PIF

HI there,

Yes - there has been a secular shift away from renewable energy companies. One factor is certainly rising rates which tends to negatively impact utilities like PIF as it costs them more to borrow. As high CAPEX companies, this does weigh on margins. I mean - it is doing quite well and is outperforming some of the more notable players in the industry like BEP, RNW, NPI - all of which trail PIF's performance in 2021.

Long-term - this is still a company well positioned for strong growth. Which is likely why it is holding up better than some of the others - its higher growth profile.

Still plenty of geopolitical risk - but we still like the company as a long-term growth play in the renewable power generation industry.

Mat