In QuotedData’s morning briefing 31 August 2022:
- BBGI Global Infrastructure (BBGI) has published its interim results for the six months ended 30 June 2022. During the period, BBGI’s NAV increased by 6.5% and it provided a total shareholder return of 10.4%. BBGI says that its equity cash flows are positively linked to inflation resulting in a £47 million increase in NAV, or 6.6pps on a NAV per share basis over the period and underpin the portfolio’s genuine high-quality inflation-linkage. This is achieved through annually updated contractual indexation in BBGI’s project agreements with its public sector clients at each portfolio company. BBGI passes this indexation through to its subcontractors – on which it relies to support its assets’ operations – and this provides an inflation cost hedge which allows BBGI to effectively manage its cost base. During the period, BBGI had cash dividend cover of 2.03x, which it says allows it to reaffirm its progressive two-year dividend targets of 7.63pps for 2023 and 7.78pps for 2024. The report highlights that, with a low five-year beta of 0.27 compared to the All-Share it is largely uncorrelated to the movements of the wider equity market.
- Gore Street Energy Storage (GSF) has announced the publication of its first ESG and sustainability report. GSF says that it has been working to ensure that sustainability is embedded throughout its business strategy. The report tracks various ESG metrics, including Scope 1, Scope 2, and Scope 3 greenhouse gas emissions and GSF’s carbon footprint. GSF has provided the following key highlights from the report:
- During the year, GSF greatly increased its portfolio, which now consists of 291.6 MW of operational assets and 407 MW of projects under construction. GSF’s operational assets helped avoid 5,454.42 tCO2e and store 7,884.56 MWh of renewable energy.
- At the financial year end in March 2022, two-thirds of the investment manager’s executive team were from non-white ethnicities, and women accounted for nearly half of the employees at the investment manager. GSF says that, in choosing to be an Article 8 SFDR Fund, it is committing to greater data capture and disclosure levels as it aims to form a more complete understanding of its environmental impact.
- During the year, the investment manager enhanced its ESG capabilities by hiring an in-house ESG team, who are responsible for shaping and advancing the ESG strategy and putting it into practice.
- JPMorgan Global Growth & Income (JGGI) has announced that, at a general meeting on 30 August 2022, shareholders approved resolutions in relation to proposals for a combination of its assets and those of The Scottish Investment Trust (SCIN).
- Triple Point Energy Efficiency has now completed its change of name to Triple Point Energy Transition. The ticker has also changed from TEEC to TENT.
We also have Picton Property Income’s acquisition of a property in Cheltenham; VH Global Sustainable Energy Opportunities acquisition of a hydro asset in Brazil; and Oakley Capital’s investment in the TICC company, Phenna Group.