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Investing in Green Infrastructure Funds (ITs)

Stocks and Shares ISA , Choosing funds for ISA's, risk factors for funds etc
Investment strategy discussions not dealt with elsewhere.
richfool
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Re: Investing in Green Infrastructure Funds (ITs)

#411564

Postby richfool » May 13th, 2021, 9:39 am

ReallyVeryFoolish wrote:
UncleEbenezer wrote:
ReallyVeryFoolish wrote:INRG looks to be heading towards 800p. Big drop in a couple or so months from 1400p-ish. I know INRG has changed its underlying investments somewhat fairly recently. But such a drop says either the wheels gave fallen off something (of which I am blissfully unaware) or it might be a good time for those looking for an entry point to buy in?

RVF

Do you have any idea what drove the big spike?

If you look at the curve pre-lockdown, 800p today looks like a healthy rise!

Not 100% certain but prior to INRG changing its investments scope a few weeks ago it was a much narrower investment with one or two stocks in bubble territory making a very big difference. It's now a much broader investment and in some parts the bubble is bursting/has burst. I think INRG got way ahead of itself and I said at the time gravity would reassert itself. I may be a little wide of the mark there, so if you're really interested please DYOR.

RVF

Hi RVF, As you may recall I flirted with INRG some time ago, but in the end I shied away from it, mainly due to its volatility and negligible dividend.

In the end I stuck with IEM (Impax Environmental Markets) (from a growth perspective), which has performed well, though has been a bit more susceptible over recent weeks. From more of an income perspective and diversity, I hold GSF (Gore Street Energy Storage Fund - battery storage), SEIT (SDCL Energy Efficiency Income Trust), and BERI (Blackrock Energy & Resources Income trust). The latter surprisingly does hold some green energy related stocks, including Vestas Wind and ENEL., and has been performing admirably, partly or mainly due to its commodity exposure.

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Re: Investing in Green Infrastructure Funds (ITs)

#411572

Postby richfool » May 13th, 2021, 10:00 am

ReallyVeryFoolish wrote:
richfool wrote:
ReallyVeryFoolish wrote:Not 100% certain but prior to INRG changing its investments scope a few weeks ago it was a much narrower investment with one or two stocks in bubble territory making a very big difference. It's now a much broader investment and in some parts the bubble is bursting/has burst. I think INRG got way ahead of itself and I said at the time gravity would reassert itself. I may be a little wide of the mark there, so if you're really interested please DYOR.

RVF

Hi RVF, As you may recall I flirted with INRG some time ago, but in the end I shied away from it, mainly due to its volatility and negligible dividend.

In the end I stuck with IEM (Impax Environmental Markets) (from a growth perspective), which has performed well, though has been a bit more susceptible over recent weeks. From more of an income perspective and diversity, I hold GSF (Gore Street Energy Storage Fund - battery storage), SEIT (SDCL Energy Efficiency Income Trust), and BERI (Blackrock Energy & Resources Income trust). The latter surprisingly does hold some green energy related stocks, including Vestas Wind and ENEL., and has been performing admirably, partly or mainly due to its commodity exposure.

Thanks, yes, I do recall. The family is investing monthly into INRG so volatility is your friend there, at least in the short term. Those are savings with a 30 plus year time horizon. Income is very much not a priority there.

For myself, I am not that dissimilar to you. I hold SSE (swapped from NG) on the basis they are becoming a very serious new energy landscape company. I hold BERI too and as you say, it changed its remit last year to include renewable energy investments. I also hold GRID, Gresham House energy storage.

I also have an investment in Shell that is underwater at the moment and I am watching patiently as that company sets out it's future strategy and hopefully, successfully implements it.

RVF

I have been looking at GRID, even though I hold GSF and they both do much the same thing. I like the high yield and currently they do provide something of a counter-balance to the more volatile sectors of the market. (Their premiums noted).

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Re: Investing in Green Infrastructure Funds (ITs)

#411663

Postby supremetwo » May 13th, 2021, 2:29 pm

richfool wrote:In the end I stuck with IEM (Impax Environmental Markets) (from a growth perspective), which has performed well, though has been a bit more susceptible over recent weeks. From more of an income perspective and diversity, I hold GSF (Gore Street Energy Storage Fund - battery storage), SEIT (SDCL Energy Efficiency Income Trust), and BERI (Blackrock Energy & Resources Income trust). The latter surprisingly does hold some green energy related stocks, including Vestas Wind and ENEL., and has been performing admirably, partly or mainly due to its commodity exposure.

