Refinancing & Acquisition of Membership Interests

Ecofin US Renewables Infrastr.Trust

01 May 2026

 

Ecofin U.S. Renewables Infrastructure Trust PLC

1 May 2026

For immediate release.

Ecofin U.S. Renewables Infrastructure Trust PLC (the "Company")

Refinancing and Acquisition of Membership Interests with respect to the Beacon 2 and Beacon 5 Projects

The Board of the Company is pleased to announce that CD Global Solar CA Beacon 2 Borrower, LLC and CD Global Solar CA Beacon 5 Borrower, LLC (the "Borrowers") have completed the refinancing of the existing back-leveraged term loans secured on the Beacon 2 and Beacon 5 projects (the "Refinancing"). The Refinancing has been completed with KeyBank National Association acting as lender and administrative agent and Société Générale acting as lender.

TC Renewable Holdco I, LLC (an indirect wholly-owned subsidiary of the Company) currently holds a 49.5% membership interest in each of the Borrowers. In connection with the Refinancing, the Borrowers have also completed the purchase of 100% of Firstar Development, LLC's remaining membership interests in CD Global Solar CA Beacon 2 Holdings, LLC and CD Global Solar CA Beacon 5 Holdings, LLC to simplify the capital structure of the Beacon projects (the "Acquisition"). The aggregate purchase price for the Acquisition was approximately US$4.2 million, comprising US$2.2 million for Beacon 2 and US$2.0 million for Beacon 5. Following the closing on the Acquisition, Firstar Development, LLC ceased to be a member of the relevant Beacon holding companies.

Under the terms of the Refinancing, the Borrowers have entered into new funded term loan facilities totalling approximately US$84.1 million, comprising approximately US$46.6 million for Beacon 2 and US$37.5 million for Beacon 5. The proceeds have been used to repay the existing back-leverage indebtedness, and related transaction costs.

The Refinancing has a new maturity date of 30 April 2031, five years from the effective date of the Refinancing. The applicable term loan margin increased by 0.5%, with the new interest rate profile comprising 75% of the term loan swapped at an effective rate of 6.52% and 25% floating at Term SOFR plus 1.75%. This compares with the previous financing, which was LIBOR-based with approximately 75% of the term loan hedged via interest rate swaps, resulting in an all-in rate of approximately 5.2%.

In connection with the Refinancing, the Company and SBEN US Beacon 2 & 5 LP funded total sponsor equity contributions of approximately US$5.4 million on a 50/50 basis, comprising US$2.5 million for Beacon 2 and US$2.9 million for Beacon 5. Although Eagle Rock, LLC holds a 1% interest in the Borrowers, the Company and SBEN US Beacon 2 & 5 LP agreed to loan Eagle Rock, LLC its share of the equity contributions equally between them. The Company's indirect share of these equity contributions was therefore approximately US$2.7 million.

Following the refinancing, the Company intends to make an announcement around its first return of capital via B shares in the near future.

Enquiries

Ecofin U.S. Renewables Infrastructure Trust PLC Brett Miller	via the Company Secretary
Apex Listed Companies Services (UK) Limited (Company Secretary)	[phone]

IMPORTANT NOTICES

LEI Number

The Company's LEI Number is 2138004JUQUL9VKQWD21

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