26th May 2026 07:00
26 May 2026
VH Global Energy Infrastructure plc
Net Asset Value and Factsheet
ENRG Overview
ENRG is focused on enabling the energy transition globally through its investments. Following shareholder approval on 28 August 2025, the Company's previous investment objective has been replaced with the following new investment objective: The Company's investment objective is to realise all existing assets in the portfolio in an orderly manner, to be effected in a way that seeks to achieve a balance between returning cash to shareholders promptly and maximising value, while managing the portfolio so that the Company's investments in sustainable energy infrastructure seek to make an impact by supporting the attainment and pursuit of key UN sustainable development goals where energy and energy infrastructure investments are a direct contributor to the acceleration of the energy transition.
About Victory Hill Capital Partners LLP
Victory Hill is a London-based specialist investment management firm founded by an experienced team of energy financiers. The investment team has participated in more than $200bn in transaction values across 91 conventional and renewable energy related transactions in over 30 jurisdictions worldwide. The Victory Hill 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.
Asset Realisation Strategy - Update
The Board recognises shareholders' desire for transparency regarding the ongoing asset realisation process. However, given the commercially sensitive and confidential nature of active discussions, the Company is limited in the detail it can provide at this stage. The Board remains focused on maximising risk-adjusted value and transaction certainty for shareholders and will update the market as and when disclosure is appropriate or required.
As with any strategic transaction process, ultimate realisation outcomes may reflect a range of factors including market conditions, transaction structure, timing and execution considerations.
Financial & Operational Highlights
Dividends
The Company announced an interim dividend of 1.45p per share in respect to the period from 1 January 2026 to 31 March 2026. Based on the share price as at 31 March 2026, the resulting dividend yield was 8.06% and the dividend was 1.2x covered.
Leverage
Total leverage of the Company was 10.62% of NAV as at 31 March 2026, which comprises asset-level leverage at the US asset, and Iberian and Swedish assets. The Company does not employ leverage at the fund level.
31 March 2026 Net Asset Value (NAV)
The Company's NAV as at 31 March 2026 was 103.82p per share, an increase of 1.5% compared to the NAV of 102.28p per share as at 31 December 2025. The movements in the NAV during the quarter include:
Pence per share | |
NAV per share as at 31 December 2025 | 102.28 |
Dividend paid during the quarter | (2.90) |
Distributions from investments & fair value of asset movements | (0.20) |
Fund expenses | (0.44) |
Movement in foreign exchange | 5.08 |
NAV per share as at 31 March 2026 | 103.82 |
NAV Movements - Key Drivers:
Fair Value of Assets
During the quarter, a 46bps rise in the average discount rate across the portfolio had a negative fair value effect on the NAV, due to increases in both the equity risk premium and the risk free rate. The average discount rate for the portfolio is 9.03% as at 31 March 2026.
Foreign Exchange
During the quarter, movements in foreign exchange led to a 5.08p per share increase in the NAV. GBP weakened versus USD by 2.0%, AUD by 4.5%, EUR by 0.1%, and BRL by 7.0%.
Portfolio Update
US terminal storage assets:
· The terminals continued to deliver strong operational and financial performance during the quarter, driven by robust volumes through the facility.
Brazilian hydro facility:
· The plant performed ahead of budget during the quarter, driven by stronger-than expected power price premiums for hydro plants able to dispatch during periods of high demand when alternative renewable generation is constrained.
Australian solar PV with battery storage assets:
· During the quarter, revenues were adversely impacted by subdued price volatility (reflecting milder weather conditions), reduced solar irradiation levels and lower green certificate prices, which collectively resulted in asset performance below budget.
UK flexible power with carbon capture and reuse (CCR) asset:
· The asset delivered stable power and purified CO₂ in accordance with its design specifications.
· The CO₂ offtaker is still ramping up its distribution capacity, which led to lower offtake volumes and weaker financial performance during the quarter.
Brazilian solar PV assets:
· The assets performed below expectations due to lower solar irradiation levels and one-off operational disruptions related to voltage instability events.
Iberian solar and onshore wind assets:
· Construction of the 64.8MW solar and the 21.0MW onshore wind assets in Spain has been progressing on schedule.
Sustainability Update
· A total of 107,576 tonnes of greenhouse gas emissions were avoided in the first quarter of 2026 from renewable energy generation. 1,847 tonnes of CO₂ was captured from the UK flexible power with CCR asset.
· A total 346,444 MWh of renewable energy and 16,152 MWh of low carbon energy from the flexible gas with CCR asset were generated by the portfolio over the same time period, equivalent to over 134,290 average UK homes powered annually.
· 7,010 tonnes of sulfur were avoided in the first quarter, attributable to the US terminal storage assets.
* Sustainability data is calculated internally at Victory Hill as at 31 March 2026. Historical data and analysis should not be taken as an indication or guarantee of any future results.
www.globalenergyinfrastructure.co.uk
The Company's LEI is 213800RFHAOF372UU580.
For further information, please contact:
Edelman Smithfield (PR Adviser)
Ged Brumby +44 (0)7540 412 301
Hamza Ali +44 (0)7976 308 914
Victory Hill Capital Partners LLP (Investment Manager)
Navin Chauhan [email protected]
Deutsche Numis (Corporate Broker)
Hugh Jonathan 020 7545 8000
Matt Goss
Ocorian Administration (UK) Limited (Company Secretary)
About Victory Hill Capital Partners LLP
Victory Hill Capital Partners LLP ("Victory Hill") is authorised and regulated by the Financial Conduct Authority (FRN 961570).
Victory Hill is based in London and was founded in May 2020 by an experienced team of energy financiers that have 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. Victory Hill is the investment manager of the Company.
The Victory Hill 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.
Victory Hill is a signatory of the United Nations Principles for Responsible Investing (UN PRI), the United Nations Global Compact (UN GC), a member of the Global Impact Investing Network (GIIN) and is a formal supporter of the Financial Stability Board's Task-Force on Climate-related Disclosures (TCFD).
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