Portfolio Update

22 April 2024

Menhaden Resource Efficiency PLC

(the “Company”)

LEI: 2138004NTCUZTHFWXS17

Portfolio Update

Menhaden Resource Efficiency PLC announces that it has completed a new private investment with KKR in Avantus, one of the leading solar and energy storage developers in the United States. Avantus has one of the largest and most advanced development pipelines across California and the Southwest.

The initial US$17.5 million investment equates to 10.0% of the Company’s NAV.

The portfolio manager believes the deal is highly opportunistic and expects it to generate returns significantly in excess of public equity markets. This transaction represents the Company’s fourth co-investment with Kohlberg Kravis Roberts (KKR).

Frostrow Capital LLP
Company Secretary

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