Investment trusts that back renewable energy infrastructure are out of favour. All their shares trade at wide discounts to the value of their net assets, including those of the largest among them, Greencoat UK Wind.
Greencoat was the first renewable infrastructure fund to be listed on London’s main market. The FTSE 250 company now oversees 49 wind farms in Britain, with just over half of them under its sole ownership. Its single largest asset is a 12.5 per cent stake in the vast Hornsea One offshore wind farm, which is operated by Orsted, the Danish energy group, about 75 miles into the North Sea. Greencoat’s combined portfolio generates 4.7 terawatt-hours of renewable electricity, about 1.5 per cent of national electricity demand.
As well as its
