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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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 offshore wind, with some solar and, most recently, battery storage. Around 60% of its operations are in the UK, with the remainder spread across Sweden, Germany, France, and Spain. TRIG has increased its dividend from an initial 6.0p in 2014 to a target of 7.55p for 2025, and its NAV per share has climbed from 98p post-IPO...
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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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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 of IPOs. Its investment adviser is Victory Hill Capital Partners, a new company set up in 2020. Two of Victory Hill's co-founders, Richard Lum and Eduardo Monteiro, manage GSEO's portfolio however Anthony Catachanas, another of Victory Hill's co-founders and previously its CEO, left the firm in the summer of 2023 to pursue other projects. GSEO...
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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 in Great Britain but the last couple of years have seen it add assets in Ireland, Germany, and Texas. It currently has 17 assets with a capacity of 370MW but hopes to expand this to 1.2GW by the end of 2026, adding California as its fifth operational market. The international diversification should give Gore Street a smoother revenue profile than the two other bat...
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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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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 investors turned their backs on highly-rated growth stocks. HGEN seeks 'clean hydrogen' investments and is targeting annual returns of between 10 and 15%. Right now, it has a very concentrated portfolio of ten ...
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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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