Key Takeaways
- Ecofin US Renewable Infrastructure Trust PLC sold a U.S. solar project portfolio for $54.5 million.
- The sale includes 62 solar PV facilities with a total capacity of 63.68 MWdc, fully contracted for 16 years on average.
- This transaction marks the first under Ecofin’s wind-down strategy initiated in September 2024.
Transaction Details
A cross-border team from Norton Rose Fulbright has successfully advised Ecofin US Renewable Infrastructure Trust PLC on the sale of a U.S. distributed solar generation project portfolio to True Green Capital Fund IV. The transaction carries a headline enterprise value of $54.5 million, comprising a cash payment of approximately $37.1 million at closing and the assumption of around $15.7 million in existing debt.
The solar portfolio consists of 62 photovoltaic facilities distributed across five power markets in six different states, providing a total net generating capacity of 63.68 MWdc. Each project is supported by power purchase agreements, which have an average remaining duration of 16 years, ensuring a stable revenue stream for the new owner.
This divestiture represents approximately 36% of Ecofin’s total portfolio, which boasts a generating capacity of 176.9 MW. The deal, which was signed on December 12, 2024, officially closed on March 10, 2025. This marks a significant step in Ecofin’s strategic shift following the managed wind-down strategy announced in September 2024.
The Norton Rose Fulbright legal team involved in the transaction was led by Becky Diffen from Austin, Richard Sheen, and Matthew O’Shea from London. The team benefited from support by several other legal professionals across multiple offices, further underscoring the collaborative effort behind the successful execution of this transaction.
The content above is a summary. For more details, see the source article.
