HgCapital Trust

In 2004, HgCapital established a dedicated renewable energy investment team. We raised our first dedicated fund in 2006, following two years of deep sector research. Our team invests in utility-scale renewable energy projects in Western Europe using proven technologies such as onshore wind, solar and hydro, using an infrastructure fund investment approach. We focus on control investments and create industrial scale renewable energy platforms, seeking to aggregate a number of like assets and to deliver economies of scale. The renewable energy market is the fastest growing generation segment in Europe.

It is an attractive investment opportunity, which is estimated to require significant capital investment over
the medium term. Technological advances and the increased scale of the industry have increased the cost
competitiveness of renewable energy, which also provides favourable inflation linkage and a hedge
against fossil fuel costs. In response to these market drivers, our renewable energy investment theme is to focus on the most efficient technologies and best resourced sites, requiring the least regulatory support
and resulting in the lowest cost for the consumer.

We invest at an industrial scale to reduce intrinsic costs and create strategic value. We are the leading owner of onshore wind farms in Scandinavia, and one of the largest financial investors in UK onshore wind. Our dedicated team benefits from seven full time investment professionals and six support asset management personnel, with several decades of combined industry experience.