May 13 2025
Energy transition
Recent Research
TRIG plc, Q1 NAV declines, strategy in focus
May 6 2025
Greencoat UK Wind, Q1 NAV resilient
Apr 25 2025
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Greencoat Renewables
Reshaping the portfolio on a NAV-accretive basis
Greencoat Renewables’ (GRP) twinset of announcements marks a meaningful reset of the GRP equity story. The material disposal of six Irish onshore assets (€156m total proceeds) and...
Greencoat Renewables
Strong cash generation, albeit lower power prices impact NAV
The strong cash generation at Greencoat Renewables (GRP) in Q1 – equivalent to 15.6% of opening net asset value (NAV) on an annualised basis despite energy generation being 14% below...
TRIG plc
Q1 NAV declines, strategy in focus
TRIG has recorded a decline in Q1 NAV, primarily driven by lower portfolio output versus budget, a weakening in Swedish power price forecasts and other macroeconomic assumptions. TRIG’s...
Greencoat Renewables
Second long-term PPA signed with Keppel DC REIT
Greencoat Renewables’ second power purchase agreement (PPA) with Keppel DC REIT underscores its active approach to portfolio management. Although modest in the context of its total...
Greencoat UK Wind
Q1 NAV resilient
The Q1 update from Greencoat UK Wind (UKW) is largely as expected. In a period of low wind resource and declining power prices, net asset value (NAV) fell slightly, by 1.2p/share to...
Greencoat Renewables
Demonstrating resilience and growth potential
Greencoat Renewables (GRP) has an attractive and expanding opportunity set ahead aligned with several key megatrends, including AI proliferation. This potential should not be ignored. In...
Greencoat UK Wind
Robust performance with further £100m buyback announced
Despite a more challenging market backdrop, Greencoat UK Wind (UKW) delivered a robust performance in 2024. Net cash generation confirmed as £279m (2023: £406m) equates to a net...
TRIG plc
Further divestments and refinancings expected in 2025
TRIG’s results confirm the trends evident in its NAV update. Asset disposals of c.£200m – supportive to its net asset value but also rightsizing its balance sheet to reflect current...
TRIG plc
NAV declines but share buyback programme expanded
TRIG’s Q4 NAV decline was driven by a range of factors, in particular energy yield (2.4p) and discount rates (1.5p), although the company’s proactivity in terms of capital allocation is...
Greencoat Renewables
Impressively resilient performance
Greencoat Renewables (Greencoat) has delivered slight NAV per share growth in Q4 despite generation being 15% behind budget. We expect this to be one of the stand-outs within the...