Yet another IPO jumping on the bandwagon - Aquila Energy Efficiency Trust plc

Another office full of new people to be paid to run a trust and competing to purchase infrastructure.

This increase in ITs all chasing the same market must have an effect on the profit and growth opportunities for the existing ITs discussed here.

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Re: Investing in Green Infrastructure Funds (ITs)

#411666

Postby richfool » May 13th, 2021, 2:57 pm

supremetwo wrote:
richfool wrote:In the end I stuck with IEM (Impax Environmental Markets) (from a growth perspective), which has performed well, though has been a bit more susceptible over recent weeks. From more of an income perspective and diversity, I hold GSF (Gore Street Energy Storage Fund - battery storage), SEIT (SDCL Energy Efficiency Income Trust), and BERI (Blackrock Energy & Resources Income trust). The latter surprisingly does hold some green energy related stocks, including Vestas Wind and ENEL., and has been performing admirably, partly or mainly due to its commodity exposure.

Yet another IPO jumping on the bandwagon - Aquila Energy Efficiency Trust plc

Another office full of new people to be paid to run a trust and competing to purchase infrastructure.

This increase in ITs all chasing the same market must have an effect on the profit and growth opportunities for the existing ITs discussed here.

I don't know about Aquila Energy Efficiency trust, which as you say is only at IPO stage, but SEIT, the SDCL Energy Efficiency trust, whilst initially focusing on the UK., is also making investments in continental Europe and North America and, potentially, aims to do so in the Asia Pacific region.
Your point taken about many companies jumping on the "bandwagon".

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Re: Investing in Green Infrastructure Funds (ITs)

#419552

Postby Mattwirz » June 14th, 2021, 7:20 pm

BusyBumbleBee wrote:
richfool wrote:Has anyone thought about one of the energy storage funds/trusts, such as: Gresham House Energy Storage Fund (GRID) or Gore Street Energy Storage Fund (GSF)?

This must be a development area as the various suppliers of renewable energy seek ways to store their energy. I appreciate that the development of batteries is in its early stages.

Both the funds in question are relatively new, trade at at modest premiums: 4.4% & 5.35% and offer yields of: 2.40% & 3.09%

Yes, RichFool, I invested in Gore when they first announced their Irish project which give a firm base for moving forward. They have crept up from what was a low then to give me a '12+% uplift in the SP and a forward yield of 7.2% - they have met their target, so far, of a 7 pence per year dividend. But it is a very small fund: less than £40 million. Unsurprisingly they still trade below their issue price - it often pays to wait to buy in,



BBB, I'm a reporter with the Wall Street Journal looking to speak to individual investors who have a view on energy storage. Please email me at matt.wirz@wsj.com if you'd like to discuss

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Re: Investing in Green Infrastructure Funds (ITs)

#419553

Postby Mattwirz » June 14th, 2021, 7:23 pm

richfool wrote:Has anyone thought about one of the energy storage funds/trusts, such as: Gresham House Energy Storage Fund (GRID) or Gore Street Energy Storage Fund (GSF)?

This must be a development area as the various suppliers of renewable energy seek ways to store their energy. I appreciate that the development of batteries is in its early stages.

Both the funds in question are relatively new, trade at at modest premiums: 4.4% & 5.35% and offer yields of: 2.40% & 3.09%




Richfool, I'm a reporter with the Wall Street Journal looking to speak to individual investors who have a view on energy storage. Please email me at matt.wirz@wsj.com if you'd like to discuss
Last edited by tjh290633 on June 15th, 2021, 5:59 pm, edited 1 time in total.
Reason: Missing tag restored - TJH

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Re: Investing in Green Infrastructure Funds (ITs)

#425648

Postby BusyBumbleBee » July 7th, 2021, 6:46 pm

In post viewtopic.php?p=216664#p216664 in April 2019, I entered a dummy portfolio of the 6 then extant Green Infrastructure Funds, later I added another.

