Net Asset Value as at 30 June 2022Source: RNS
VH Global Sustainable Energy Opportunities plc
5 August 2022
Net Asset Value as at 30 June 2022
VH Global Sustainable Energy Opportunities plc (the "Company" or "GSEO") announces that its unaudited net asset value ("NAV") as at 30 June 2022 was £352.4 million, equivalent to a NAV per ordinary share of 113.1p. This represents a 5.1% increase from 107.6p as at 31 March 2022.
The NAV increase over the quarter was predominantly driven by:
- An increase in the value of investments of 3.8p per share, notably, i) assets that moved from being valued at cost during the construction phase to being valued on future cash flows as they moved to the operational phase. Specifically, one of the two solar PV assets in Australia and four of the eighteen remote distributed generation assets in Brazil, and ii) inflation linked increases in customer contracts at the US terminal storage assets.
This strong operating performance is notable as it is net of the impact of macroeconomic headwinds.
- The weakness of GBP to the basket of currencies within the Company's portfolio, including the USD, AUD, and BRL during the quarter of 1.9p per share; and
- Receipt of cash distributions from investments of 1.3p per share.
During the quarter, the Company committed a further £28 million for the acquisition of a second UK flexible power plant, which consists of high efficiency combined heat power with carbon capture and re-use technology, as part of the Company's programme to support the UK's energy transition plans to net zero.
Subsequent to the quarter end, the Company successfully raised a further £122 million through equity issuance. The proceeds raised will be used to invest in a number of potential sustainable energy infrastructure investments that Victory Hill Capital Advisers (the "Investment Adviser"), has (i) secured the exclusive right to negotiate with the owner to acquire for the Company, (ii) issued non-binding offers for the Company to acquire, and/or (iii) is at an advanced stage of negotiation with the respective developers and/or other sustainable energy infrastructure investments which may become available to the Company. The Investment Adviser is confident that the Company would be able to invest or commit substantially all of the net proceeds from the recent issue in the next three to six months.
The Company's LEI is 213800RFHAOF372UU580.
For further information, please contact:
Edelman Smithfield (PR Adviser)
Ged Brumby / Kanayo Agwunobi
Tel: + 44 (0)7540 412 301 / +44 (0)7581 010 560
Victory Hill Capital Advisors LLP (Investment Adviser)
Numis Securities Limited (Joint Corporate Broker)
David Benda / Matt Goss / Tod Davis
Tel: +44 (0)20 7260 1000
Alvarium Securities Limited (Joint Corporate Broker)
Mark Thompson +44 (0)20 7016 6711
Eddie Nissen +44 (0)20 7016 6713
Oliver Kenyon +44 (0)20 7016 6704
G10 Capital Limited (AIFM)
Mohammed Rahman / Paul Cowland
Tel: + 44 (0)20 7397 5450
Apex Fund and Corporate Services (UK) Limited (Company Secretary)
Tel: +44 (0)7435 828 755
About Victory Hill Capital Advisors LLP
Victory Hill Capital Advisors LLP ("VHCA") (FRN 938594) is an Appointed Representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 648953).
Victory Hill is based in London and was founded in May 2020 by an experienced team of energy financiers that spun-out of a large established global project finance banking group. The team has participated in more than $200bn in transaction values across 91 conventional and renewable energy-related transactions in over 30 jurisdictions worldwide. VHCA is the investment adviser entity of the Victory Hill group.
The VHCA team deploys its experience across different financial disciplines in order to assess investments holistically from multiple points of view. The firm pursues operational stability and well-designed corporate governance to generate sustainable positive returns for investors. It focuses on supporting and accelerating the Energy Transition and the attainment of the UN Sustainable Development Goals.
VHCA is a signatory of the United Nations Principles for Responsible Investing ("UN PRI"), the United Nations Global Compact ("UN GC") and is a formal supporter of the Financial Stability Board's Task Force on Climate-Related Disclosures ("TFCD").