What smart money is saying about Ecofin Renewables

Position history

Every position in Ecofin Renewables on record in the archive was reported in Q3 2026, across 2 fund letters, with no move described.

Fund activity · 2 positions

• HoldsAVI MIGO Opportunities Trust

  September 2026

  “Other detractors included Phoenix Spree Deutschland (PSDL) (higher German government yields), Ecofin Renewables (RNEW) (no progress on lifting of curtailment at Whirlwind asset which would trigger earn-out payments to RNEW), Living REIT (higher UK government yields), and a new but as-yet-undisclosed UK REIT position (higher UK government yields).”

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  Ecofin Renewables
• HoldsAVI Worldwide Opportunities Fund

  September 2026

  “On the negative side of the ledger, Chrysalis Investments (CHRY) was the largest detractor. While its NAV fell ~8% over the quarter, the discount also widened and has continued to do so post- period end. It is difficult to reconcile the share price move with fundamentals, and we continued to add to the position. CHRY now trades on a ~50% discount to NAV with the carrying value of Starling covering CHRY’s market cap 1.2x. We believe Starling’s valuation can be justified by reference to its high return-on-equity, while its banking-as-a-service subsidiary, Engine, is on a clear pathway to £100m of annualised recurring revenue. With Starling emerging from the regulatory purdah that had been limiting its growth over the last year or so, and recent sector M&A speculation (Monzo/Nubank, ultimately unfulfilled) serving as a reminder of the business’ strategic value, we think Starling’s valuation has upside from here. At the end of the month, CHRY returned 4% of NAV via a compulsory share redemption of shares at 127p (vs current share price of 64p) after the disposal of its stake in Klarna. In the list of largest detractors, VH Global Energy Infrastructure (ENRG) was next following a disappointing price for the sale of its US terminal storage asset. While the transaction took place at a headline discount of 12%, an unexpected tax charge pushed this figure out to 23% (also net of transaction costs). We subsequently re-engaged with the board and management team on our concerns and to re-underwrite our investment case. An announcement was then made to the stock exchange clarifying that no further tax will be payable (if not already provided for) on future asset sales. Although a disappointing start to the sales process, this is where our scenario analysis is important. We build in a large margin of safety, and, from here, even our bear case IRR is a mid-teens figure. While the completion of the US terminal storage asset sale is contingent on the renewal of a key customer contract and the purchaser securing additional equity financing, we note that a sale of the remaining assets within the Brazilian solar portfolio is reportedly well-advanced. Taken together, we could see a significant return of capital within the next few months. The Brazilian hydro asset is performing well and was written up in the latest NAV despite the incorporation of a tax provision, but the sales process has been paused pending an expected renewal of the asset’s concession. Positively, we note that Brazil yields have plummeted to a 2-year low following an unexpectedly strong showing for the right-wing challenger in the presidential elections. Other detractors included a new but as-yet-undisclosed UK REIT position (higher UK government yields), Phoenix Spree Deutschland (PSDL) (higher German government yields), and Ecofin Renewables (RNEW) (no progress on lifting of curtailment at Whirlwind asset which would trigger earn-out payments to RNEW).”

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  Ecofin Renewables