The Lemon Fool

BullDog wrote:For those interested in renewable energy investments, GRID released results today and the business looks incredibly well placed with it's present and future energy storage plants. One of my better recent-ish investments, the present UK energy landscape looks absolutely perfect for GRID and it's peers. Grid scale energy storage is still in its infancy, there's much more to come.

richfool wrote:

BullDog wrote:For those interested in renewable energy investments, GRID released results today and the business looks incredibly well placed with it's present and future energy storage plants. One of my better recent-ish investments, the present UK energy landscape looks absolutely perfect for GRID and it's peers. Grid scale energy storage is still in its infancy, there's much more to come.

Thanks for that Bulldog. I hold both GRID, slightly larger holding and better performing (in terms of SP), and also GSF. The latter has a slightly higher dividend.

airbus330 wrote:Excess premium is a feature of most of the renewable universe. NESF being one of the notable exceptions, plus one or two of the new ones still deploying funds. Its a shame as I fancy GRID for a long term hold, but not at 20%p

BullDog wrote:

airbus330 wrote:Excess premium is a feature of most of the renewable universe. NESF being one of the notable exceptions, plus one or two of the new ones still deploying funds. Its a shame as I fancy GRID for a long term hold, but not at 20%p

Maybe take a look at Harmony Energy Income Trust, HEIT. This week it's now at a small premium, around 6%ish. Until last week it was still available at NAV. It's first storage projects are coming on line Q4 22 and Q1 23. I bought at IPO because the peer group were at significant premia.

airbus330 wrote:Excess premium is a feature of most of the renewable universe. NESF being one of the notable exceptions, plus one or two of the new ones still deploying funds. Its a shame as I fancy GRID for a long term hold, but not at 20%p

airbus330 wrote:

BullDog wrote:

airbus330 wrote:Excess premium is a feature of most of the renewable universe. NESF being one of the notable exceptions, plus one or two of the new ones still deploying funds. Its a shame as I fancy GRID for a long term hold, but not at 20%p

Maybe take a look at Harmony Energy Income Trust, HEIT. This week it's now at a small premium, around 6%ish. Until last week it was still available at NAV. It's first storage projects are coming on line Q4 22 and Q1 23. I bought at IPO because the peer group were at significant premia.

Thanks, I actually bought HEIT, small holding, last week. I was kicking myself as it was on my watchlist at NAV and it got overlooked until it was up about 6%. What I missed was an article in the press disclosing that a big city bank had put a lot of new money into HEIT. I'm not 100% convinced about the way it hypes the Tesla connection, but it looks good. GSEO VH Global Sustainable Energy was one I did take at IPO and like HEIT did nothing for months. Then steady rises to +14% recently. So, the less known names are worth researching.

BullDog wrote:I see there's still a bit of upward momentum at GRID this morning taking the shares to 150p. And a whacking premium to NAV. I am here long term but wouldn't be surprised to see a bit of profit taking.

richfool wrote:

BullDog wrote:I see there's still a bit of upward momentum at GRID this morning taking the shares to 150p. And a whacking premium to NAV. I am here long term but wouldn't be surprised to see a bit of profit taking.

Thanks for that update.

I'm conscious I don't have much exposure to wind (except when I go for a walk outside), - only JLEN, which seems to hold a bit of everything (including wind and storage)!

Noting your earlier comments about SSE, I am wondering whether they might give that exposure. I am aware that they have been involved with offshore wind projects. Though I have completed my move away from holding individual stocks directly and don't really want to move backwards on that. Several of my UK IT's do hold SSE. UKW are now too expensive having moved up quite a lot in the last couple of months. I recollect it being mentioned.

BullDog wrote:Fully understood. I think you have to play a waiting game here. SSE are developing, amongst other things, the three phases of Dogger Bank wind farm, the largest such development in the world. I sold my National Grid shares and bought SSE when it looked like Dogger Bank was going ahead. Glad I did. SSE is now at all time share price highs. I would be waiting on the sidelines today if I were buying SSE stock. Hope that helps.

Meantime, GRID pushes to 156p today.

UncleEbenezer wrote:

BullDog wrote:Fully understood. I think you have to play a waiting game here. SSE are developing, amongst other things, the three phases of Dogger Bank wind farm, the largest such development in the world. I sold my National Grid shares and bought SSE when it looked like Dogger Bank was going ahead. Glad I did. SSE is now at all time share price highs. I would be waiting on the sidelines today if I were buying SSE stock. Hope that helps.

Meantime, GRID pushes to 156p today.

Waiting on the sidelines for what?

I'd say SSE is still perfectly investable if you're comfortable with the debt. Aren't they well-positioned for rising prices and more renewables (though their niche in the wind farm ecosystem isn't quite the same as the Renewables Infrastructure funds)? And the timely move out of domestic supply speaks of management on the ball!

