REG - VH Global Energy Inf - Net Asset Value and Factsheet

VH Global Energy InfrastructureAnnouncement

20/02/2026 07:00

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RNS Number : 7356T  VH Global Energy Infrastructure PLC  20 February 2026

20 February 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 ("SDGs") where energy and energy infrastructure investments
are a direct contributor to the acceleration of the energy transition (the
"Sustainability Objective").

 

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

 

During the quarter under review, Victory Hill made further progress on the
Company's asset realisation strategy.

 

The M&A process for the Brazilian solar PV programme commenced in Q4 2025,
with advisors appointed and market interest received. Marketing for both the
Brazilian hydro and the US terminal storage assets began post-period, with
advisors engaged, interest received and NDAs being exchanged and signed. The
sales process for the Australian hybrid solar PV with battery energy storage
system ("BESS") programme also initiated in Q1 2026, supported by positive
early demand indicators, and advisors appointed. The UK flexible power asset
with carbon capture and reuse ("CCR") is expected to be marketed upon
completion of its ramp-up phase, the finalisation of additional revenue stream
negotiations, and following transition from the EPC. The Iberian and Swedish
solar and onshore wind portfolio is expected to be marketed once further
construction milestones have been achieved.

 

Following the Company's change of investment mandate to an asset realisation
strategy, Co-CIO Richard Lum is to leave the firm. Given the change in mandate
away from new investment activities for ENRG, it was mutually agreed that this
was the right time for Richard to step down.

 

ENRG will continue to be managed by Victory Hill under the stewardship of the
four managing partners, including CIO Eduardo Monteiro, who remain focused on
seeking to deliver optimal outcomes for ENRG's shareholders under the
mandate.

 

Victory Hill does not expect the departure to impact the execution of the
Company's asset realisation strategy, which remains firmly on track. Victory
Hill's managing partners, together with the investment team, continue to lead
this strategy as well as day-to-day asset management and value creation
activities.

 

Bernard Bulkin, Chair of the Board of ENRG, commented: "I want to thank
Richard, on behalf of the Board, for his significant contribution in
establishing and executing ENRG's investment mandate. We wish him the very
best of luck in his future endeavours. We remain confident about the execution
of ENRG's asset realisation mandate under the continued management and
guidance of the Victory Hill team."

Financial & Operational Highlights

 

Dividends

The Company announced an interim dividend of 1.45p per share in respect to the
period from 1 October 2025 to 31 December 2025. Based on the share price as at
31 December 2025, the resulting dividend yield was 8.81%. As at 31 December
2025, the dividend was 0.96x covered.

The Board intends to continue paying a quarterly dividend to shareholders. As
the asset realisation strategy progresses, the size of the quarterly dividend
will depend on the level of net income generated by the assets that remain in
the portfolio.

Leverage

Total leverage of the Company was 7.61% of NAV as at 31 December 2025, 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 December 2025 Net Asset Value (NAV)

 

The Company's NAV as at 30 June 2025 was 100.90p per share, a decrease of 2.3%
versus the NAV of 103.29p per share as at 31 March 2025. The movements in the
NAV during the quarter include:

                                                                     Pence per share
 NAV per share as at 30 September 2025                               106.72
 Distributions from investments & fair value of asset movements      (4.10)
 Fund expenses                                                       (0.39)
 Movement in foreign exchange                                        0.05
 NAV per share as at 31 December 2025                                102.28

NAV Movements - Key Drivers:

Fair Value of Assets

·      The decline in the fair value of assets was primarily driven by
lower third-party forecasted power prices for the Australian programme, and
the reclassification of the remaining three Brazilian solar assets as
ready-to-build.

·      The weighted average discount rate for the Company remained
constant quarter-on-quarter at 8.57%.

Foreign Exchange

During the quarter, movements in foreign exchange led to a 0.05p per share
increase in the NAV. GBP weakened versus USD by 0.1%, AUD by 0.7%, EUR by
0.04%, and strengthened versus the BRL by 3.2%.

