Diversification pays dividends

Foresight Environmental Infrastructure (FGEN) has demonstrated the benefits of its diversified portfolio during a period of significant regulatory and market uncertainty for the renewable energy sector. Whilst reductions in power price forecasts and government policy changes – including revisions to inflation-linked renewable subsidies, the planned removal of the Carbon Price Support mechanism and the extension of the Electricity Generator Levy – have weighed on sentiment across the sector, FGEN’s broad portfolio has limited the impact on its NAV and cash flows.

Recognition of the benefits of diversification has seen FGEN’s material discount narrow in recent months, but it continues to offer an attractive yield, a progressive dividend and multiple avenues for future value creation. This includes both growth assets that are ramping up operations and across its anaerobic digestion portfolio, which we explore further in this note.

Progressive dividend from investment in environmental infrastructure assets

FGEN aims to provide its shareholders with a sustainable, progressive dividend, and offer opportunities for capital growth. It invests in a diversified portfolio of environmental infrastructure technologies, targeting projects characterised by long-term stable cash flows, secured revenues, and inflation linkage. Investment in these assets is driven by the need to address climate change and societal demand for sustainability.

Fund profile

Further information can be found at FGEN.com

FGEN invests in a diversified portfolio of private infrastructure assets that deliver stable returns, long-term predictable income, and opportunities for growth while supporting the drive towards decarbonisation and sustainable resource management.

FGEN invests in three core areas of environmental infrastructure: renewable energy generation, other energy infrastructure, and sustainable resource management. Renewable energy generation investments include wind, solar, anaerobic digestion (AD), biomass, energy from waste, and hydropower. Other energy infrastructure assets include battery energy storage and low carbon transport. Sustainable resource management includes wastewater, waste processing, and sustainable solutions for food production such as agri- and aquaculture-controlled environment projects.

FGEN’s portfolio is diversified across complementary sectors, technologies and geographies which substantially de-risks it from exposure to fluctuations in weather patterns and helps differentiate the company from its peers.

FGEN’s mandate allows it to invest in emerging areas of environmental infrastructure, provided that they are sufficiently mature and display strong infrastructure characteristics.

FGEN’s AIFM is Foresight Group LLP (Foresight). Foresight is one of the best-resourced investors in renewable infrastructure assets, with £13.0bn of AUM at 31 March 2026. This includes Foresight Solar Fund, which sits in FGEN’s peer group. Foresight has a highly experienced and well-resourced global infrastructure team with 185 infrastructure professionals managing around 5.0GW of energy infrastructure. It is a global business, with offices in seven countries. The co-lead managers for FGEN are Edward Mountney and Charlie Wright.

Market backdrop

Government policy changes weighed on sentiment towards renewable energy infrastructure sector

The many government policy changes have added an extra layer of uncertainty to the UK renewable energy infrastructure sector, and dominated investor sentiment over the past few months. The inflation measure used in existing clean energy incentives used in the renewables obligation (RO) and feed-in-tariffs (FIT) schemes switched to CPI from the historically higher RPI in April.

The Carbon Price Support mechanism (CPS) will also be abolished from April 2028. This is expected to have the effect of reducing the marginal cost of gasfired generation that typically sets UK wholesale power prices, resulting in lower longterm power price forecasts.

Meanwhile, on the back of a spike in fuel prices due to the conflict in the Middle East, the government extended and increased the Electricity Generator Levy (EGL). The tax rate on exceptional generation receipts from UK-based electricity generators rose from 45% to 55% from 1 July. Additionally, the levy will be extended past its previously scheduled end date of 31 March 2028.

FGEN’s diverse portfolio has shielded it from worst of policy impact

Due to FGEN’s highly diversified portfolio, the impact of these policy changes on the company’s NAV have been small, especially when compared to its pure-play renewable peers. Less than 30% of FGEN’s portfolio revenue is subject to RO and FIT incentives and therefore the change to CPI inflation linkage knocked NAV by just 0.5p per share or 0.5%. Likewise, the removal of the CPS was assessed in FGEN’s 2026 valuation and resulted in a 0.4p reduction in NAV.

