Renewable energy infrastructure trusts have seen their discounts widen in each of the past four years, with the average discount now over 30%. A few trusts have wound down or been taken over, while a couple of proposed mergers did not find favour with shareholders. The surviving trusts have responded by initiating buybacks, selling assets to reduce gearing, and cutting their management fees, while a few have decided or been forced to reduce their dividend. Most renewable trusts have survived at least one continuation vote, but with discounts persisting, the sector looks set to shrink further o...
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UPDATE: Renewables Infrastructure Group proposed a merger with InfraRed stablemate HICL Infrastructure in November 2025, but the deal was quickly abandoned after discussions with shareholders. The trust revised its investment strategy in mid-2026, increasing its disposal targets and making no new third-party acquisitions.
Renewables Infrastructure Group (ticker: TRIG) was launched in 2013, during the first wave of renewable infrastructure funds to join the London market. It is managed by InfraRed Capital Partners, and it has built up a portfolio of around £3bn of assets, primarily onshore and...
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Gresham House Energy Storage (ticker: GRID) was launched in 2018, and it is the larger of the two remaining battery storage trusts listed on the London market. GRID accounts for around one-fifth of the GB battery storage market by capacity and has a market cap of around £450m. In its first few years, it expanded rapidly via numerous share issues, helped by bumper revenues during 2021 and 2022, before overcapacity and technical issues in the GB market caused revenues to slump in 2023 and 2024. GRID was forced to cancel its dividend and curtail its expansion plans, including a proposed diversifi...
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UPDATE: In August 2025, this trust entered a managed wind-down process on account of its wide and persistent discount. It sold its US liquid storage assets and some of its Brazilian solar assets in two separate deals announced in September 2026. The trust also changed its name and ticker to VH Global Energy Infrastructure (ENRG) in late 2024.
VH Global Sustainable Energy Opportunities (ticker: GSEO) was launched in February 2021 raising £243m. Two further equity issues raised £190m making GSEO one of the largest renewable infrastructure trusts to have joined the London market in the last wave...
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UPDATE: RM Funds proposed a number of board changes at Gore Street Energy Storage at a meeting held in September 2025. Although its motions were defeated, the trust subsequently changed all of its directors and has begun to sell some of its assets. Following a requisition from Saba, a continuation vote is being held at the AGM taking place in mid-September 2026.
In early 2018, Gore Street Energy Storage (ticker: GSF) became the first energy storage fund to be listed in London. It initially raised just £30m but has subsequently raised a further £485m. Gore Street's first few assets were based...
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I am experimenting with a series of shorter videos covering specific asset classes and investment trust sectors. The notes this week include the second of these, looking in more depth at the performance and future of infrastructure trusts, including the larger renewables trusts.
Video overview This is a link to the latest video. Please note that throughout the video I make a recurrent mistake, confusing the two trust tickers GCP and GRP and (embarrassingly) getting their names the wrong way round - just goes to show that recording videos in one take can be a hazardous venture. My apologi...
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I have added some further comments to some of the news that I summarised in the weekly podcast. Look out for my review of the year to date. It will be appearing shortly, for subscribers only.
MidWynd International The board of MidWynd International (MWY) surprised some market participants by announcing that, following the impending retirement of managers Simon Edelsten and Alex Illingworth later this year, they are taking the management contract away from Artemis and awarding it instead to Lazard Asset Management’s global quality growth team - this despite Artemis having earlier said that...
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The oldest story in the business
The oldest story in the investment business is that it is unhelpful to be sharing a consensus opinion. The behaviour of markets since the autumn last year has been a classic case in point. Those who were gloomy about equity markets and expected the declines of the first nine months to continue after the first leg of the rally from October onwards have been proved wrong as the equity markets have powered ahead, admittedly on narrow leadership, while all the predictions that bond yields would have to fall soon have also been confounded. Here we are - nine months...
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UPDATE: This trust fired its management team in 2025 and appointed Redwheel to look after its portfolio. It was then delisted in April 2026 to undertake a managed realisation strategy as a private company.
HydrogenOne Capital Growth (ticker: HGEN) joined the London market in July 2021, raising £107m that included a £25m cornerstone investment from INEOS Energy. Its shares were initially strongly rated and HGEN raised a further £21.5m from investors in April 2022. Over the past year, its shares have suffered the same fate as many other specialist trusts and have sunk to a large discount as inv...
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Octopus Renewables Infrastructure (ticker: ORIT) is the largest of the dozen renewable trusts that joined the market from 2019 to 2021. It has built up a collection of assets across Europe that spans onshore and offshore wind, solar, and battery storage and it has also made some small equity investments in four renewable asset developers. Most of its renewable assets are wholly owned and have a remaining asset life in excess of 30 years. ORIT is targeting an annualised return of between 7 and 8% and produced a 7.8% NAV return over its first three years. It has a progressive dividend policy and...
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