Through the interval the belief accomplished an oversubscribed inserting and raised £150m in April.

“The demand seen highlights each the institutional and retail curiosity for entry to firms which have a significant function in enabling the transition in the direction of a net-zero economic system, and the more and more massive and engaging variety of alternatives in our pipeline, totalling 1.5 GW,” commented Alex O’Cinneide, CEO of funding adviser, Gore Avenue Capital.

The belief, which is sitting on a 1% premium, had a NAV whole return of 4.65% for the six months to the tip of September. O’Cinneide stated the efficiency was partly due to growing diversification inside the portfolio.

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“A current focus has been to diversify the portfolio by buying belongings in new territories, which we’re happy to have executed efficiently, with the acquisition of belongings in each the US and Germany this yr,” he said.

“In our view, this technique of avoiding single-country danger is of much more profit to our shareholders, given current macroeconomic occasions.”

Patrick Cox, chair of the belief, famous the corporate has a global pipeline of 1.5 GW, with North America and mainland Europe specifically providing “compelling financial circumstances”.

The corporate stated it will pay a 2 pence per share dividend, in keeping with its coverage, on or round 13 January to shareholders on the register on 30 December.

Takeover efficiency charges

The half yr outcomes for the belief additionally included amendments to the AIFM and industrial administration agreements to keep in mind efficiency charges that it will pay out to the funding supervisor if the belief was taken over. 

The board said the efficiency payment could be 20% of the quantity, by which the provide value multiplied by the variety of extraordinary shares in difficulty exceeds the prescribed benchmark for cost of a efficiency payment.

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This payment could be capped at 3.49% of NAV within the monetary yr to 31 March 2023 and three.99% of NAV thereafter. When there is no such thing as a exit efficiency payment, the funding supervisor can be entitled to 2% of the adjusted NAV.

The board stated it had “agreed these adjustments in recognition of the truth that the funding supervisor and its subsidiary have created important worth for shareholders within the type of the corporate’s present portfolio, which can be engaging to potential acquirors”.

“Within the occasion {that a} takeover provide is accepted at a premium to the benchmark it’s the board’s view that the funding supervisor ought to share some factor of this extra worth created,” the report added.



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