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QuotedData’s morning briefing 19 July 2022

In QuotedData’s morning briefing 19 July 2022:

  • In GCP Asset Backed Income’s (GABI) latest NAV (as at 30 June 2022), the co-living group loan (discussed on our weekly show on 8 July) has been revalued, taking 1.21p off the NAV. The directors took advice from the company’s valuation agent and investment manager, considered a range of values which would have resulted in an impact ranging from a low of negative 1.53 pence per share to a high of positive 0.25 pence per share, and opted to value the loan at the lower end of this valuation range. With other movements, the quarterly NAV dropped by 0.91p overall.
  • The board of Ecofin US Renewables Infrastructure (RNEW) was informed yesterday that portfolio managers Jerry Polacek, Matthew Ordway and Prashanth Prakash have decided to pursue a new venture and have resigned from their roles. Ecofin has confirmed that RNEW’s asset management team and the ongoing management of the existing portfolio are unaffected by this change. Ed Russell, senior managing director of Ecofin, will continue to be responsible for overall leadership of the Ecofin team and the portfolio will continue to be managed operationally by Ecofin’s dedicated asset management team led by Jason Benson, director – clean energy & infrastructure. Ecofin’s experienced private sustainable infrastructure team of 17 investment professionals led by David Sifford, managing director – head of private sustainable infrastructure, will continue to support the company’s renewable energy assets. The broader Ecofin team and senior leadership will work with the departing individuals to ensure a smooth transition over the coming weeks and the company will provide further updates, including in respect of lead portfolio manager arrangements, as soon as practicable. [This comes as a surprise, but as the announcement implies, we would expect it to be business as usual for the fund – we’ll keep you informed.]
  • Greencoat Renewables (GRP) is buying a 50% stake in the South Meath Solar Farm from Statkraft. The remaining 50% is being acquired by a pension fund, investing through a fund also managed by Greencoat Capital LLP. The 80.5MWp asset is currently under construction in County Meath, Ireland, with commencement of commercial operations expected in Q4 2023. The transaction is structured under a forward sale model and will only complete once the solar farm is fully operational. Statkraft will finance and manage the construction of the solar farm and will continue to provide management services once operational. This is Greencoat Renewables’ first solar investment in Ireland.

We also have results from Miton UK Microcap, a new initiative from Nippon Active Value in respect of one of its holdings and news of a series of resignations at Palace Capital

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