Proactive’s Post

QuotedData have conducted an analysis of Downing’s Renewables & Infrastructure Trust (DORE), providing insights into DORE’s performance, market outlook, and current position.   Key takeaways from their extract:   • NAV total return of 33% since its IPO in December 2020 highlights the strong performance of DORE and there remains significant scope for the asset value to compound further as the portfolio develops.     • Operating profit was £24.7m, up 27% from the year prior, showcasing impressive profitability metrics given the portfolio is yet to fully mature.     • DORE announced a 7.85% increase in the 2024 target dividend, supported by a forecasted cash coverage ratio of 1.35x, highlighting stable earnings.    • DORE advanced its portfolio construction, investing £47m in 11 diversified projects across multiple technologies. “By almost every measure, DORE has delivered above expectations since its IPO in December 2020.” Read the full review here: https://lnkd.in/e2KbM2V2   Capital at risk. Returns not guaranteed.  #DORE #Renewables #Trust #Infrastructure  

Bluefield Solar Income Fund (BSIF)Limited continued to progress its construction and development pipeline this year, with 93 MW of capacity under construction, 774 MW approved, 375 MW in planning and a total potential capacity of 1.56 GW. This includes 954 MW of solar and 603 MW of battery projects. The London-listed income fund reported a decrease in its net asset value (NAV) for the year ended 30 June, down to £781.6 million from £854.2 million the previous year. Bluefield’s total underlying earnings stood at £94.6 million, a decline from £108.4 million in 2023. Chair John Scott stated: “The year under review saw the company and all others in our sector continue to trade at a discount to NAV, preventing us from raising fresh capital to diversify the company’s portfolio and aid the progression of our considerable development pipeline.” More at #Proactive #ProactiveInvestors #bluefieldsolarincome http://ow.ly/YlW3105Koop

London-listed #renewables investor Foresight Solar Fund (FSFL)’s strong cash position was highlighted in a Wednesday broker note form RBC Capital Markets. "The balance sheet remains the key positive,” said RBC. “Record cash generation in 2023 and progress on (revolving credit facility) repayment leaves the balance sheet well-placed in a £6.2 million current group net cash position at year-end." RBC did note that construction delays and a likely reduction in power price assumptions are impacting Foresight’s Australian net asset values. But broadly speaking, a large buyback initiative and progress in the disposal program of 200MW assets justify a sector perform rating. “The strategy is similar to peers, and nil current net debt is a strong positive in the current environment,” said analysts, giving the stock a 110p price target against an 88p publication price. More at #Proactive #ProactiveInvestors http://ow.ly/cvqy105mEab #LSE #FSFL

Foresight Solar Fund (FSFL) showed its resilience in the first half of the year and recent months as well as continuing to make progress with efforts to reduce its share price discount to net assets. Last month, the board extended the share buyback programme by £10 million to a total of up to £50 million, which is proportionately the largest in the renewable investment trust sector. So far, more than £35 million of shares have been repurchased, adding 1.9p per share of NAV upside. Having sold a 50% of its Lorca portfolio in Spain last November, the bord initiated the second phase of the divestment programme with the sale process of its Australian portfolio, which is expected to close in the first half of 2025. This will be, said the trust’s chair Alexander Ohlsson, “a key milestone and, once complete, will re-focus our efforts on the UK and Europe, where we have an exciting pipeline of opportunities fitting... More at #Proactive #ProactiveInvestors http://ow.ly/AA5w105J2Lp

NextEnergy Solar Fund (NESF) was spotlighted by interactive investor yesterday, emphasising the Fund’s current status as an attractive entry point for both investors and directors. Read the full article through the link below: https://lnkd.in/d_KXj6tQ | #dividendinvesting | #FTSE250 | #sustainableinvesting | #netzerotransition | #solarinvestment | #solarpv |

Schroders Greencoat LLP is set to majority acquire Toucan Energy’s portfolio of 53 operational solar farms in the UK. The portfolio has a combined capacity of 513.5 MWp and is located across England, Wales, and Northern Ireland. “We are thrilled to have agreed to acquire the largest operational solar portfolio put to market in the UK,” said Lee Moscovitch, Partner at Schroders Greencoat. “This is a major achievement for Schroders Greencoat, particularly given the size, complexity and number of stakeholders involved in the transaction." Schroders Greencoat’s new solar portfolio has the capability to power an approximately 184,000 homes per annum, and is valued at approximately £700 million. The majority of the portfolio will be acquired by Schroders Greencoat managed funds, such as Greencoat Solar II LP and Greencoat Renewable Income LP, along with recently launched mandates. Notably, a substantial part of the acquisition involves six Local Government Pension Schemes – Avon, Cornwall, Devon, Gloucestershire, Oxfordshire, and Wiltshire Funds – through Schroders Greencoat Wessex Gardens LP. Tokyo Century Corporation / 東京センチュリー will also participate as a co-investor in this acquisition. This acquisition follows a competitive bidding process overseen by the joint administrators of Toucan Energy Holdings 1 Limited at Interpath Advisory. “We are delighted to have reached this landmark agreement with Schroders Greencoat which will see this excellent solar portfolio move into new ownership, delivering optimum value and generating a significant return for the portfolio’s creditors,” added Jim Tucker, Managing Director at Interpath Advisory and joint administrator of Toucan Energy Holdings 1 Limited. “This was a highly competitive sales process, requiring substantial preparation, due in no small part to the fact that assets of this scale and quality rarely come to market. We look forward to the transaction completing in the coming weeks.” RBC Capital Markets served as the exclusive financial adviser to Schroders Greencoat on the transaction, with additional advisory support from Eversheds Sutherland, Evergy, and PwC. The joint administrators at Interpath Advisory were assisted by KPMG LLP (M&A), Herbert Smith Freehills LLP (Legal), Interpath Advisory (Financial & Tax), Cornwall Insight Ltd (Commercial), THE NATURAL POWER CONSULTANTS LIMITED (Technical), and the management team of Toucan. #cleanenergy

Check out this quick read on renewable energy M&A predictions in 2024 from my friends at Javelin Capital. Excerpt: "Renewable industry observers expect a rebound in M&A deal flow in 2024 on expectations of interest rates stabilizing, helping to free up investor capital to flow back into the sector. One of the more promising drivers behind the bullish take on next year is that interest from foreign investors in the sector continues to remain high. That interest is partially due to favorable tax regimes under the Inflation Reduction Act, energy storage gaining more traction as an investable industry and further consolidation expected amongst industry participants." Jason Segal Matt Eastwick, CAIA #mergersandacquisitions #solar #energystorage #renewableenergy

Are you looking to upgrade your real estate fund from Article 6 to Article 8 under the EU’s SFDR? In this new article in Renewables Investor, Kamahn Lee-Barron, Designated Person for Investment Management at TMF Group, outlines the factors you should consider. Read the full piece and align your real estate investments with SFDR to promote a more sustainable future: https://lnkd.in/gSd_6bbh #SFDR #realestate #RenewablesInvestor

Are you looking to upgrade your real estate fund from Article 6 to Article 8 under the EU’s SFDR? In this new article in Renewables Investor, Kamahn Lee-Barron, Designated Person for Investment Management at TMF Group, outlines the factors you should consider. Read the full piece and align your real estate investments with SFDR to promote a more sustainable future: https://lnkd.in/evESsDs4 #SFDR #realestate #RenewablesInvestor

Policy and regulatory uncertainty, as well as illiquidity, were also found to be barriers in AlphaReal study #renewables #investment #greenenergy https://lnkd.in/eNxyJHkz Author: Michael N.