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Green momentum
For some investors, the health and economic crisis is also highlighting the need to invest in climate change.
“Our [environmental] problems that we have today, we’re still going to have them tomorrow,” said Everett Smith, managing partner of the clean energy investment firm Greenwood Sustainable Infrastructure LLC, in a recent interview. And in a volatile market, “the kinds of assets that we’re investing in are throwing off long-term, visible, stable cash flows,” he said.
So far, renewable energy assets such as wind and solar plants have proven to be financially resilient since in many cases they sell electricity under fixed-price, long-term contracts that help to shelter their revenues from economic disruptions.
“[The] underlying theme of investing in climate change solutions is proving a durable asset class and one that we believe will come out of this crisis even stronger,” said Jeffrey Eckel, chairman, president and CEO of renewable energy investor Hannon Armstrong Sustainable Infrastructure Capital Inc., on a May 7 earnings call.
Additionally, there is a push for governments to make clean energy a cornerstone of their economic recovery packages, which could provide a big capital infusion to the sector and increase the momentum of investment.
“[The] build-out of wind and solar power have become a cost-effective way of decarbonizing societies while driving local economic activity and job creation,” said Henrik Poulsen, president and CEO of Ørsted A/S, the world’s leading wind farm developer, on an April 29 earnings call. “As such, we are convinced that the public and political focus on sustainability and green investments will remain strong.”
The iShares Global Clean Energy ETF, which is managed by BlackRock Fund Advisors, is down 8.2% in the year through May 15, outperforming the broader market. The fund’s largest holding is in Enphase Energy Inc., a solar equipment manufacturer whose shares rose 123.4% year-to-date through May 15.
“We believe this focus on ESG will become increasingly important, especially as the coronavirus pandemic brings greater attention to the investments needed to make our economy, society and environment more sustainable and accessible to all,” said Claire Peel, CFO of German asset manager DWS Group GmbH & Co. KGaA, on an April 29 earnings call.
Article by S&P Global Market Intelligence
JACOB WOLINSKY
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and three kids in Passaic NJ. - Email: jacob(at)valuewalk.com FD: I do not purchase any equities to avoid conflict of interest and any insider information. I have a few existing holdings from years ago, but mostly mutual funds and some ETFs. I also own 2.5 grams of Gold