Eco focus for PraxisIFM as Ecofin IPO launches
PraxisIFM Fund Services (UK) has boosted its green credentials.
It is providing administration and corporate secretarial services to recently listed Ecofin U.S. Renewables Infrastructure Trust plc (RNEW) which was admitted to the London Stock Exchange (LSE) on 22 December 2020.
RNEW is one of three renewable infrastructure funds that the London-based Praxis team has worked with on their LSE listings also assisting Aquila European Renewables Infrastructure Fund plc which was admitted in June 2019 and Octopus Renewables Infrastructure Trust plc which was admitted in December 2019.
RNEW's IPO raised US$125 million based on its objective to invest in a diversified portfolio of renewable assets predominantly in the United States. RNEW's principal focus is on solar and wind energy assets and may also invest in different types of renewable energy (battery storage biomass hydroelectric and microgrids) as well as other sustainable infrastructure assets such as water and wastewater.Brian Smith Managing Director of PraxisIFM Fund Services (UK) said: 'I am delighted that the fund has now launched RNEW is a very exciting fund to work with and its renewable focus is a great opportunity to expand our portfolio of socially-minded ESG-attentive clients. Working with international managers is always an interesting opportunity and experience for the team and being part of two successful IPOs in 2020 against the backdrop of a global pandemic is a great achievement.'
Ecofin is a sustainable investment firm dedicated to uniting ecology and finance through a variety of investment solutions. Brad Adams Managing Director of TortoiseEcofin said: 'We have very much enjoyed working with PraxisIFM in the lead up to the successful listing of RNEW and are looking forward to continuing our great relationship with Brian and his team.'