Clear path to growth
Having just had its first birthday in December, Ecofin US Renewables Infrastructure (RNEW) has had plenty of reasons to celebrate. It successfully deployed all its IPO proceeds ahead of target and managed to increase its dividend each quarter, bringing its aggregate total dividends for 2021 to 3.2 cents per ordinary share, a 3.2% dividend yield – again ahead of its 2-3% target for its first financial year (the target is an annual dividend yield of 5.25% to 5.75% for 2022 onwards).
The political and regulatory environment in the US continues to be supportive of substantial and reasonably rapid growth in RNEW’s target markets and as such, performance has been good for the relatively new and small fund. RNEW’s wholly-owned US subsidiary, RNEW Capital, secured a $65m revolving credit facility (RCF) last year with KeyBank (one of the premier lenders to the US renewable energy industry) on attractive terms, which the manager says will help pave the way to growing the company. It is also considering an equity fundraise in the near-term, which we welcome.
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