reports
- Nigel Hawkins
Quoted UK Infrastructure and Renewable Energy ‒ A year of trials and t...
Only Cordiant and Pantheon buck the trend... For the remaining 29 quoted Infrastructure Investment Companies (IICs) and the Renewable Energy Infrastructure Funds (REIFs), 2024 was a dire year ‒ as was 2023. NAV discounts widened appreciably, while some REIFs, in particular, really struggled. During 2024, there were several “Continuation/Discontinuation Votes”, which saw some funds enter Managed Wind Down. Furthermore, there were no major sector fund-raises during the year; instead, share buy...
UKW GREENCOAT UK WIND PLC
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
BBGI BBGI GLOBAL INFRASTRUCTURE
TXG 10X GENOMICS INC CLASS A
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
3IN 3I INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
ORIT OCTOPUS RENEWABLES INFRASTRUCTURE TRUST
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
AEET AQUILA ENERGY EFFICIENCY TRUST PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
FSFLL FORESIGHT SOLAR
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Nigel Hawkins
Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infra...
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no...
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
3IN 3I INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ORIT OCTOPUS RENEWABLES INFRASTRUCTURE TRUST
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
GSEO VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
AEET AQUILA ENERGY EFFICIENCY TRUST PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
SEIT SEEIT
FSFLL FORESIGHT SOLAR
INPP INPP
AEIT ASIAN ENERGY IMPACT TRUST
- David Johnson
- James Carthew
Downing Renewables and Infrastructure Trust – Powering ahead
Downing Renewables and Infrastructure (DORE) set out to build an attractive portfolio of renewable energy assets diversified by geography and asset type, and has succeeded in that. In doing so, it alighted upon an opportunity to build a portfolio of hydropower assets in Sweden. As we describe in this note, the management team has identified a number of ways in which it can significantly enhance the returns of these assets. These initiatives have the potential to add meaningfully to both DORE’s N...
- David Johnson
- James Carthew
Downing Renewables and Infrastructure Trust – Powering ahead
Downing Renewables and Infrastructure (DORE) set out to build a portfolio of renewable energy assets diversified by geography and asset type, and has succeeded in that. In doing so, it alighted upon an opportunity to build a portfolio of hydropower assets in Sweden. As is described in this note, the management team has identified a number of ways in which it believes that it can significantly enhance the returns of these assets. These initiatives may have the potential to add meaningfully to bot...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Nigel Hawkins
The Hardman & Co Monthly: August 2023
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
GCP GCP INFRASTRUCTURE INVESTMENTS LTD GBP
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
APAX APAX GLOBAL ALPHA
3IN 3I INFRASTRUCTURE PLC
ICGT ICG ENTERPRISE TRUST
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ONEM 1LIFE HEALTHCARE
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
TLEI THOMASLLOYD ENERGY IMPACT TRUST PLC
GSEO VICTORY HILL VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC
ORITL OCTOPUS RENEWABLES
SEIT SEEIT
FSFLL FORESIGHT SOLAR
L5M ATRATO ONSITE ENERGY
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Shonil Chande
LIBERUM: Alternatives Daily
Aquila European Renewables - Business update and shareholder continuation vote announcedDowning Renewables & Infrastructure - Lower power price forecasts impact Q1 NAVHOME REIT - Update on internal investigation conducted by Alvarez and MarsalMusic Royalties - Universal Music reportedly negotiating for $1bn Queen catalogue
- Shonil Chande
LIBERUM: Alternatives Daily: TMI | NESF | GCP | DORE | GROW
Taylor Maritime Investments - Good progress on deleveragingNextEnergy Solar - Capital recycling programme launchedGCP Infrastructure - March 23 NAV updateDowning Renewables & Infrastructure - UK Solar acquisitionMolten Ventures - Some stabilisation in 6m to Mar-23
- Shonil Chande
LIBERUM: Alternatives Daily
Industrials REIT - Blackstone intends to buy Industrials REIT at a 42% premium to last share priceChrysalis Investments - Graphcore pitches for role in UK’s £900m supercomputerCordiant Digital Infrastructure - Reportedly close to major Irish acquisitionUK Commercial Property Trust - Low capital and income return in industrial properties leads to underperformance vs. benchmarkGreencoat UK Wind - 42MW wind farm acquisition announcedDowning Infrastructure - 19.5% FY 22 NAV returnInsider Buying - Ma...
- Shonil Chande
LIBERUM: Alternatives Daily
Fair Oaks Income - NAV return 0.3% in February; negligible SVB impact expected on CLO marketEdiston Property Investment Company - Announcement of strategic reviewDowning Renewables and Infrastructure - Q4 revenue 63% above budget despite hydro volatilityHome REIT - Manager review and extension to PUSU
- Nigel Hawkins
Hardman & Co Insight: Higher interest rates overshadow IIC/REIF prospe...
Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
3IN 3I INFRASTRUCTURE PLC
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
GSEO VICTORY HILL VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC
ORITL OCTOPUS RENEWABLES
SEIT SEEIT
FSFLL FORESIGHT SOLAR
L5M ATRATO ONSITE ENERGY
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Shonil Chande
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