London, UK, 9 April 2024

Edison issues update on Premier Miton Global Renewables Trust (PMGR): Deep dive on developers

The energy developers segment of Premier Miton Global Renewables Trust’s (PMGR’s) holdings accounts for 30.2% of its portfolio (at 29 February 2024). These developers can generate significantly higher returns than other sections of the portfolio (eg yield plays and investment trusts) due to higher initial capital investment and development risk. PMGR’s portfolio remains a diversified approach to renewable energy asset investing, with a mix across technologies, geographies and corporate structures. Asset values in renewables have been under some pressure of late due to rising bond yields and, in some sectors, falling forward power price curves, though these are two trends that have arguably run their course.

Bond yields appear to be nearing their cyclical peak and have started to decline. We expect a reversal in the trend seen in 2023 where higher discount rates exerted downward pressures on asset valuations. This should provide PMGR with a tailwind, which, coupled with its portfolio companies delivering strong organic growth and earnings, points to a promising outlook for 2024. PMGR is well-positioned to capitalise on the macroeconomic shift in global aims to further increase, enhance and speed up renewable energy production in 2024.

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