GCP Infrastructure maintains dividend as optimistic on decarbonisation
GCP Infrastructure Investments Ltd on Thursday highlighted the UK’s plan to decarbonise its electricity grid by 2030, noting that the Middle East conflict ‘re-emphasised the need to strengthen the UK’s energy security’.
The closed-ended investment company advised by Gravis Capital Management Ltd provides exposure to UK infrastructure debt.
Net asset value per share was 100.62 pence on March 31, down 1.1% from 101.40p at September 30.
NAV total return was 2.4% in the six months to March 31, improved from 0.5% a year prior.
The interim dividend was maintained at 3.5p per share.
Profit for the six months ended March 31 was £17.0 million, higher than £388,000 a year ago.
Net gains on financial assets at fair value stood at £26.7 million, up from £8.5 million.
Chair Andrew Didham said the backdrop for the alternative income UK investment company sector ‘has remained challenged’ as he noted a continued imbalance of excess supply over demand from UK public market investors for the sector in which the company operates.
Didham said: ‘The UK retains its ambitious plan to decarbonise the electricity grid by 2030 through the Clean Power 2030 [CP30] plan. Auction rounds 7 and 7a of the Contracts for Difference [CfD] supported a record capacity of renewables projects, including 8.4 gigawatt of offshore wind and 6.2 GW of onshore wind, solar photovoltaic and tidal projects. Auction round 8 has been brought forward and will open in July 2026 and is the pivotal round to keep the CP30 objectives on track.’
The chair added: ‘The Middle East conflict has, once again, re-emphasised the need to strengthen the UK’s energy security alongside these decarbonisation objectives.’
Didham said: ‘What remains certain is that material investment in our energy system is required, and infrastructure plays a key role in this. The CfD has been extended to dispatchable power and bioenergy with carbon capture, hydrogen and carbon removals and will also be made available to generators accredited under the renewables obligation.
‘This is a bankable contract structure that supports debt investment. Subject to the capital allocation framework that has been set out, the company remains well placed to benefit from investment opportunities in this, and other, areas of critical UK infrastructure.’
GCP Infrastructure shares were up 0.5% to 77.00 pence each on Thursday morning in London.
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