The companies are focused on investing in companies developing renewable energy projects with installed capacities of up to 20 megawatts, investments in companies developing larger projects may also be considered. Investments will generally be in companies developing projects initiated by specialist small-scale developers and smaller projects which are not attractive to large development companies and utilities. The Manager seeks to invest in equity securities and loan stock of companies owning renewable energy projects, primarily wind energy and hydroelectric. Up to 10% of net proceeds raised from share offers may be allocated to companies developing early stage renewable energy projects prior to planning permissions being obtained.
Management fee 2.25% p.a. of NAV. Performance fee of 20% of the amount by which the Return in any accounting period exceeds 7p per D Share, only payable after the company has provided a cumulative return in NAV payment of dividends 60p per D Share. Total costs capped at 3.6% of NAV.
The Directors have decided to reduce the target dividend for the year ending 28-Feb-19 to 2.50p per D share from 5.00p but the target for the following four years is 5.00p per D share p.a..