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To provide attractive risk-adjusted returns to shareholders through annual dividend increase and capital value growth by investing in renewable energy generation assets within the Eurozone, focus on Ireland.
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GRP is now trading at almost a 25% discount to NAV. This valuation seems odd given the stock also has a high dividend yield. It's hard to believe that the higher interest rate environment of recent times could account for such a dramatic effect on the SP. I wonder if it's now a potential candidate for takeover or privatisation?
I'll second that request. Your Nov 22 blog seemed authoritative and persuasive but since then your forecasts have fallen short by 30-50 pips. Any revises in the pipeline?
Hi pdos just reread your blog from mid 2022. Any new thoughts on GRP given that the SP has drifted badly and we're in a higher interest rate/inflation environment?
Not sure on that one as where I live we don’t allow ISA or UK SIPP.
What I do is work out from the yearly brokers statement Gross Tax Net receipts on GRP.
Keep a record of the exchange rates used at each quarterly Divi. Provide the local tax authorities with the Euro and GBP equivalent of all above and they give me tax relief on the tax paid under a double tax agreement in force for my domicile.
You would need speak to your tax authority/accountant and look up the double tax agreement for S Ireland and GB before hand.
All the best on that one.
Hi all, just giving a second and final push to my blog on Greencoat Renewables, which I am a shareholder in. The blog can be found here: https://tbifund.wordpress.com/2022/11/06/greencoat-renewables-grp-id-turning-green-into-gold/
Hi all, I have written a blog about Greencoat Renewables, which I am a shareholder in, that you may find interesting. The blog can be found here: https://tbifund.wordpress.com/2022/11/06/greencoat-renewables-grp-id-turning-green-into-gold/ - feedback welcome!
https://think.ing.com/articles/solid-growth-for-wind-and-solar-amid-ongoing-energy-crisis
Greencoat is pleased to announce the agreement to acquire Torrubia solar farm from Lightsource bp, a leading global solar developer. The deal represents the Company's first solar transaction and entry into the Spanish market.
https://renewablesnow.com/news/greencoat-renewables-buys-101-mw-wind-farm-in-sweden-758362/
Topped up my position in GRP and NESF following an analysis of buying/selling by Gravis. GRP is currently trading at premium to NAV of 11.2% with dividend yield of 5.3%, according to Friday's closing price. A few of my thoughts here: https://riverotter.co.uk/2020/09/18/topping-up-portfolio-of-renewable-energy-yieldcos/
Hi legsofman, do you know if that is reflected in the published yields or is it overstated by 25%?
Trek
From the IRC website.....
Irish resident companies must withhold tax on dividend payments and other distributions that they make. There are some exceptions to this.
They must withhold Dividend Withholding Tax (DWT) at the standard rate of tax for the year in which the distribution is made.
The rate of DWT which companies pay directly to Revenue is to increase. The current rate of DWT of 20% is to increase to 25% from 1 January 2020.
BTB..if you have looked into the renewables on offer at the moment the big ones are
ORIT BSIF FSFL NESF FSFL TRIG GRP ARES/AERI (one is gbp other euro) UKW JLEN
GCP is more of an infrastructure debt setup. I’m spread across all except UKW.
All are on a hefty premium which is currently being knocked back a bit due to a Citywire article.
Forward electricity pricing is down undermining earnings a little.
Orit and Aers/Aeri are the newcomers and haven’t declared a dividend yet.
Orit is Octopus which has a large amount of solar under management.
Factsheet....
https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/?type=packet_fund_class_doc_factsheet_private&id=e093046f-4ea5-477c-b86d-df7af5425a1a&user=z3Za%2feRD6Zb29W6uY5U2It4BX87gu2rnJNH8fIyy1EF4XrK8GC%2bUw8LUc%2b6Uc%2fCX&r=1
Good luck.
Greencoat renewables invests in a diversified portfolio of wind and solar projects across Europe denominated in Euros.
UK Wind - well, I think the name of the fund gives the game away on that one!
Greencoat is the investment manager on both funds, siourcing and managing the opportunities.
The very best of luck to you, Seeking1: may we prosper together!
I'm considering adding to my position here. I have a little dry powder & want something that will pay a decent regular income (check) & weather a downturn (check), but am reluctant to buy at the current premiums.
The whole sector is at a premium now (some more than others, of course). Maybe I'll sit tight & BTDs (should they materialise). Do you have anything to recommend that might suit me?
Cannot seem to buy with my broker for renewables bet there will be a added fee when I ring them up to find out why they are not on. Their website.
Many thanks for your reply btb I have bought both as greencoat looks a decent bet going forward and GRP as you say is in euros and has a 15 year inflation linked price protection in Ireland.
Whilst UKW is priced in pounds, GRP is priced in Euros. I can't comment on their respective holdings (neither TrustNet nor HL have any info on this), but GRP could be a useful FX hedge within the renewables sector.
Personally, I took a bit of a gamble on it: bought back in March when it was still relatively unknown & trading at a much lower premium to its counterparts (which I found attractive). Having held UKW for six years, I guessed Greencoat know a thing or two about the sector & figured the fund would rise as its track record became established. So far (I'm pleased to say) that has played-out nicely.
Could someone enlighten me on the difference between greencoat renewables, greencoat wind, and greencoat capital. As I am thinking of which one to invest into. This will save me a lot of digging if anyone can enlighten me I would be most grateful.
Very good question - I have aksed something similar on the Greencoat Wind Board. On balance, given the recession proof nature of the investment and the still attractive running yield, I'm holding. I also understand that the NAV may be about to tick up with the use of a lower discount rate used across the portfolio. That said, if it got to a 30% premium, I'd probably let some go!
If you look at renewable energy ITs on TrustNet, you'll see that pretty much the whole sector is trading at a healthy premium to NAVs. What's making them so popular ATM? I bought in at the start of the month & am already sitting on a nice rise, & have held UKW since flotation in 2013. Given the premiums to NAV, do people think now is a good time to cash-out of the sector (or at least take profits) & invest elsewhere, or has the sector got further to run? What would convince new investors to buy now & pay such a premium?
Tro - is that £103k buy yours? ;)
As a share holder from day 1 in Greencoat UK Wind, I eagerly awaited the launch of GRP, checked that my broker could give me a price, sold out elsewhere to invest, and tried to invest here. That's as far as it got. Tried around 20 times to buy, always got a varying price around 93 to 95p., but then the purchase was rejected each time. After an hour GRP disappeared altogether and apparently no longer exists, and I eventually got the reason that although it is listed on LSE AIM, it is in Euro's, and can't be traded. Totally wrong because the prices I was getting had been converted from Euros to pence. As for the stock I sold out of, I could have got £400 more the following day. Another kick in the teeth for a small investor. Other brokers are available, but it would cost too much to move my ISA, and to be honest, I haven't found one yet that actually can cope with the slightest problem.