FGEN’s manager is not forecasting any extra payments due to the EGL extension. Whilst the company is still earning revenues on some assets above the benchmark price, the manager does not expect that to go beyond the £10m de minimis level.

This highlights the value of FGEN’s portfolio diversification and is reflected in its NAV and share price outperformance of its peer group (see page 14).

Under a likely Burnham premiership, FGEN’s manager says that the broader policy direction should remain supportive for renewables, grid investment, energy security and regional infrastructure. If there is any shift, the manager believes it would more likely be across regulated utilities where public control, affordability and returns may come under greater scrutiny, affecting ownership models more than decarbonisation ambition. Again, FGEN should not be materially impacted, as it has limited exposure to UK regulated utility assets, no reliance on a single policy framework, and a diversified portfolio across renewable generation, energy infrastructure and sustainable resource management, with revenues supported by contracted, subsidised and diversified merchant streams.

Annual results

FGEN reported a NAV of £655.5m or 105.2p per share at 31 March 2026 – a 1.2% fall over the year. Factoring in dividends of 7.96p, this equated to a 6.2% NAV total return for the year.

Figure 1: FGEN portfolio valuation in £m, as at 31 March 2026

Dividend comfortably covered by portfolio cash flows

Distributions received from projects over the year were £78.6m (2025: £90.4m). The reduction in revenues from the previous year was primarily driven by the rolling off of higher power price fixes entered into post-Ukraine conflict, with some downtime across the biomass and foodwaste AD parts of the portfolio also contributing. Dividend coverage remained at a comfortable level at 1.25x. The value of the portfolio fell £6.6m over the year, as shown in Figure 1.

Drivers of portfolio returns

Several factors impacted FGEN’s NAV. We detail these factors and their sensitivities below, beginning with power prices.

Power prices

Power prices spiked in March due to the conflict in the Middle East, as shown in Figure 2. However, falling forecasts for future electricity and gas prices compared to forecasts at 31 March 2025 resulted in a £12.2m reduction in FGEN’s NAV. This has been a factor in the falling NAVs of FGEN’s peers, but FGEN’s diversified portfolio makes it less sensitive to this issue.

Figure 2: UK power prices

Updated forecasts reflect the expected impact of the abolition of the Carbon Price Support mechanism. The removal of the CPS was assessed in FGEN’s 2026 valuation and resulted in a £2.3m reduction in NAV (or 0.4p per share).

Fixed prices secured on the majority of portfolio

FGEN looks to fix the prices for most of its output, in an attempt to de-risk its exposure to volatile market prices. At 31 March 2026, the portfolio had price fixes secured at 80% for the Summer 2026 season, 70% for the Winter 2026/27 season, and 17% for Summer 2027.

Over the life of the asset, an increase in electricity and gas prices of 10% would add £36.2m (or 5.8p) to NAV and a 10% fall in power prices would take off £36.3m (or 5.8p).

FGEN’s manager states that in the event that electricity prices fall to £50/MWh (they are currently at around £110/MWh) and gas prices fall by a corresponding amount, the company would maintain a resilient dividend cover for the next three financial years.

Inflation

Short-term RPI inflation assumptions raised 50bps

Inflation assumptions used to value FGEN’s portfolio at 31 March 2026 (based on actual data and independent forecasts) were raised 50bps to 4.0% RPI inflation for 2026, 3.0% until 2030 and 2.25% thereafter. This resulted in a £7.7m uplift in NAV.

From 1 April 2026, the inflation measure used on RO and FIT contracts switched to CPI. FGEN’s CPI inflation assumptions were 3.0% in 2026, 2.5% to 2030 and 2.25% thereafter. CPI was at 2.8% at the end of May 2026. Figure 3 shows RPI and CPI inflation over the past five years.

Figure 3: UK RPI and CPI year-on-year (%)

Changes to RO and FIT indexation were incorporated into FGEN’s March 2026 valuation and reduced NAV by £3.1m, equivalent to 0.5p per share.

