What we do
Two questions, in order.
Is the asset real? And does the revenue actually arrive? Everything else follows from those two.
Where we invest
Renewable and conventional both. These are the areas we know well enough to have a view. It's where we spend our time, not a promise about where the money goes.
Solar and wind
Utility-scale generation, onshore and offshore. We care most about the interconnection and the offtake, because that's what decides whether the megawatts are worth anything.
Hydro
Run-of-river and reservoir schemes. Long-lived assets with real operating histories, which is exactly the kind of thing we can underwrite properly.
Grid, storage and offtake
Transmission, batteries and the contracts that move power to a buyer. Storage gets priced on what it earns without subsidy.
Oil and gas production
Producing and near-producing assets, onshore and offshore, where reserves and operating cost are measurable rather than projected.
Midstream, refined products and trade
Terminals, tanks and pipelines, plus physical cargoes, offtake and the working capital behind them.
Energy services
Companies that sell into the sector instead of taking commodity price risk.
How we work
The same order every time, whatever the size of the deal.
Where deals come from
People who are close to the asset. Operators, advisers, lenders, counterparties. We're a poor fit for a broad auction.
Screen
About a week. What is it, who controls it, what pays for it, and how do we get out. Most things stop here, which is the point.
Diligence
Technical, legal and commercial together. We rebuild the seller's numbers ourselves rather than checking their model against itself.
Structure
Security, seniority, information rights. If the downside isn't in the documents, it isn't covered.
After closing
Reporting, covenants, counterparty exposure. And a straight answer, once a year, to whether we'd still buy it today.