Since then I have come out of the sector completely but as they are a bit unloved at the moment am coming back in. Thought you might like to see where that portfolio stands today, so here goes:

Holding                                                          ..    ................................  Quantity     Total Cost     Avg.Price     Price       Basis     Cur Value      Profit/Loss 
LSE:BSIF Bluefield Solar Income Fund Limited 10000 £ 12,811.00 £ 1.2811 £ 1.1940 BID £ 11,940.00 £ -871.00
LSE:FSFL Foresight Solar Fund Limited 10000 £ 11,411.00 £ 1.1411 £ 0.9950 BID £ 9,950.00 £ -1,461.00
LSE:GSF Gore Street Energy Storage Fund Plc 10000 £ 9,109.99 £ 0.9110 £ 1.1000 BID £ 11,000.00 £ 1,890.01
LSE:JLEN Jlen Environmental Assets Group Limited 10000 £ 10,961.00 £ 1.0961 £ 0.9920 BID £ 9,920.00 £ -1,041.00
LSE:NESF Nextenergy Solar Fund Limited 10000 £ 11,561.00 £ 1.1561 £ 1.0200 BID £ 10,200.00 £ -1,361.00
LSE:TRIG The Renewables Infrastructure Group Limi... 10000 £ 11,731.00 £ 1.1731 £ 1.2680 BID £ 12,680.00 £ 949.00
LSE:UKW Greencoat Uk Wind Plc 10000 £ 13,531.00 £ 1.3531 £ 1.3140 BID £ 13,140.00 £ -391.00
Total £ 81,115.99 £ 78,830.00 £ -2,285.99


You can see that with the exception of battery storage prices have fallen over the period despite an annual increase in the dividend.

What stock did I dip back into? answer: FSFL -- kind regards - BBB
Last edited by tjh290633 on July 7th, 2021, 8:01 pm, edited 1 time in total.
Reason: Table sorted (sort of) - TJH

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Re: Investing in Green Infrastructure Funds (ITs)

#425797

Postby richfool » July 8th, 2021, 10:01 am

These articles from the DT maybe of interest. (Maybe behind a paywall).

As usual I find the comments accompanying such articles more enlightening than the articles themselves.

I noted the comments about needing basic resources and fossil fuels to manufacture the equipment to generate renewable energy.

https://www.telegraph.co.uk/business/20 ... factories/

https://www.telegraph.co.uk/business/20 ... -teesside/

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Re: Investing in Green Infrastructure Funds (ITs)

#428085

Postby richfool » July 16th, 2021, 1:31 pm

ReallyVeryFoolish wrote:
richfool wrote:
ReallyVeryFoolish wrote:Not 100% certain but prior to INRG changing its investments scope a few weeks ago it was a much narrower investment with one or two stocks in bubble territory making a very big difference. It's now a much broader investment and in some parts the bubble is bursting/has burst. I think INRG got way ahead of itself and I said at the time gravity would reassert itself. I may be a little wide of the mark there, so if you're really interested please DYOR.

RVF

Hi RVF, As you may recall I flirted with INRG some time ago, but in the end I shied away from it, mainly due to its volatility and negligible dividend.

In the end I stuck with IEM (Impax Environmental Markets) (from a growth perspective), which has performed well, though has been a bit more susceptible over recent weeks. From more of an income perspective and diversity, I hold GSF (Gore Street Energy Storage Fund - battery storage), SEIT (SDCL Energy Efficiency Income Trust), and BERI (Blackrock Energy & Resources Income trust). The latter surprisingly does hold some green energy related stocks, including Vestas Wind and ENEL., and has been performing admirably, partly or mainly due to its commodity exposure.

Thanks, yes, I do recall. The family is investing monthly into INRG so volatility is your friend there, at least in the short term. Those are savings with a 30 plus year time horizon. Income is very much not a priority there.

For myself, I am not that dissimilar to you. I hold SSE (swapped from NG) on the basis they are becoming a very serious new energy landscape company. I hold BERI too and as you say, it changed its remit last year to include renewable energy investments. I also hold GRID, Gresham House energy storage.

I also have an investment in Shell that is underwater at the moment and I am watching patiently as that company sets out it's future strategy and hopefully, successfully implements it.
RVF

RVF, I continue to watch INRG. It seems to be complying with gravity quite a bit lately. Currently 925p.

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Re: Investing in Green Infrastructure Funds (ITs)

#432024

Postby richfool » August 2nd, 2021, 1:52 pm

If anyone sees any capital raising by GRID, GSF or TRIG (that might lead to a dip in their SP's) do let me know.

I took advantage of a capital raising by GRID (Gresham House Energy Storage Fund) early in July, and I believe TRIG also raised capital relatively recently.