Looking forward, a decrease in the inflation rate of 0.5% over FGEN’s base case would result in a fall in the portfolio valuation of £13.5m (2.2p per share) compared to an uplift in value of £13.9m (2.2p per share) if inflation increased by the same amount.

Anaerobic digestion life extension

We outlined the potential for life extensions on FGEN’s AD assets in our previous note. They were being conservatively valued over the 20-year life of the renewable heat incentive subsidy (RHI) that they receive, but growing evidence across Europe and the UK, including several market transactions, point to valuing the AD facilities beyond the end of the tariffs and possibly into perpetuity. FGEN, with an independent consultant, modelled revenues being derived from a range of sources including corporate offtakes, green certificates and/or a lower level of government support mechanisms.

FGEN extended the lives of seven AD assets

FGEN recognised an £8.7m (or 1.4p per share) NAV uplift from extending the lives of seven of its 11 AD assets that the manager considers possess the most compelling extension potential – mainly waste-based AD assets that have greater sustainability credentials than agricultural AD and would therefore be more attractive to corporate offtakers or gain greater government support.

The manager says that it used conservative assumptions and valuations were based on regulated market drivers and excluded higher voluntary green premiums that may emerge over time.

Some clarity is still required on the position that biomethane will take in the wider net zero and energy transition plans in the UK, with the government currently developing a biomethane policy framework, but the manager says that there is support and recognition from government of biomethane’s role in decarbonising hard-to-abate sectors.

Work is ongoing with a specialist independent consultant to further assess the remaining ADs in the portfolio before extensions and valuation uplifts are applied.

Discount rates

Figure 4: Long-term (10-year and 30-year) UK gilt yields

The weighted average discount rate now sits at 9.9%

UK gilt yields remain at elevated levels, as shown in Figure 4. There were no macro-driven changes to discount rates, but some project specific changes related to AD life extension and growth asset progression. FGEN’s weighted average discount rate moved out slightly to 9.9% (from 9.7%), primarily due to ongoing investment into growth assets and increases in their values. There was no change to NAV resulting from changes to the discount rate.

A reduction in the discount rate of 0.5% would result in an uplift in value of £23.1m (or 3.7p per share), while a downward movement in the portfolio valuation of £21.2m (3.4p per share) would occur if discount rates were increased by the same amount.

Investment process

Foresight selects projects based on their risk-return profile and consistency with its investment policy, operating within a limited set of investment restrictions. New assets are acquired predominantly through secondary market transactions with third parties.

The AIFM seeks to maintain a balanced, diversified portfolio and adopts a cautious approach. Whilst FGEN can invest across all OECD countries, the portfolio remains predominantly UK-focused, with modest exposure to mainland Europe through Norway and Italy. The managers favour jurisdictions and regulatory or subsidy regimes that they know well or where they have established partner relationships.

Investment restrictions

• No more than 25% of the portfolio may be invested in assets under construction or not yet operational, of which up to 5% may be invested in development-stage assets.
• At least 50% of the portfolio must be invested in the UK, with the balance invested in other OECD countries.
• No new investment may exceed 30% of NAV (or 25% of NAV based on acquisition cost, taking existing holdings into account).

Purchases from third parties

Deals can be introduced by the wider Foresight team

Opportunities are sourced through project developers, specialist consultancy firms and the wider Foresight team. Acquisition prices are negotiated on an arm’s-length basis and reflect the managers’ assessment of each project’s risks, returns and capital structure.

ESG assessment

Previously, Foresight’s due diligence processes were structured around its proprietary Sustainability Evaluation Tool (SET), which was designed to consolidate a broad range of sustainability frameworks and assess material sustainability and ESG factors across both existing and prospective investments, while accommodating different investor preferences. As investor and sustainability expectations increasingly converge around a smaller set of common frameworks, Foresight has evolved its approach. The SET has been redesigned primarily as a portfolio management tool, while pre-investment due diligence and ongoing ESG monitoring will now be aligned with regulatory requirements and three core frameworks: the SASB Standards, Paris Agreement alignment, and the EU Taxonomy.

