Ecofin’s RNEW unit closes $65 million secured revolver with KeyBank

By Marisa Wong

Los Angeles, Oct. 19 – Ecofin U.S. Renewables Infrastructure Trust plc’s wholly owned U.S. subsidiary, RNEW Capital, LLC, has entered into a $65 million secured revolving credit facility with KeyBank, according to a press release.

The revolver comprises a $50 million two-year facility priced at Libor plus 175 basis points and a $15 million three-year facility priced at Libor plus 200 bps.

The revolver also includes an accordion option that provides access to an additional $20 million of capital, which can be accessed subject to certain conditions.

Jerry Polacek, managing director and group lead at Ecofin Advisors, LLC, said in the release, “We anticipate utilizing the [revolver] imminently, in part, to close on RNEW’s committed pipeline of approximately $50 million and an additional $61 million of investments under exclusivity.

“RNEW’s actionable near-term pipeline also includes an additional $171 million of wind and solar deals with long term revenue contracts where bids have been submitted.”

Ecofin is a London-based sustainable investment firm with a portfolio of mixed renewable energy and sustainable infrastructure assets.

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