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Re: Investing in Green Infrastructure Funds (ITs)

#432443

Postby richfool » August 4th, 2021, 10:42 am

For anyone interested, Impax Environmental Markets (IEM) Half Yearly Report:
INVESTMENT PERFORMANCE

During the Period, the net asset value ("NAV") per share of the Company achieved a total return of 13.5% (measured in pounds sterling and with dividends reinvested) and ended the Period at 465.6p. The Company outperformed its global comparator index, which returned 11.1% on the same basis, and it significantly outpaced the FTSE ET100 (which, thanks in part to the weakness of the Tesla share price, saw a meagre increase of + 1.7% over the Period), recovering from underperformance against this index in 2020.

Not that anyone is likely to be buying IEM for its dividend, but:
On 29 July 2021, the Board announced a first interim dividend for this financial year of 1.3 pence per Ordinary Share, payable on 27 August 2021 to shareholders who appear on the register at 6 August 2021, with an ex-dividend date of 5 August 2021. The second interim dividend will be declared in Q1 2022. It remains the Board's policy to pay out substantially all earnings by way of dividend.

https://www.investegate.co.uk/impax-env ... 00034717H/

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Re: Investing in Green Infrastructure Funds (ITs)

#439481

Postby richfool » September 3rd, 2021, 3:32 pm

Drat, it's a bit annoying, I topped up SEIT (SDCL Energy Efficiency trust) a couple of weeks back (@118p) which also brought my holding to a nice round figure, and I don't really want anymore. Now today I get an odd number of shares offered to me through the offer below, at a discount price of 110.5p, (at a premium of 7.8% (a discount from the usual c 14% premium).

I suppose I shall have to buy the additional ones offered. (I'm a bit too late to sell some at c118p as the SP is now down to 113p)
2 September 2021
SDCL Energy Efficiency Income Trust plc
(the "Company")

Proposed Open Offer, Placing, Offer for Subscription and Intermediaries Offer

The Board of Directors (the "Board") of SDCL Energy Efficiency Income Trust plc announces a proposed Open Offer, Placing, Offer for Subscription and Intermediaries Offer to raise approximately £175 million through an issue of new Ordinary Shares in the capital of the Company at a price of 110.5 pence per share (the "Initial Issue").

Highlights:

· Initial Issue of approximately of 158,371,040 New Ordinary Shares at 110.5 pence per New Ordinary Shares (the "Issue Price") by way of an Open Offer, Placing, Offer for Subscription and Intermediaries Offer pursuant to the Share Issuance Programme.

· The Issue Price of 110.5 pence represents a 7.8 per cent premium to the Company's 31 March 2021 Net Asset Value (" NAV ") of 102.5 pence per Ordinary Share and a discount of 6.0 per cent to the Company's closing share price of 117.5 pence per Ordinary Share on 1 September 2021 (being the last business day prior to this Announcement);

· Shareholders who qualify for the Open Offer ("Qualifying Shareholders") will be offered the opportunity to participate in the Open Offer on the basis of 1 New Ordinary Share for every 6 Existing Ordinary Shares. Qualifying Shareholders will also be offered the opportunity to subscribe for New Ordinary Shares in addition to their Open Offer Entitlement under an excess application facility.

· Investors in the Initial Issue will be entitled to receive the next quarterly dividend declared by the Company for the three-month period to 31 September 2021, which is expected to be declared in December 2021.

https://www.investegate.co.uk/sdcl-ener ... 00074695K/

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Re: Investing in Green Infrastructure Funds (ITs)

#439488

Postby richfool » September 3rd, 2021, 3:52 pm

And yes, I spotted the deliberate mistake. They don't know how many days there are in September. ;)

An increase in the dividend has just been announced:
1 September 2021

SDCL Energy Efficiency Income Trust plc

("SEEIT" or the "Company")

Interim Dividend Declaration

SDCL Energy Efficiency Income Trust plc is pleased to announce the first quarterly interim dividend in respect of the year ending 31 March 2022 of 1.405 pence per Ordinary Share. The shares will go ex-dividend on 9 September 2021 and the dividend will be paid on 30 September 2021 to shareholders on the register as at the close of business on 10 September 2021.

https://www.investegate.co.uk/sdcl-ener ... 00093030K/

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Re: Investing in Green Infrastructure Funds (ITs)

#439522

Postby Gerry557 » September 3rd, 2021, 6:35 pm

richfool wrote:If anyone sees any capital raising by GRID, GSF or TRIG (that might lead to a dip in their SP's) do let me know.