To strengthen internal capabilities, the division is piloting a geospatial risk platform developed with Frontierra that provides location-based insights into climate- and nature-related risks and opportunities. Following development, the platform entered initial testing and implementation across infrastructure, investment and portfolio management teams during FY2026. FGEN also obtained third-party assurance over key sustainability metrics in accordance with ISAE 3000 and intends to repeat this annually in line with sustainability reporting best practice.

Ongoing management

Day-to-day facilities management, operation and maintenance are generally outsourced, with the managers overseeing these arrangements, approving payments, identifying opportunities to improve efficiency and capacity, and optimising project SPV financial structures.

Disposals

FGEN typically holds assets for the long term, but may dispose of investments where the managers believe the sale price is attractive or where there are other compelling reasons to sell.

Hedging

The managers may hedge non-sterling currency exposure, as well as interest-rate, inflation, power-price and commodity-price risks. All hedging decisions are subject to board discretion.

Sustainability

FGEN’s strategy delivers clear environmental benefits. The company voluntarily discloses under Article 9 of the Sustainable Finance Disclosure Regulation (SFDR) and has a sustainable investment objective. Although, as a Guernsey company, it falls outside the UK Sustainability Disclosure Requirements (SDR) and associated labels, it voluntarily aligns with the SDR Sustainability Focus label as a matter of best practice and publishes the relevant disclosures.

During the year ended 31 March 2026, the portfolio generated 1,338GWh of renewable energy (2025: 1,272GWh), treated more than 35.8bn litres of wastewater (2025: 34.7bn litres) and diverted more than 653,464 tonnes of waste from landfill (2025: 703,470 tonnes).

GHG emissions avoided during FY2026 totalled 223,140 tCO₂e, while total portfolio emissions (Scope 1, 2 and 3) were 128,308 tCO₂e.

Foresight Group is a signatory to the United Nations Principles for Responsible Investment (UNPRI). In FY2026, Foresight Group was awarded five-star ratings across both the Policy, Governance and Strategy module and the Infrastructure division. ESG analysis is embedded in both FGEN’s investment process and ongoing portfolio monitoring. More information is included in the ESG section above.

Asset allocation

FGEN has one of the most diverse portfolios among its renewable energy infrastructure peers, with it currently invested in 10 sectors across 39 projects. The manager splits the portfolio into three key environmental infrastructure pillars: renewable energy generation (71% of the portfolio – wind, solar, AD, biomass, energy from waste, and hydropower); other energy infrastructure (11% – battery energy storage and low carbon transport assets); and sustainable resource management (18% – waste and water management assets and controlled environment assets).

Figure 5: Portfolio value split by sector, as at 31 March 2026

Figure 6: Portfolio split by remaining asset life as at 31 March 2026

Figure 5 displays FGEN’s portfolio by project type, as at 31 March 2026. The weighted average remaining asset life of the portfolio increased to 18.5 years from 16.2 years, following the extension of the lives of some of its AD assets, as discussed earlier. The majority of its portfolio (90%) is located in the UK, with the 10% outside the UK accounted for by FGEN’s Italian and Norwegian investments.

Figure 7: Portfolio split by operational status as at 31 March 2026

Figure 8: Net present value of future revenues by type as at 31 March 2026

FGEN’s construction exposure has fallen below 1%, with early-stage assets, including the Rjukan project, transferring to operational.

The top 10 largest assets make up 56% of the total portfolio value. Figure 9 details the assets in FGEN’s portfolio, at 31 March 2026. The company has low exposure to individual assets, with no asset accounting for more than 10% of the portfolio.

Figure 9: FGEN portfolio of projects by type, as at 31 March 2026

Source: FGEN, Marten & Co. Note 1) excludes projects in FEIP’s portfolio. Note 2) FGEN holds 25% of CNG Foresight Holdings Ltd, which owns 60% of the shares in CNG Fuels Ltd (FGEN look-through interest 15%) and holds £150.15m in 10% preferred return investments issued by CNG Fuels (FGEN interest £37.5m).

