Mar 6 2025
Energy transition
Recent Research
Greencoat UK Wind, Q4 2024 NAV update
Jan 29 2025
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Greencoat Renewables
Demonstrating resilience and growth potential
Greencoat Renewables (GRP) has an attractive and expanding opportunity set ahead aligned with several key megatrends, including AI proliferation. This potential should not be ignored. In...
Greencoat UK Wind
Robust performance with further £100m buyback announced
Despite a more challenging market backdrop, Greencoat UK Wind (UKW) delivered a robust performance in 2024. Net cash generation confirmed as £279m (2023: £406m) equates to a net...
TRIG plc
Further divestments and refinancings expected in 2025
TRIG’s results confirm the trends evident in its NAV update. Asset disposals of c.£200m – supportive to its net asset value but also rightsizing its balance sheet to reflect current...
TRIG plc
NAV declines but share buyback programme expanded
TRIG’s Q4 NAV decline was driven by a range of factors, in particular energy yield (2.4p) and discount rates (1.5p), although the company’s proactivity in terms of capital allocation is...
Greencoat Renewables
Impressively resilient performance
Greencoat Renewables (Greencoat) has delivered slight NAV per share growth in Q4 despite generation being 15% behind budget. We expect this to be one of the stand-outs within the...
Greencoat UK Wind
Q4 2024 NAV update
The P50 revisions reflected in Greencoat UK Wind’s (UKW) Q4 NAV update (6.5p impact) clear up an area of potential uncertainty for investors. Despite the adjustment, the company will...
Greencoat Renewables
Strong commitment to renewables in Programme for Government
The Programme for Government demonstrates a strong and perhaps increasing commitment to expanding renewable energy sources in Ireland. The continued positive regulatory backdrop for...
Greencoat Renewables
Announced sale of Kokkoneva
The announced sale of Kokkoneva onshore wind farm (Finland) is consistent with Greencoat Renewables’ strategy to identify asset recycling opportunities. The consideration, representing...
TRIG plc
Q3 NAV and balance sheet update
Like others in the sector, TRIG has recorded a modest decline in Q3 NAV (-1.8p to 121.6p/share) – primarily driven by lower portfolio output versus budget and a weakening in forward...
Greencoat Renewables
Modest decline in Q3 NAV
Greencoat Renewables’ (Greencoat) modest Q3 net asset value (NAV) decline reflects a slight moderation in European power prices as well as lower wind resource across key markets....
