Riverstone Credit Opportunities Income PLC on Thursday last week reported an increased net asset value per share in its quarterly portfolio report, as it profited from investments in Seawolf Water Resources LP.
The energy-transition and infrastructure investor reported an NAV per share of $1.10 at September 30, 7.8% higher than the $1.02 it reported at June 30. The majority of this increase came due to the investment in Seawolf Water Resources, the company noted. Seawolf provides water solutions to the energy industry.
The investment fund realised investments in FS Crude LLC at a gross internal rate of return of 15% and Circulus Holdings PBLLC at a gross IRR of 17%.
Riverstone Credit continues to invest capital ‘across infrastructure, infrastructure services and energy transition pipeline’. This included upsized investments at Hoover Circular Solutions Ltd and a secondary investment at Seawolf Water Resources.
Although the company noted increased volatility due to the global slowdown and increased price of oil, it said that focusing on energy infrastructure and infrastructure services allows it to navigate swings in the commodity markets.
Chair Reuben Jeffery said: ‘Q3 2022 was very encouraging for RCOI given further profitable realisations as well as new commitments in our target sectors. In addition, a significant quarterly increase in NAV was principally attributable to the attractive investment opportunity secured in Seawolf Resources. I believe the company is well-positioned to continue to provide attractive returns from its portfolio as well as through new senior secured investments from the considerable pipeline of opportunities progressing through due diligence.’
Riverstone Credit shares were quoted at $0.83 in London on Tuesday morning. The stock is down 4.6% over the past 12 months.
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