Pantheon Infrastructure (PINT)

Sale

The £593m infrastructure investor will benefit from the high-profile sale of Intersect Power to Alphabet, the parent company of Google, for $4.75bn (£3.53bn) in cash. An agreement has been reached between Intersect shareholders and Alphabet for the data centre and energy infrastructure company as the Magnificent Seven stalwart looks to build out capacity for its energy-intensive artificial intelligence (AI) efforts.

The deal will see Alphabet acquire Intersect’s pipeline of energy and data centre projects, although certain operating and development assets are excluded from the sale and will continue to be owned by Intersect’s existing shareholders, including PINT and Climate Adaptive Infrastructure (CAI).

NAV uplift

While the amount and timings of the proceeds that PINT will receive are yet to be confirmed, based on the terms of the sale, the fund said the deal is expected to increase the net asset value (NAV) by 2.5p per share, or 2% of NAV, as of 30 September’s 127.7p valuation.

Short-lived investment

PINT only invested in Intersect in September 2025 as part of a secondary transaction with CAI. It committed $40m (£30m) using foreign exchange hedging instruments to mitigate against any material foreign exchange movements since the original investment.

The sale of Intersect is the second significant realisation PINT has made since its initial public offering (IPO) in 2021, which the board said marks ‘a further step in demonstrating the company’s investment strategy to invest, grow and exit investments benefitting from key infrastructure tailwinds’.

Gresham House Energy Storage (GRID)

Purchase

The £767m investor in battery energy storage systems (BESS) has signed two sale and purchase agreements (SPAs) for the acquisition of the 240MW Cockenzie project in East Lothian and the 57MW Monet’s Garden project in North Yorkshire.

This follows the signing of the 100MW battery project in Elland West Yorkshire in November.

Both Cockenzie and Monet’s Garden have been designed for a two-hour duration – allowing two continuous hours of power provision at its maximum rate – and can be extended to a longer duration in due course.

The acquisitions are part of GRID’s three-year plan, which is just over a year into implementation. The trust is aiming for earnings of £150m by 2027 by doubling its capacity with new acquisitions, refinance, and stabilise its cashflow in the hopes of reinstating dividends.

What the manager says

Ben Guest, manager of GRID, said the SPAs were ‘another step in the execution of our three-year plan’.

‘We look forward to completing the acquisition of all the remaining pipeline and starting construction on all projects,’ he said.

‘Project construction will be staggered to reflect the connection dates of the projects; these dates will be confirmed when grid connection offers have come through in January 2026, and no later than March 2026 in the case of Elland.’

Guest said to maintain growth momentum he is ‘progressing early works, the completion of project financing and advancing long lead equipment in the meantime’.

John Leggate, chair of the trust, said the SPAs mean GRID has ‘substantially completed the heavy lifting for the next phase of the three-year plan’.

Octopus Renewables Infrastructure (ORIT)

Sale

The £979m fund which invests in renewable projects in Australia and Europe has sold stakes in two projects.

It sold a 49% stake of its full ownership in the 67 megawatt (MW) Breach solar farm in Cambridgeshire, and the disposal of its 51% stake in the 46MW Crossdykes onshore wind farm in Scotland.

The sales are in line with the holding valuations and together with the previously announced exits from Simply Blue’s offshore wind platform and the HYRO green hydrogen and e-fuels development platform, takes ORIT’s total sale proceeds in 2025 to £74.3m.

The Breach stake is being sold to Tokyo Century, which will also acquire 49% of Crossdykes. ORIT has agreed to sell the remaining 2% of Crossdykes to the Octopus Energy Generation fund, which already owns 49% of the asset.

Both assets were acquired in 2022 and will retain a 51% stake in Breach, which has the right to add battery storage for connection in 2029.

Debt pay down

The proceeds from the sales will be used to pay down leverage in line with the debt reduction plan set out in March 2025. The lower debt will pave the way for future investment into construction opportunities, which the fund outlined in its ORIT 2030 strategy.

It is in talks to make further disposals.

What the trust says

Philip Austin, chair of ORIT, said the sales are part of its ‘capital recycling programme’.

‘This also reinforces confidence in our underlying asset valuations and discussions with prospective buyers for other assets continue to progress,’ he said.

‘These divestments will enable ORIT to reduce debt and move forward with investment into higher-growth opportunities, which the manager is already pursuing as a key part of our “ORIT 2030” strategy.’

Digital 9 Infrastructure (DGI9)

Sale

The £827m investor in the plumbing of the internet has offloaded another asset as part of its ongoing wind-down. It sold its Atlantic and Irish Sea subsea fibre business Aqua Comms for £34m, which is £1.6m higher than the valuation as of 30 June.

Cash plans

The board intends to return two-thirds of proceeds, implying £22.7m is available for distribution, equal to 2.6p per share.

The board will return the proceeds net of anticipated future working capital needs, which are expected to be around a third of proceeds. Money will be returned via a compulsory capital redemption.

Ongoing sales

DGI9 is now focusing on the sales of Elio Networks and Arqiva over coming years to ‘maximise value for shareholders in line with the previously communicated realisation’ and will use some of the proceeds to maintain an ‘adequate working capital reserve’.

A working capital reserve will optimise exit timings while provide liquidity.

‘’The company will continue to monitor its working capital needs and will accelerate realisation plans and further capital redemptions when appropriate,’ the trust said.

As part of its realisation plans, DGI9 declined to exercise its pre-emption rights to acquire up to a further 26.5% stake in Arqiva.

Ecofin US Renewables Infrastructure (RNEW)

Sale

The £133m investor in US renewable energy, which is currently in managed wind down, has completed its disposal of Whirlwind, a wind project in Texas. It sold the asset to Buho Infrastructure for a net closing payment of $12m (£8.9m) as it continues to return cash to shareholders.

An additional $11m will be held in escrow for up to 11 months ‘pending the resolution of the interconnection stability curtailment issue, with the potential for additional payments of up to $7m based on repowerings that may be conducted by the buyer’.