The waste management and wastewater treatment assets – East London Waste Authority (ELWA) and Tay – are subject to PFI contracts that are coming towards the end of their concession periods. Some public authorities have attempted to withhold final unitary payments or retain funds within the structure, but FGEN’s manager says that, as yet, there are no indications that handover risk will manifest, particularly given the vintage of the PFI contracts in question have a more limited set of handback conditions compared to later such contracts.

On ELWA, which is due to hand back by the end of 2027, the debt is fully repaid and FGEN expects to start taking surplus cash (which amounts to around £30m-£40m) out of the project over the next two years.

The two controlled environment projects in FGEN’s portfolio are both now operational and production is ramping up, with the Glasshouse increasing commercial activity and Rjukan now producing and harvesting trout. Meanwhile, FGEN’s other growth asset, CNG Fuels, continues to scale its renewable biomethane platform.

FGEN has indicated that it could sell these assets over the medium term once operations have fully ramped up, subject to value and timing. If so, the manager says that the disposal proceeds will be reinvested into new environmental infrastructure opportunities that balance income, growth and risk, and does not expect to make further standalone controlled-environment investments (given it has stated new investments will retain a more disciplined focus on core environmental infrastructure).

Any new investment would share the investment characteristics of traditional infrastructure including inflation linkage, high barriers to entry, stable cash flows, and predictable output profiles. The manager says that these characteristics are more important to it than a particular sector.

Portfolio activity

FGEN made no acquisitions and disposals since our last note in December, but did make several follow-on investments, including into carbon capture across three AD assets, further investment into the pressure reduction system at the Vulcan AD, and a debt investment into CNG Fuels.

Distributions from FGEN’s portfolio were £78.6m over the year to 31 March 2026 – a shortfall of 2.9% (or £2.3m) against budget, although the company expects to recover around £4.2m in contractual compensation mechanisms. Solar and wind assets were 10.0% and 12.5% below target respectively. Meanwhile, AD assets were 19.0% above budget.

FGEN’s largest asset, the Cramlington biomass scheme (which accounts for 9% of portfolio value), generated 25.2% below target in the year, mainly due to a six-week extension of a planned outage in July and recurring boiler issues. Expected compensation reduces the shortfall to 15.7%. Following remediation works, FGEN’s manager says that plant reliability and availability has improved materially, with performance exceeding budget since March.

Performance

FGEN’s NAV returns have started to pick up over the past year as organic growth within its portfolio has fed through to valuations. This follows a flat three years as the sector faced substantial headwinds.

Figure 10: FGEN NAV TR over five years to 30 June 2026

Figure 11: FGEN cumulative performance to 30 June 2026

Peer group

Figure 12: AIC renewable energy infrastructure sector comparison table, as at 15 July 2026

You can access up-to-date information on FGEN and its peers on the QuotedData website.

FGEN has one of the broadest remits of the 15 companies that comprise the members of the AIC’s renewable energy infrastructure sector. Most of these funds are focused on solar or wind or some combination of the two. Two of these funds are focused solely on energy storage. There is variation of geographic exposure within the peer group too, with a number of funds that are heavily exposed to the North American market (which has a different risk/reward structure).

The sector has been shrinking through a combination of private acquisitions (taking advantage of the wide discounts in the sector) or through managed wind-downs. The sector has lost Aquila Energy Efficiency and Hydrogen Capital Growth to managed wind-downs since our last note. Meanwhile, Bluefield Solar Income’s board has recommended the sale of the company to Drax Group and US Solar Fund has also received a bid for its portfolio. Meanwhile, NextEnergy Solar has put itself up for sale and Aquila European Renewables Income is in a managed wind-down.

A proposed merger of The Renewables Infrastructure Group (TRIG) with InfraRed Capital stablemate HICL Infrastructure was abandoned last year after a shareholder backlash. TRIG passed a continuation vote at the end of June 2026.

FGEN is one of the larger funds within this peer group. Its discount is one the narrowest in the peer group, reflecting the strength of its diversified portfolio. FGEN’s yield is highly attractive, with coverage of 1.25x. Its ongoing charges ratio is now one of the most competitive in the peer group, following a reduction in the management fee. Its NAV returns are also among the highest in the peer group over all time periods.

