Foresight Environmental Infrastructure (FGEN) | Diversification boosts both growth and income
Renewable energy infrastructure funds have had a torrid few years given rising interest rates and inflation, higher discount rates and a fractious political and economic environment. FGEN was arguably already better placed than many given its diversified portfolio – with no offshore wind and a higher volume of baseload power, meaning far less intermittency or storage concerns than a pure wind or solar fund. Its moves into more esoteric growth assets may have raised eyebrows, but with construction completed and production scaling up at the Glasshouse and Rjukan, and continued adoption of biomethane-fuelled trucks providing a ready market for CNG Fuels, these assets have the potential to make a meaningful impact both on FGEN's NAV and its portfolio income. Meanwhile, above-average performance and a dividend yield of almost 11% means investors are getting ‘paid to wait' for the growth investment case to come to fruition.John Laing Environmental Assets Group is a closed ended investment company. Co. is an environmental infrastructure investment fund which aims to provide shareholders with a sustainable dividend, paid quarterly, that increases in line with inflation, and to preserve the capital value of its portfolio on a real basis over the long term through the reinvestment of cash flows not required for the payment of dividends. Co. invests in a portfolio of environmental infrastructure projects that have the benefit of long term, predictable, wholly or partially inflation-linked cash flows supported by long-term contracts or stable regulatory frameworks.
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