Portfolio Update

US terminal storage assets:

·      The terminals performed significantly above budget during the
period, driven by higher volumes through the facility, and corresponding
higher revenues from ancillary services.

 

Brazilian hydro facility:

·      The plant operated in line with expectations during the quarter.

·      The concession renewal continued to progress during the period,
following the renewal recommendation by the Brazilian regulator Agência
Nacional de Energia Elétrica (ANEEL) to the ministry of energy, the final
granting authority in this process.

 

Australian solar PV with battery storage assets:

·      The Australian solar and storage programme reached completion in
Q4 2025, with the final two assets becoming fully operational - comprising two
solar PV sites integrated with DC-coupled two hour 4.95MW battery energy
storage systems. The programme now totals 37MW/60MWh of capacity across seven
assets in New South Wales, Queensland and South Australia.

·      The Australian program is comprised of merchant assets targeting
margins inherent to intraday demand peaks and volatility events caused by
generator and grid disruption in the Australian energy market. During the
quarter, less volatility was observed in power prices, however, we expect this
to partially reverse as Australia approaches the peak summer period.

·      Victory Hill continues to explore additional revenue
opportunities, such as capacity revenue and import capability, while
optimising the asset dispatch to capture price volatility.

 

UK flexible power with carbon capture and reuse (CCR) asset:

·      The asset has been ramping-up performance during the fourth
quarter of the year, delivering baseload power and purified CO2 in accordance
with its 15‑year fixed PPA with Axpo and its CO2 offtake agreement with
BUSE.

·      Taking over of this asset from the EPC is expected to occur in Q1
2026.

 

Brazilian solar PV assets:

·      The assets performed marginally below expectations, driven by
weather-related events in the period.

·      As at 31 December 2025, all 13 plants were operating within their
design parameters. During the period, two of the three most recently completed
plants were in a consortium offtake ramp-up phase. The third plant was fully
commercialised through a Telefonica offtake agreement.

·      Following approval of the asset realisation strategy, the three
projects on hold have been marketed as ready-to-build in the sales process,
resulting in a reduction in fair value of the programme.

 

Iberian solar and onshore wind assets:

·      The 10.3MW Spanish solar PV asset - which reached mechanical
completion during 2025 - is expected to reach operational status once the
Spanish asset is connected to the grid by Iberdrola.

·      During the period, construction started on the 64.8MW solar asset
located in the north of Spain.

 

Sustainability Update

·      A total of 55,472 tonnes of greenhouse gas emissions were avoided
in the fourth quarter of 2025 from renewable energy generation. 2,242 tonnes
of CO2 was captured from the UK flexible power with CCR asset.

·      A total 175,227MWh of renewable energy and 16,303MWh of low
carbon energy from the flexible gas with CCR asset were generated by the
portfolio over the same time period, equivalent to over 64,899 average UK
homes powered annually.

·      Almost 7,224 tonnes of sulfur were avoided in the fourth quarter,
attributable to the US terminal storage assets.

·      In the fourth quarter of 2025, following completion of the UK
flexible power with CCR asset, community charity funding was provided to local
projects near the plant through the BizGiv platform. The projects were chosen
for their impact on community wellbeing and resilience, specifically by easing
immediate household pressure linked to high energy costs through support for
the Bassetlaw Local Food Bank and the Community Hub Holiday Hunger Programme,
while building longer-term resilience through local STEM and sustainability
education via EcoCode for School.

 

* Sustainability data is calculated internally at Victory Hill as at 31
December 2025. Historical data and analysis should not be taken as an
indication or guarantee of any future.

 

www.globalenergyinfrastructure.co.uk
(http://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                       info@victory-hill.com
(mailto:info@victory-hill.com)

 

Deutsche Numis (Corporate Broker)

Hugh Jonathan         +44 (0)20 7260 1000

Matt Goss

 

Ocorian Administration (UK) Limited (Company Secretary)

oaukcosecteam@ocorian.com (mailto:oaukcosecteam@ocorian.com)

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).

END

 

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