Dividend

FGEN has a progressive dividend policy and has grown the dividend every year since launch. For the accounting year ended 31 March 2026, the company declared a dividend of 7.96p (up 2.1% from 7.80p in 2025), which was 1.25x covered by net cash flows from the portfolio. The board said that it was targeting a total dividend of 8.04p for the 2027 financial year, representing a 1.0% increase, and expects this to again be comfortably covered by cash flows.

Figure 13: FGEN five-year dividend history, pence per share

Premium/(discount)

FGEN’s discount had been narrowing from all-time lows that followed the government proposals to bring forward the change in the inflation measure for incentives at the end of 2025.

Over the year to 30 June 2026, FGEN’s shares traded in range of a 16.0% and a 40.9% discount to NAV, and averaged a discount of 29.5%. FGEN’s discount at 14 July 2026 was at 17.5%.

The company is again facing a continuation vote at its AGM in September, as its discount averaged more than 10% over FY2026. Shareholders have overwhelmingly voted for continuation in the previous two years, and the board has said that it is confident of the same outcome this time. We feel that the company deserves to continue.

Figure 14: FGEN premium/(discount) (%) over five years to 30 June 2026

Fees and costs

FGEN’s ongoing charges ratio for the year ended 31 March 2026 was 1.11% (2025: 1.24%). The board expects the ongoing charges ratio to fall to 1.05% for FY2027, factoring in the full benefit of the investment management fee reduction and assuming no change in NAV

The investment management fee was reduced in October 2025 and is now calculated 50% based on NAV and 50% on market capitalisation (capped at NAV), having changed from a tiered structure based on NAV in October 2025. The change saw the investment management fee reduce from £7.2m in 2025 to £5.8m in 2026. There is no performance fee, and the manager’s contract can be terminated on one year’s notice.

For the year ended 31 March 2026, directors’ fees and expenses totalled £314,000 (2025: £327,000) and the administration fee was about £110,000 (2025: £124,000).

Capital structure

FGEN has 623,338,335 ordinary shares in issue and 38,192,894 shares held in treasury, as at 15 July 2026.

FGEN has an indefinite life, but a continuation vote may be triggered if its shares trade at a discount in excess of 10% for a prolonged period (which was the case in the financial years 2024, 2025 and 2026). The company’s financial year end is 31 March and AGMs are typically held in August or September.

Gearing

FGEN has a £150m multi-currency RCF that at 31 March 2026 was £123.1m drawn. In April, FGEN signed a one-year extension to the RCF and activated a £15m accordion facility. The additional capacity provides greater headroom to fund existing portfolio commitments.

The RCF – which is provided by National Australia Bank, Royal Bank of Scotland International, ING, HSBC, and Clydesdale Bank – matures in June 2028.

The loan bears interest of SONIA (for sterling drawdowns) and EURIBOR (for euro drawdowns) +210bps. Interest charged is linked to meeting certain agreed sustainability goals, with the rate rising or falling 5bps based on performance against these ESG targets:

• Environmental: increase coverage of independent biodiversity assessments and implement initiatives to enhance biodiversity net gain across the portfolio;
• Social: increased volume of contributions to local communities; and
• Governance: maintaining a low number of work-related accidents, as defined under the Reporting of Injuries, Diseases and Dangerous Occurrences (RIDDORS) by the Health and Safety Executive.

At the project level, FGEN is constrained to a maximum of 65% gearing on gross project value for renewable energy generation projects and a maximum of 85% gearing on gross project value for PFI/PPP type projects. In practice, actual project gearing is much lower than this. At 31 March 2026, project-level gearing across the portfolio was 16.1%.

Including the amount drawn under the RCF, FGEN’s gearing ratio was 28.8% at 31 March 2026.

Major shareholders

FGEN’s largest shareholders at 31 March 2026 were Hargreaves Lansdown (8.36%), Interactive Investor (6.39%) and Gravis Capital Management (6.26%).