I've held for quite a few years.

88V8 wrote:If the 145p NAV for GRID comes to pass, a 155p entry point will not be too bad.
After all, it's not as if they were investing in quoted stocks that we could buy directly.
So the current 30% premium, one just has to suck up.
Assuming the NAV stands up of course. Woodford invested in a lot of unquoted stuff, which was good until it wasn't.

And GRID are planning a substantial widening of their remit.
Have they really the management nous?

And what bothers me about these new green trusts is the capital raising/dilution although that doesn't seem imminent for GRID.

So one way and another in 12 months I will probably still be standing, mumbling on the sidelines.

V8

Leading energy storage trust looks to raise £150m as battery funds flourish this year with power markets volatile and a renewed focus on energy security, though Bluefield Solar forced to extend placing period after windfall tax surprise.

Gresham House Energy Storage (GRID ) is looking to raise £150m as battery funds continue to flourish this year with power markets volatile and a renewed focus on energy security.

The issuance of new shares at 145p will fund the acquisition of a pipeline of 747 megawatts (MW) of battery energy storage system projects. These will all be in the UK and Ireland, but the fund is also starting to look further afield for the first time.

The placing price represents a 5.8% discount to Tuesday’s closing share price of 154p and is equal to the upper end of the guided portfolio value for the end of June, when net asset value (NAV) is expected to be 140p-145p per share.

GRID’s shares closed nearly 4% down on Wednesday in response to the offer, having held firm the day before as chancellor Rishi Sunak’s plans for an energy windfall tax that could hit renewables generators – set to be clarified in a statement today – were first reported. Despite benefitting from increased volatility on the grid, battery storage funds are not expected to be affected.

richfool wrote:GRID, GSF, BSIF and HEIT all get a mention in this AIC article:

Buoyant batteries: Gresham House Energy Storage charges up with £150m raise
26 May 2022

Leading energy storage trust looks to raise £150m as battery funds flourish this year with power markets volatile and a renewed focus on energy security, though Bluefield Solar forced to extend placing period after windfall tax surprise.

Gresham House Energy Storage (GRID ) is looking to raise £150m as battery funds continue to flourish this year with power markets volatile and a renewed focus on energy security.

The issuance of new shares at 145p will fund the acquisition of a pipeline of 747 megawatts (MW) of battery energy storage system projects. These will all be in the UK and Ireland, but the fund is also starting to look further afield for the first time.

The placing price represents a 5.8% discount to Tuesday’s closing share price of 154p and is equal to the upper end of the guided portfolio value for the end of June, when net asset value (NAV) is expected to be 140p-145p per share.

GRID’s shares closed nearly 4% down on Wednesday in response to the offer, having held firm the day before as chancellor Rishi Sunak’s plans for an energy windfall tax that could hit renewables generators – set to be clarified in a statement today – were first reported. Despite benefitting from increased volatility on the grid, battery storage funds are not expected to be affected.

https://www.theaic.co.uk/aic/news/cityw ... 150m-raise

UncleEbenezer wrote:

BullDog wrote:Fully understood. I think you have to play a waiting game here. SSE are developing, amongst other things, the three phases of Dogger Bank wind farm, the largest such development in the world. I sold my National Grid shares and bought SSE when it looked like Dogger Bank was going ahead. Glad I did. SSE is now at all time share price highs. I would be waiting on the sidelines today if I were buying SSE stock. Hope that helps.

Meantime, GRID pushes to 156p today.

Waiting on the sidelines for what?

I'd say SSE is still perfectly investable if you're comfortable with the debt. Aren't they well-positioned for rising prices and more renewables (though their niche in the wind farm ecosystem isn't quite the same as the Renewables Infrastructure funds)? And the timely move out of domestic supply speaks of management on the ball!

I've held for quite a few years.

Dod101 wrote:

UncleEbenezer wrote:

BullDog wrote:Fully understood. I think you have to play a waiting game here. SSE are developing, amongst other things, the three phases of Dogger Bank wind farm, the largest such development in the world. I sold my National Grid shares and bought SSE when it looked like Dogger Bank was going ahead. Glad I did. SSE is now at all time share price highs. I would be waiting on the sidelines today if I were buying SSE stock. Hope that helps.

Meantime, GRID pushes to 156p today.

Waiting on the sidelines for what?

I'd say SSE is still perfectly investable if you're comfortable with the debt. Aren't they well-positioned for rising prices and more renewables (though their niche in the wind farm ecosystem isn't quite the same as the Renewables Infrastructure funds)? And the timely move out of domestic supply speaks of management on the ball!

I've held for quite a few years.

SSE has had excellent management for the many years that I have held them, long before renewables became the watchword. Depending on your viewpoint, the only fly in the ointment is their well publicised plans to cut their dividend in the next couple of years to release funds for further investment.

Dod