10. Greencoat Renewables
Greencoat Renewables’ (GRP) investment proposition isn’t difficult to understand on its own terms. The investment trust appeals to ESG-minded investors who would find it difficult to invest directly in large capital projects. The share price has stayed relatively stable over the past 12 months and the company trades on a small premium to NAV.
Greencoat Renewables invests largely in Irish assets, which accounted for 71 per cent of NAV at the half-year stage. That gives it exposure to the advantageous Irish REFIT subsidy scheme, which guarantees a floor price rather than a fixed price for energy.