Quoted UK infrastructure – the 31 runners and riders

Executive summary

• In this publication, Hardman & Co’s focus is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs), as we update our publication of February 2021. Aside from assessing all 31 stocks under review, this report addresses specifically the impact for the leading REIFs of soaring gas prices – the spot price rose from 50p per therm in April 2021 to over 450p per therm shortly before Christmas – and the widely expected impact on their long-term valuations. Particular attention is also given to the nine new entrants to the expanding infrastructure sector during 2021 – three were IICs and six were REIFs.
• The stocks analysed are all members of the Association of Investment Companies (AIC), and, as a group, their combined market capitalisation is currently £29.7bn. The most valuable IICs are HICL Infrastructure and 3i Infrastructure – both are capitalised at over £3bn each. The largest REIFs are Greencoat UK Wind and TRIG, which are capitalised at £3.3bn and £3.0bn, respectively.