By Navin Chauhan - Managing partner and chief commercial officer at Victory Hill Capital Partners
Oscar Wilde famously said that a cynic is "a man who knows the price of everything and the value of nothing".
Retail investors that continue to shun the renewable energy investment trust sector could be in danger of allowing themselves to fall into such cynicism with current share prices blinding them to the inherent value of the sector’s underlying portfolios.
For retail investors, renewable investment trusts represent one of the only access points to private assets, with strong, inflation-hedged contracted revenue.
Given their cost-effective, shareholder friendly, income-generating qualities, it will not be long before investors start to recognise their true value and compelling risk-adjusted returns once again.
By Eleanor Fraser-Smith, Head of Sustainability
With extreme weather events increasing in frequency and intensity, it is imperative for renewable investors to incorporate resilience strategies into their portfolio, argues Victory Hill’s Eleneaor Fraser-Smith.
By Richard Lum, Co-CIO at Victory Hill Capital Partners.
Winning the renewables race is all about location, according to Richard Lum, Co-CIO at Victory Hill Capital Partners.
The transition to a low-carbon economy is creating a once-in-a-generation dislocation in energy markets, fundamentally bringing the longevity of current energy infrastructure into question. For example, whereas energy systems designed for oil, coal and gas were predicated on centralised power generation, there is now a burgeoning need to upgrade or reform power grids to a distributed model, accommodating the growth of renewable energy sources as we progress towards net zero goals.
This gap between legacy energy infrastructure and a sustainable, low-carbon future provides an opportunity for astute investors. But capitalising upon uncertainties like supply security and price volatility at peak times is not as simple as swapping every coal-powered energy plant for a wind farm. Globally, the energy transition is taking place at varying speeds in different locations, leading to profound differences in how renewables assets perform.
By Eduardo Monteiro, Co-CIO at Victory Hill Capital Partners.
If rolled out at scale, microgrids would offer an opportunity for the UK to take a lead in the energy transition, writes Eduardo Monteiro.
The National Grid has an inefficiency problem. The UK's energy is primarily generated at large power stations located far from demand centres and is then distributed across the country through 7,700km of overhead lines and underground cables. While this centralised approach enables power generation at great scale, it comes at a cost. The vast distances electrons must travel between production and consumption means that in its current form, the grid loses up to 20% of electricity in transmission.
The UK's transition to a low-carbon energy mix could amplify this inefficiency further. Despite the majority of energy consumption taking place in the south, offshore windfarms in the North Sea supply a significant portion of the country's green energy and policymakers are fixated on increasing the number of these farms further. Fulfilling the government's target of 50GW of offshore wind capacity by 2030 could result in the loss of 10GW of energy due to inefficiency in where they are located.
The terminology used in the promotion of investment funds that aspire to invest in a way that has a positive, or at least not a negative, impact on society has evolved over the decades, but has always had an element of subjectivity.
The first wave of attempts to put a structure around the terminology came with the introduction, within the EU, of the sustainable fund disclosure regulation (SFDR), which awarded funds a number based on their capacity to meet set criteria around sustainability.
Now UK policymakers have revealed their own suite of regulations aimed at adding clarity, with the sustainability disclosure requirements (SDR) rules, which asset management businesses will have to begin implementing from this summer.
Eleanor Fraser-Smith, head of sustainability at Victory Hill Capital Partners, says: “There has been a proliferation of disclosure regulations in recent years which has led to more transparency. However, many of these disclosures are complex and technical, not very accessible and, if they are read, have done little to build trust in the sector.
"ESG teams, comms teams, PR teams, IR teams often don’t align on ESG communications. Additionally, in a world of miscommunication and social media, firms cannot control the narrative and transparency commitments can backfire. That’s why regulations that focus on fair, clear and not misleading communications are vital.”
She adds that her firm is currently examining which of the labels may be most relevant to their fund range.
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