By Joe Hoppe
Ecofin U.S. Renewables Infrastructure Trust said Monday that following a recent tornado in Texas its Whirlwind Energy wind farm in Floydada has temporarily ceased operations.
The London-listed sustainability-focused investment trust said that Whirlwind–a 59.8 megawatt site that represents 38% of the company’s net asset value as of March 31–ceased operations last Wednesday after the tornado damaged five project-owned transmission poles.
The American Electric Power owned substation in neighboring Matador, through which the project transmits energy, was severely damaged and as a result Whirlwind will be unable to resume operations until the substation is rebuilt.
Given the outage, the company has declared a force majeure event with Whirlwind’s offtaker Austin Energy.
Ecofin said it is working closely with asset and operations managers to put in place a plan and expected timetable to remedy the outage, along with its insurance provider to file claims where applicable for business interruption and necessary repairs.
Shares at 0814 GMT were down 0.04 pence, or 5.8%, at 0.65 pence.
Write to Joe Hoppe at [email protected]
Read the full article here
