Investment strategy

Following shareholder approval on 28 August 2025, the Company’s previous Investment Objective has been replaced with the following new Investment Objective: The Company’s investment objective is to realise all existing assets in the Portfolio in an orderly manner, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value, while managing the Portfolio so that the Company’s investments in sustainable energy infrastructure seek to make an impact by supporting the attainment and pursuit of key UN sustainable development goals (“SDGs”) where energy and energy infrastructure investments are a direct contributor to the acceleration of the energy transition (the “Sustainability Objective”).

Unique Investment Strategy

ENRG unique investment strategy aims to address structural demand gaps in target markets, with measurable ESG impacts. To address those gaps and support the energy transition on a global scale, core renewables are not sufficient. ENRG’s investments go beyond renewables and target sustainable energy technologies, providing countries that simply cannot move to renewables in the short-term with the appropriate technology.

How to invest

Market leading returns

The Company targets a total unlevered NAV return of 10%, net of fees, and a progressive annual dividend per share, paid quarterly.

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Investing

Our guiding principles

Technology

Geography

Stage

Why invest in ENRG?

A vehicle presenting a distinctive combination of access, return and impact.

Access

Access to global private markets energy investments

A geographically and technologically diversified portfolio of actively managed high-impact investments

Return

Targeting attractive risk-adjusted returns from around the world whilst ensuring an effective and just climate transition

A highly diversified mix of assets driving both long-term capital growth and income

High degree of inflation linkage with over 90% of revenues that are inflation-linked

Impact

Creating environmental impact by support the energy transition, combating climate change and air pollution without compromising on returns.

Transparent impact reporting

SFDR Article 9

SDR Sustainability Impact label

Our investment policy

The Company will pursue its investment objective by effecting an orderly realisation of the Portfolio while seeking to balance maximising returns for Shareholders and the time frame for disposal. The Company will cease to make any new investments (for these purposes and for the avoidance of doubt, further funding provided to existing investment programmes shall not be considered to be new investments), except in limited circumstances where, in the opinion of both the Board and the Investment Manager (or, where relevant, the Investment Manager’s successors): i. the investment is considered necessary or is beneficial to protect or enhance an existing asset’s realisable value; ii. where such acquisition is required by the terms of any existing contractual obligations; and iii. failure to make the follow-on investment may result in a breach of contract or applicable law or regulation by the Company.

Any cash held or received by the Company as part of the realisation process prior to its distribution to Shareholders will be held by the Company as:

cash or cash equivalents, namely money market funds (as defined in the ‘Guidelines on a Common Definition of European Money Market Funds’ published by the Committee of European Securities Regulators (CESR) and adopted by the European Securities and Markets Authority (ESMA)) and other money market instruments (including certificates of deposit, floating rate notes and fixed rate commercial paper of banks or other counterparties having a “single A” or higher credit rating as determined by any internationally recognised rating agency selected by the Board which, may or may not be registered in the EU); and
any “government and public securities” as defined for the purposes of the FCA Rules.

The Company may make use of limited recourse debt for Sustainable Energy Infrastructure Investments (defined below) to provide leverage with the aim of maintaining or enhancing the value of those specific investments and/or shareholder returns. Such long-term limited recourse debt will not, in aggregate, exceed 60% of the prevailing Gross Asset Value at the time of grant of the facility. Other than as described above, it is not proposed that the Company will take on any new borrowings. “Sustainable Energy Infrastructure Investments” means the Company’s investments in global sustainable energy infrastructure, which must be:

investments that support the pursuit and attainment of the SDGs where energy and energy infrastructure investments are a direct contributor to the acceleration of the energy transition towards a net zero carbon world; and
investments that can be categorised into one or more of the four investment pathways that guide the Company’s investment strategy. These investment pathways are (1) Addressing Climate Change, (2) Energy Access, (3) Energy Efficiency, and (4) Market Liberalisation, and must also fall into one or a combination of the following categories i. power, heat and green gas producing assets reliant on, but not limited to, wind, solar, biomass, natural gas and hydropower technologies; ii. production and refinement of fuels derived from biomass sources;
energy storage infrastructure such as containment and non-processing facilities for liquid and gas fuel sources, power storage utilising battery or gravity-based technologies;
energy transportation infrastructure such as pipelines, interconnectors and micro[1]distribution grids;
distributed energy sources (heat, power, gas and steam) which are produced close to where it will be used, rather than at a large centralised plant elsewhere, delivered through a centralised grid infrastructure; and/or vi. equipment that is installed at the premises or on site, directly connected to the premises including, but not limited to, CHP units, CCHP plant schemes, HVAC units, lighting equipment, biomass boilers and steam raising boilers (including intermediate pressure (IP) steam processors), in each case, either already operating, in construction or ready-to-build.

The Company may enter into hedging transactions for the purposes of efficient portfolio management, which may include (as relevant) short-term currency hedging (as described in the last published prospectus of the Company), interest rate hedging and power price hedging. The Company does not intend to use hedging or derivatives for investment purposes but may from time to time use risk management instruments such as forward contracts and swaps (collectively ‘‘Derivatives’’) to protect the Company from any fluctuations in the relative value of currencies against Pound Sterling, as well as to hedge against interest rates and power prices. The Derivatives must be traded by private agreements entered into with financial institutions or reputable entities specialising in this type of transaction and will be limited to maturities no longer than 12 months. The Company will target investments that provide sufficient asset-level returns to compensate for longer term fluctuations in exchange rates. Furthermore, asset level returns where possible will be linked to local inflation rates.

Derivatives may be employed either at the level of the Company, at the level of the relevant SPE or at the level of any intermediate wholly owned subsidiary of the Company.

All hedging policies of the Company will be reviewed by the Board and the AIFM on a regular basis to ensure that the risks associated with the Company’s investments are being appropriately managed. Any derivative transactions carried out will only be for the purpose of efficient portfolio management and will not be carried out for speculative purposes.

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