Ecofin U.S. Renewables Infrastructure Trust (LSE:RNEP) has agreed to end its operational services agreement with Sustainability Partners Services at the close of 2026. From 1 January 2027, a firm affiliated with director Nancy Johnson will manage its assets for the rest of the managed wind-down.

What was announced

Ecofin U.S. Renewables Infrastructure Trust plc said on 29 October 2026 that it has set up new consultancy arrangements for the remainder of its managed wind-down, covering who will run the portfolio from 2027.

The company and Sustainability Partners Services, LLC (SP) have mutually agreed in writing to terminate the Infrastructure Business Services Agreement dated 6 May 2025. SP currently provides day-to-day operational support for managing the company's business and assets. The agreement will end at the close of 31 December 2026, which the announcement calls the Termination Date.

The company's subsidiary, RNEW Holdco, LLC (Holdco), has signed a separate consultancy agreement with Bluewater Tax & Accounting, LLC (Bluewater). Bluewater is affiliated with Nancy Johnson, a director of the company. It will manage the business and assets of Holdco and its subsidiaries from 1 January 2027, the day after SP's agreement ends.

The numbers and terms

Bluewater will receive an annual services fee of $135,000, paid in four equal quarterly instalments. It will also receive an incentive fee of $37,500 a year, paid in a single instalment. The company says the incentive fee is intended to reward progress towards completing the managed wind-down. On a simple calculation, the maximum combined annual cost of the two fees is $172,500, but the company has not stated that figure itself.

Either party can end the Bluewater agreement on three months' written notice. There are also limited rights of immediate termination, including if Holdco or Bluewater becomes insolvent. The new agreement replaces the consultancy agreement between the company and Nancy Johnson dated 8 December 2025.

During the handover period, SP will keep providing services until the Termination Date. It remains responsible for any deliverables due on or before that date. The company will keep paying SP's services fee, including for the quarters ending 30 September 2026 and 31 December 2026. The announcement does not give the size of SP's fee or any cost saving the company expects from the change.

Background

The company has been a self-managed alternative investment fund since 25 June 2025 and is in a managed wind-down. The new arrangements are designed to cover the consultancy services needed for the rest of that process, though the announcement gives no timetable for when it will be completed.

The company points to Nancy Johnson's experience as the reason for the appointment. She has been involved with the company since 2022 and has more than 15 years of experience in the renewables industry. The board says the arrangement will provide continuity for the assets as operational responsibility moves away from SP.

Because Bluewater is affiliated with a serving director, investors may want to look closely at how the arrangement is governed. The announcement does not say whether the agreement counts as a related party transaction under the Listing Rules or what approval process the board followed. It also does not say whether Ms Johnson took part in the board's decision.

What to watch next

The key dates are 31 December 2026, when SP's agreement ends, and 1 January 2027, when Bluewater takes over. Shareholders will want to see whether the move to a smaller, consultancy-based model affects the pace or cost of selling assets and returning capital.

The announcement does not include a net asset value, a share price, any return figures, any updated wind-down timetable or a chair statement. Further detail on the realisation process and running costs would normally be expected in the company's next periodic report or portfolio update.