reduced level of 0.70 cents per share. Taken together with the dividends declared for the quarters ended 31 March 2023 and 30 June 2023, this would equate to a dividend target of 3.5 cents per share for the 2023 financial year.* The Board and Investment Manager continue to monitor closely the operating cash flows of the business and are keeping the appropriate level of future quarterly dividends under review.
* The dividend targets stated in this announcement are targets only and not profit forecasts. There can be no assurance that these targets will be met, or that the Company will make any distributions at all and they should not be taken as an indication of the Company's expected future results. The Company's actual returns will depend upon a number of factors, including but not limited to the Company's net income and level of ongoing charges. Accordingly, potential investors should not place any reliance on these targets and should decide for themselves whether or not the target dividend is reasonable or achievable.
For further information, please contact:
| Ecofin Advisors, LLC (Investment Manager) Edward Russell Eileen Fargis Jason Benson Michael Hart
| +1 913 981 1020 |
| Peel Hunt LLP (Joint Corporate Broker) Liz Yong Luke Simpson Huw Jeremy
| +44 20 7418 8900
|
| Stifel (Joint Corporate Broker) Edward Gibson-Watt Rajpal Padam Madison Kominski
| +44 20 7710 7600 |
| Apex Listed Companies 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 7976 075797 |
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.
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