I took advantage of a capital raising by GRID (Gresham House Energy Storage Fund) early in July, and I believe TRIG also raised capital relatively recently.


@richfool Trig are doing one now announce a couple of days ago

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Re: Investing in Green Infrastructure Funds (ITs)

#448561

Postby BusyBumbleBee » October 7th, 2021, 2:57 pm

I'm really surprised that these are still in the doldrums with energy prices soaring. I am hoping that my investments here will pay for my increased home energy costs. What do others think? -- regards - BBB

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Re: Investing in Green Infrastructure Funds (ITs)

#449211

Postby funduffer » October 11th, 2021, 8:57 am

BusyBumbleBee wrote:I'm really surprised that these are still in the doldrums with energy prices soaring. I am hoping that my investments here will pay for my increased home energy costs. What do others think? -- regards - BBB


I agree. I always thought one of the risks of holding investments in this area was a falling electricity price. With gas prices soaring and the knock on effects on electricity price, you might have thought that the wind/solar generators would benefit, with their fixed costs.

I suppose they will have signed up to long-term contracts, which fixes the prices they can charge, but even so, if this gas price pressure continues, it surely should feed through to the renewable market, and their profitability should rise.

Interesting times in this sector, although it doesn't seem particularly predictable!

FD

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Re: Investing in Green Infrastructure Funds (ITs)

#449216

Postby richfool » October 11th, 2021, 9:27 am

BusyBumbleBee wrote:I'm really surprised that these are still in the doldrums with energy prices soaring. I am hoping that my investments here will pay for my increased home energy costs. What do others think? -- regards - BBB

Yes, I too have been having similar thoughts.

I have kept my exposure to GSF and GRID up (energy storage) and already hold BERI for its energy and basic resources exposure. I topped up SEIT (SDCL Energy Efficiency Trust) at a discounted price in a recent capital raising, so it's SP hasn't done much yet.. Otherwise, I don't hold any (wind or solar) renewables directly..

The SP's of GSF and GRID have crept up a little, but nothing overly exciting. I noted that CYN's SP jumped up at the end of last week.

Oh and MCT (MIddlefield Canadian Trust), with its exposure to Brookfield Renewables and other utilities, continues to do well.

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Re: Investing in Green Infrastructure Funds (ITs)

#463845

Postby UncleEbenezer » December 7th, 2021, 1:09 pm

BusyBumbleBee wrote:There are six major ITs which specialise in Green Assets


That was April 2019. We've come a long way since then, as it's grown into a major sector!

I've occasionally wondered whether my longstanding but modest SSE shareholding really belongs in this sector too, given their major growth in offshore wind in particular. Especially since they disposed of the business supplying to customers a couple of years back.

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Re: Investing in Green Infrastructure Funds (ITs)

#464805

Postby BusyBumbleBee » December 10th, 2021, 4:29 pm

UncleEbenezer wrote:
BusyBumbleBee wrote:There are six major ITs which specialise in Green Assets

That was April 2019. We've come a long way since then, as it's grown into a major sector!

I've occasionally wondered whether my longstanding but modest SSE shareholding really belongs in this sector too, given their major growth in offshore wind in particular. Especially since they disposed of the business supplying to customers a couple of years back.

Hmm... would be helpful if you were to list the other Investment Trusts in the sector, UncleE. Could add another battery based IT but then I struggle to find more but very happy if you can list more.

SSE does have quite a hydro sector as well - but mostly - along with other electricity companies/suppliers it does one heck of a lot of green washing - furthermore they generally sell on their new build wind and solar assets to a Green IT as soon as they can :

what they are not, of course, is an investment trust.

kind regards - BBB

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Re: Investing in Green Infrastructure Funds (ITs)

#464864

Postby UncleEbenezer » December 10th, 2021, 8:11 pm

BusyBumbleBee wrote:
UncleEbenezer wrote:
BusyBumbleBee wrote:There are six major ITs which specialise in Green Assets

That was April 2019. We've come a long way since then, as it's grown into a major sector!

Hmm... would be helpful if you were to list the other Investment Trusts in the sector, UncleE. Could add another battery based IT but then I struggle to find more but very happy if you can list more.


Me?

I shall defer to the experts. Just compare your original six to https://www.theaic.co.uk/aic/find-compa ... es?sec=REI . Some (like Octopus - as I remember 'cos I subscribed) have had an airing in this very thread as they launched.


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