Pantheon Infrastructure (PINT), the most highly-rated London-listed infrastructure fund, has secured a US renewable investment that looks immune to the clampdown on the sector by President Trump.
The £540m international portfolio of renewable, digital, transport and utility has committed £30m to invest in Californian energy and data centre developer Intersect Power.
The investment, funded by cash and borrowing, is being made through a fund run by Climate Adaptive Infrastructure, a US-based investor managing over $1.3bn in assets. It is PINT’s 14th investment since launch four years ago.
Fund manager Richard Sem, a partner at Pantheon Ventures, said Intersect was a “compelling” investment.
Its business of building co-located gas and renewable power for data centre infrastructure and utilities was enjoying rapid growth in the boom in artificial intelligence (AI), he said.
In addition, as the largest customer of US solar panel and battery manufacturers, it was insulated from the impact of US tariffs. Its use of US supply chains aligned it with the spending plans of Trump’s flagship “One Big Beautiful Bill Act”.
It also benefited from tax credits that precede former President Biden’s Inflation Reduction Act, whose expansion of renewable power Trump has sought to reduce.
“Intersect has established itself as one of the leading players in the US renewable energy mix, with an attractive pipeline of projects that benefit from safe harboured tax credits pre-dating the Inflation Reduction Act,” Sem said.
“This represents the kind of resilient opportunity that can provide both downside protection and long-term growth. We are pleased to be backing a company that is well placed to benefit from the shift towards cleaner energy and the wider changes shaping the global economy.”
PINT shares firmed half a penny to 108p. They have risen 34% in the past year putting them at the top of the eight-strong infrastructure fund sector. That gain has narrowed the discount – or gap – between the share price and net asset value of its investments to 8%, narrower than the 17.7% peer group average. The company will report half-year results on Thursday.
Our view
James Carthew, head of investment company research at QuotedData, said: “PINT’s new investment is intriguing. It has already been a big beneficiary of the demand for data centres – through its investments in Cyrus One and Vantage – and in generators supplying the power that they need – through Calpine. Co-locating the data centre with generation makes perfect sense. I was surprised that there are still projects that can attract tax credits – especially given the nail biting that accompanied waiting for Gore Street Energy Storage’s to arrive. However, using US-made solar panels and batteries cushions it from some of the worst of MAGAnomics and AI’s insatiable demand for power help underpin the story.”
