QuotedData’s morning briefing 22 November 2022

221122 AERI The Rock

In QuotedData’s morning briefing 22 November 2022:

  • Aquila European Renewables (AERI) says that 95% of all 72 turbines at its Norwegian Rock project are now in operation, whilst the remaining turbines are subject to corrective maintenance. A production-based availability warranty will cover any losses if availability is below 97% in the first year of operations and 98% subsequently thereafter. The fund has a 13.7% stake in the 400 MW wind farm. The Rock is selling power through a PPA with Alcoa Norway, supplying electricity to Alcoa’s Aluminium smelter in Mosjøen (Alcoa is investing US$51m to boost production capacity at the smelter). The Rock is expected to have an operating life of 30 years and is expected to provide 1,294 GWh of renewable electricity annually over its lifetime, representing approximately 385 kt of CO2 equivalent each year. Aquila European’s exposure to construction projects has been reduced to 2.5%, reflecting its initial payment for Project Greco, which is expected to reach completion in 2023.
  • JPMorgan Global Growth and Income (JGGI) has published a propsectus in connection with its planned absorption of JPMorgan Elect (JPE). The plan is as announced on 27 October. If shareholders approve the deal in meetings planned for 9 December, the scheme will become effective on 19 December.
  • Digital 9 Infrastructure (DGI9) says that Thor Johnsen and Andre Karihaloo are stepping down from their roles as head of digital infrastructure and investment director at Triple Point, respectively, in order to pursue other career opportunities. Ben Beaton, co-managing partner of Triple Point Investment Management LLC will take over as lead manager on the fund.
  • Tim Livett, chief financial officer at Caledonia Investments (CLDN) since 2019, plans to retire. A search is underway for a replacement.
  • Atrato Onsite Energy (ROOF) has confirmed that it does not expect to be affected by the electricity generator levy. [We discussed the levy on Friday’s show. Talking to NextEnergy Solar yesterday, they think that the first £10m of excess earnings in a year is exempt from the levy, rather than that being a threshold at which the levy is applied to all excess profits.]
  • Dunedin Enterprise (DNE) has bought back 7,632,536 shares (58% of its issued share capital) in an oversubscribed tender offer. If you hold your shares through CREST (in other words, electronically rather than in paper form) you should get paid on 24 November.
  • Assura (AGR), the owner of GP surgeries across the UK, has posted a slight decrease in EPRA net tangible assets (NTA) to 60.2p in the six months to 30 September 2022 (March 2022: 60.7p). The net initial yield used to value the group’s portfolio widened marginally by 4 basis points to 4.52% (March 2022: 4.52%). The portfolio of 603 primary care properties is now worth £2.9bn (March 2022: £2.8bn) following acquisitions during the period. EPRA earnings was up 20% to £49.0m (Sept 2021: £40.9m) and EPRA earnings per share was 1.7p (Sept 2021: 1.5p). The company declared dividends in the period totalling 1.52p per share (Sept 2021: 1.45p). The group has debt totalling £1.1bn and cash and undrawn facilities of £284m, equating to a loan to value (LTV) of 38%. The debt is fixed with a weighted interest rate of 2.3% and an average weighted maturity of 7.5 years.

We also have results from Baillie Gifford European Growth and an update from Princess Private Equity

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