We see the UK Government’s Net Zero Strategy as being overall helpful but not especially definitive. Amongst our coverage group, Drax Group (DRX LN) and Velocys (VLS LN) benefit from the Humberside CCS cluster prioritisation and Velocys from SAF support. The amount of renewables is likely to boost the need for flexibility solutions where Drax, Gore Street (GSF LN) and SIMEC Atlantis (SAE LN) can benefit. Hydrogen companies ITM (ITM LN) and Powerhouse Energy (PHE LN) are likely to find support. T
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
NextEnergy Solar Fund’s investment in NextPower III opens up geographic opportunities in Latin America, Asia and other parts of Europe much earlier than could have been delivered by direct project investment. Additionally, the JV announcement with energy storage system (ESS) developer Eelpower is also an attractive way to accelerate portfolio diversity as well as opening up the door to further asset growth. By working with partners experienced in different geographies and the energy storage segm
Companies: Nextenergy Solar Fund
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
NextEnergy Solar Fund’s investment in NPIII is delivering on diversifying the fund in our view, with today’s announcement by NPIII of a 50MWp acquisition in Spain. The project is supported by an attractive offtake agreement and is expected to be completed by Q2 2022.
The NAV of NextEnergy Solar Fund (NESF) was 98.7p as at 30 June 2021 (98.9p as at 31 March 2021). We have consistently argued that tightening carbon emission markets will support power prices. A combination of a spike in natural gas and emission prices has led to the current spike in power prices. NextEnergy Capital (NEC, the manager of NESF), believes as emission standards become even more stringent there is scope for a substantial further rise in emission prices, which would translate into a
NextEnergy Solar Fund’s quarterly NAV is broadly unchanged against the previous quarter with good operating performance offset by some conservative revaluation and routine distribution. Capacity continues to grow and the fund now has a strong pipeline of further opportunity with storage and international projects, the latter boosted by the commitment to NPIII.
NextEnergy Solar Fund (NESF) invests primarily in long-life solar power generating assets, with the majority of the total return coming through a high dividend, with a yield currently of 7.1% on the share price. The renewable space has seen increasing waves of capital enter, with net zero and post-pandemic infrastructure commitments only increasing the pace. In order to continue to drive growth whilst maintaining the level of returns on new investments, improve the diversification of risks and r
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
Research Tree provides access to ongoing research coverage, media content and regulatory news on Nextenergy Solar Fund.
We currently have 218 research reports from 9
The bottom line largely exceeded expectations driven by the stronger top-line resilience and loan provision recoveries. Although the next quarters could continue to enjoy further provision recoveries, the expected interest rate hikes should support the top-line trajectory.
Companies: Lloyds Banking Group plc
The third quarter continued to enjoy record CIB revenues and loan provision recoveries. Consensus expectations have now largely aligned with our projections, thus leaving limited upside potential in our view.
Companies: Barclays PLC
Companies: Plus500 Ltd.
Updating at the end of H1, Urban Logistics REIT (“ULR”) continued to deploy capital, with 2 further transactions in the last weeks of H1 bringing the total to £103m since the last raise (£109m in Jul-21). There is a further £50m in advanced stages and a £400m pipeline beyond that. Yields are in line with expectations and assets are pregnant with active management opportunities, which ULR thrives on. The board is seeking to move to Premium List to facilitate future growth. We leave forecasts unch
Companies: Urban Logistics REIT plc
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What’s cooking in the IPO kitchen?
ATOM headquartered in Leeds, focussed on the large-scale production of green hydrogen and ammonia intends to join AIM towards the end of the year. ATOME intends to be spun-out from AIM-listed President Energy Plc, an oil and gas company which has incubated and financially supported ATOME to date, by way of a dividend in specie and flotation.
Devolver Digital to join AIM, an award-winning digital video games pu
Companies: SAE HMI MNO MSMN NSCI OMG PCA
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What’s cooking in the IPO kitchen?
Arrow Exploration Corp. (AIM: AXL ; TSXV: AXL) , the oil and gas exploration and production company, has conditionally raised approximately £8.8m and is due to complete its dual listing on AIM on 25 Oct. Market cap c£13.1m.
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz.
Companies: ZYT CIC DMTR GILD LMS MMAG PYC SMRT SBI
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No Leavers Today.
What’s cooking in the IPO kitchen?
Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov.
Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure
Companies: SYS1 ARE SO4 SNG TMG TMT OHG IDE KIBO MRL
Currently, Gore Street Energy Storage Fund (GSF) primarily relies on revenue from frequency response services, including Dynamic Containment (DC), to estimate near-term returns. The dislocation in the UK power market has led to a sharp rise in returns available from energy arbitrage leaving GSF’s assets well placed to benefit from this increased volatility. In September, those of GSF’s GB storage assets that participated in the actively-traded GB power markets generated revenues that were signif
Companies: Gore Street Energy Storage Fund PLC
TMT Investments PLC have provided a portfoloio update. We have published research on this which is attached and a snapshot of the research is below.
The venture capital company investing in high-growth technology companies has moved one step closer to its first IPO driven exit. In a portfolio update announced this week TMT noted that its portfolio company Backblaze, Inc. publicly filed with the SEC on 18 October 2021. TMT currently holds a 9.97% interest in Backblaze, Inc. (pre its expected fun
Companies: TMT Investments
The Board of Nippon Active Value Fund (NAVF) plans to implement a share issuance programme to raise
capital for further investment through the issue of up to 300 million Ordinary Shares or C Shares over
the next 12 months, following the publication of the necessary prospectus. NAVF is proposing to raise
further capital to pursue its proven model of activist investment in quoted Japanese companies. This
will facilitate larger holdings and accelerate the process of engaging with management. It
Companies: Nippon Active Value Fund Plc
The quarter enjoyed record provision recoveries and strong fee income generation. The coming quarters should remain supportive. The accelerated capital accumulation enabled management to announce a new $2bn share buyback.
Companies: HSBC Holdings Plc
Anglo American (AAL LN) – On track to achieve 2021 production guidance following continuing production recovery in Q3
Antofagasta (ANTO LN) - US Forest Service proposed a 20-year ban on mining in the watershed of the Boundary Waters in Minnesota
Bushveld Minerals* (BMN LN) – BUY - Valuation 33p - Bushveld back on track with solid Q3 production and cost report
Condor Gold* (CNR LN) - Valuation 102.5p – Infill drilling completed ahead of PFS/FS at the La Mestiza Open Pit
TMC the Metals Comp
Companies: TMC ANTO BMN CNR WRES PXC RMM SHG
Marlowe has raised £50m though a placing (at 907p) to fund the £25m earnings-enhancing acquisition of EssentialSkillz, a leading compliance eLearning business, as well as to provide £25m of additional firepower for potential acquisitions. Group run-rate revenues and Adj EBITDA now stand at c£335m and c£60m respectively. We update our forecasts to reflect the transaction (no change at the Adj EPS level as the contribution from EssentialSkillz is offset by dilution from the over-raise). A T+2 EV/A
Companies: Marlowe Plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Companies: Shaftesbury PLC