Lead managers

Edward Mountney

Edward has been a part of FGEN since 2016 and joined the senior management team in 2022. Before this, he served as head of valuations at Foresight Group and John Laing Capital Management. With over 15 years of experience in infrastructure and renewables, Edward is a member of the Institute of Chartered Accountants in England and Wales. He holds a BA (Hons) in Business and Management from Oxford Brookes University.

Charlie Wright

Charlie joined Foresight Group in 2017, recently joining FGEN’s senior management team. He has over 19 years of experience in infrastructure and renewables as an adviser, equity investor and project director, and has overseen a wide range of investments across Europe. Charlie was previously at John Laing Group and KPMG. He holds a BA in History from Exeter University and an ICAEW & CISI Diploma in Corporate Finance.

Board

FGEN’s board is currently composed of five directors, all of whom are non-executive and considered to be independent of the investment manager.

Chair Ed Warner announced he will step down from the board at the AGM in September. He will be replaced by current senior independent director Stephanie Coxon. Alan Bates will resume the role of senior independent director, and a search is underway for a new board member.

Figure 15: Board members – length of service and shareholdings

Ed Warner

Ed gained extensive financial services experience from senior positions held at several investment banks and financial institutions, including IFX Group, Old Mutual, NatWest Markets and Dresdner Kleinwort Benson. He also has considerable investment trust experience, having been chair of both Standard Life Private Equity Trust Plc and BlackRock Energy and Resources Income Trust Plc. He is currently chair of HarbourVest Global Private Equity. Ed has also previously served as chair of Air Partner Plc and non-executive director and interim chair of Clarkson Plc.

Stephanie Coxon

Stephanie is a fellow of the Institute of Chartered Accountants in England and Wales and is currently a non-executive director of several London listed companies. Prior to her non-executive director career, she led the investment trust capital markets team at PwC for the UK and Channel Islands. During her time at PwC, Stephanie specialised in advising FTSE 250 and premium London listed companies on accounting, corporate governance, risk management and strategic matters.

Alan Bates

Alan has over 33 years’ experience in the energy and infrastructure sectors, including electricity, gas and water utilities. He has developed a broad understanding of the dynamics behind the energy transition and has assisted the government of Guernsey in developing its energy policy. Alan started his career with P&O and Princess Cruises as a Marine Engineering Officer, followed by 19 years in the oil and gas industry working for Mobil Oil/BP Oil and then International Energy Group before becoming the managing director of Manx Gas in the Isle of Man. He is the CEO of Guernsey Electricity and is a director of the Channel Islands Electricity Grid and Alderney Electricity Limited. Alan is a Chartered Engineer, Fellow of the Institute of Mechanical Engineers and a Member of the Institute of Engineering Technology.

Jo Harrison

Jo has over 25 years’ experience working in the water industry and is the director of strategic planning & sustainability at United Utilities, where she is accountable for leading the approach to environmental and long‑term planning, including developing and strengthening the approach to all aspects of the environment, climate change and carbon, asset strategy, risk and resilience. Jo is a chartered member of the Institute of Water and Environmental Managers and is a Chartered Environmentalist. She is also a trustee of the Rivers Trust.

Nadia Sood

Nadia has extensive experience of executing, managing and overseeing complex infrastructure investments. She has run large renewable energy infrastructure investment portfolios worth billions of dollars in multiple countries and served as a director on the board of more than 20 prominent privately owned companies. Nadia is currently CEO of CreditEnable, a global credit insights and technology solutions company, and a member of the IFC/World Bank SME Finance Forum. She holds a Bachelor of Science in Foreign Service from the Edmund A. Walsh School of Foreign Service at Georgetown University in Washington D.C., and a Masters in International Affairs from Columbia University, New York. Nadia is fluent in English, French and Norwegian.

SWOT analysis and bull vs bear case

Figure 16: SWOT analysis for FGEN

Figure 17: Bull vs bear case for FGEN

Previous publications

You can read our previous notes on FGEN by clicking on them below or by visiting our website.

Figure 18: QuotedData’s previously published notes on FGEN

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