TGHC LIMITED

Risk Rating: MEDIUM

Justification: TGHC LIMITED is active, compliant with filing obligations, and backed by an institutional infrastructure investor. However, the extract contains no financial statement data, so solvency, liquidity, and operational cash generation cannot be independently confirmed. For a capital-intensive electricity production company, this information gap justifies a cautious, medium risk rating rather than a low one.

Key Concerns

1. Absence of Financial Data

The single largest concern is the lack of any balance sheet, profit and loss, cash flow, or prior-year financial figures in the data provided. While the company files “Full” accounts and has a recent year-end of 31 December 2025, actual figures are not included in this extract. Without these, it is impossible to assess: - whether current liabilities exceed current assets; - whether debt service obligations are sustainable; or - whether the company has a positive net asset position.

2. Single-Sector Concentration and Project Finance Exposure

TGHC’s SIC code is 35110 – Production of electricity, which typically involves significant fixed assets, contractual power purchase arrangements, and project-level debt. Cash flows in this sector can be sensitive to: - power price volatility; - plant availability and output; - grid connection constraints; and - changes to renewable energy support schemes or regulatory incentives.

If the company operates a single generating asset, any operational failure or adverse market movement could directly threaten its ability to meet obligations.

3. Related-Party and Governance Dependencies

The company’s secretary is Anesco Limited, a renewable energy and energy efficiency services provider. The directors include a fund manager from the Aviva infrastructure platform. While this points to professional oversight, it also raises questions that require scrutiny: - Are the company’s service contracts with Anesco or other related parties on arm’s length commercial terms? - Does the company rely on the parent/principal shareholder for ongoing financial support, bank guarantees, or funding arrangements? - What fees are being paid for management, administration, or operations and maintenance services?

Positive Indicators

• Compliant Filing Record: The latest confirmation statement was filed on 30 July 2026, and the next due date of 13 August 2027 is comfortably in the future. Accounts for the year ended 31 December 2025 are also on file, with the next due date of 30 September 2027. There are no overdue filings or penalty signs.
• Institutional Ownership and Oversight: The company is majority-owned by Aviva Investors Realm Infrastructure No.1 Limited, a corporate entity with more than 75% of shares and voting rights. This indicates the company sits within an established institutional investment structure, which generally brings financial discipline and governance rigour.
• Experienced Officer Base: The board includes a mix of directors, one of whom is a fund manager, and an experienced renewable energy services firm as secretary. This suggests the company has access to sector expertise.
• Long Operational History: Incorporated in March 2011, the company has been active for over a decade, implying it has progressed beyond a pure development-stage entity.

Due Diligence Notes

Before any investment or lending decision, the following should be investigated:

1. Full Audited Financial Statements: Obtain the latest accounts and the prior three years, including the balance sheet, profit and loss account, cash flow statement, and notes. Calculate current ratio, interest cover, debt-to-equity, and net asset trends.
2. Debt and Security Structure: Review the Companies House charges register to identify any fixed or floating charges, secured debt, or project financings. Obtain loan covenants, repayment schedules, and any cross-default provisions.
3. Ultimate Parent and Support Arrangements: Confirm the structure above Aviva Investors Realm Infrastructure No.1 Limited and investigate whether the parent provides subordinated debt, guarantees, or payment support to TGHC.
4. Revenue and Contractual Position: Assess power purchase agreements, feed-in tariff or Contract for Difference arrangements, grid connection capacity, and any merchant power price exposure.
5. Related-Party Agreements: Examine all contracts involving Anesco Limited and any other connected parties. Confirm that fees are market rate and have been approved by the board appropriately.
6. Director and Officer Backgrounds: Run full registry checks on current directors and the secretary, including other directorships and any historical disqualifications or insolvency involvement.
7. Asset Condition and Environmental Liabilities: For a power generator, review plant maintenance history, asset life, insurance cover, and any decommissioning or restoration obligations.

Executive Summary

TGHC LIMITED appears to be an administratively compliant, institutionally backed electricity generation company with no obvious filing or governance red flags. However, the lack of financial statement data in this extract means solvency and liquidity cannot be verified at this stage. The company therefore warrants a MEDIUM risk rating pending a full review of its audited accounts, debt structure, and project-level contracts.