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QuotedData’s morning briefing 30 November 2022

In QuotedData’s morning briefing 30 November 2022:

  • NextEnergy Solar (NESF) has announced that, as part of its succession planning, Helen Mahy CBE has been appointed as a non-executive director of the company with effect from 1 April 2023.  Helen will succeed Kevin Lyon as Chairman of NESF from the next AGM in August 2023. Kevin has been Chairman of NESF since the Company’s IPO in 2014 and has played a substantial role in the expansion and development of the Company during its lifetime. Helen brings a depth of knowledge in relation to the energy sector. She recently retired as Chairman of The Renewables Infrastructure Group (£3.27 billion market cap at 28 November 2022) and has valuable experience in investor and stakeholder engagement from that role and others. Helen currently sits as a non-executive Director of SSE Plc and Gowling WLG (UK) LLP, whilst also serving as a Commissioner for The Equality and Human Rights Commission. Helen has previously served as Group General Counsel and Company Secretary of the National Grid Plc. 

  • Triple Point Energy Transition (TENT) has announced that its first battery energy storage system (BESS) asset has completed its commissioning process and has begun operations. The project is located in Oldham, Greater Manchester, and has a capacity of 20MW / 20MWh. The BESS was supplied by global solar and storage supplier, Trina, utilising CATL battery cells. This is the first of four BESS assets covered by a £45.6m debt facility that TENT agreed to supply to a subsidiary of Virmati Energy Ltd (trading as “Field”) for the purposes of building a portfolio of four geographically diverse BESS assets in the UK (as announced on 1 April 2022). The remaining three assets in the BESS Portfolio are located in Scotland (two hour duration battery; total capacity 50MW), Wales (two hour duration battery; total capacity 20MW) and the South East of England (one hour duration battery; total capacity 20MW). These are expected to become operational in the second half of TENT 2023 financial year. The Portfolio, once fully operational, will provide critical balancing services to the UK grid supporting the transition to Net Zero. Field is working with a leading BESS optimiser to provide a route to market to obtain a diverse range of revenues from the wholesale, capacity, ancillary and balancing markets.

  • VinaCapital Vietnam Opportunity Fund (VOF) has announced a reduction in the fair value of certain investments, which has led to a reduction in the NAV of US$26.2m as at 30 November 2022. In light of the recent decline in the real estate market in Vietnam, VOF’s Board undertook a review of the fair values of certain investments categorised as public equity with private terms and this has led to the NAV reduction. has concluded that the NAV of the Company should be reduced by $26.2 million. This represents approximately 18% of the original NAV of these investments and 2.8% of the NAV of the Company prior to the write-downs. This reduction will be reflected in the NAV with immediate effect.
  • SEGRO (SGRO) has launched a £350m bond, priced at 175 basis points above gilts, with an annual coupon of 5.125%. The 19-year senior unsecured bond issue was almost six times oversubscribed. The proceeds of the issue will be used for general corporate purposes, the company said. The group’s pro forma cost of debt, based on the position at 30 September 2022, is now 2.2% (30 September 2022: 2.1%) and the average debt maturity increases to 9.1 years (30 September 2022: 8.2 years). The bond also increases the fixed element of its interest rate exposure to 78% (86% including interest rate caps).

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