Norton Rose Fulbright represents Ecofin US Renewables Infrastructure Trust on solar project portfolio sale

A cross-border team of lawyers from Norton Rose Fulbright represented Ecofin US Renewable Infrastructure Trust PLC on the sale of a portfolio of distributed solar generation projects in the United States to True Green Capital Fund IV at a headline enterprise value of US$54.5 million, including a closing payment of approximately US$37.1 million in cash and the assumption of approximately US$15.7 million in debt.

The distributed generation portfolio has an aggregate net capacity of 63.68 MWdc and is comprised of 62 solar PV facilities located in five different power markets across six states. It is fully contracted with several power purchase agreements with an average remaining contract term of 16 years.

Representing approximately 36 percent of the company’s total portfolio of 176.9 MW generating capacity, this sale is the first to be signed as part of the company’s managed wind-down that was announced in September 2024. The deal was signed on December 12, 2024 and closed on March 10, 2025.

Norton Rose Fulbright’s deal team was led by Becky Diffen (Austin), Richard Sheen and Matthew O’Shea (London) and also included David Burton (New York), Quay Strozier, Andrew O’Shaughnessy (Washington, DC), Jared Kaplan, John F. Young (Chicago), Bob Greenslade (Denver), Caileen Kateri Gamache, Ibrahim Basit (Houston), Ian Fox, Julia Lloyd, Mark Craggs, Elisabeth Trotter and Jessica Liu (London).