The Renewables Infrastructure Group Limited
TRIG
ISIN GG00BBHX2H91 / Valor 21858326
The Renewables Infrastructure Group Limited
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About company
The Renewables Infrastructure Group Limited (TRIG) is a prominent investment company focused on renewable energy infrastructure, with a diversified portfolio that encompasses onshore and offshore wind farms as well as solar parks across the UK and Europe. Established with an initial public offering (IPO) in 2013, TRIG was among the pioneering investment entities in the renewable energy sector to be listed on the London Stock Exchange, and it has since ascended to the FTSE-250 index. The company generates revenue through the sale of electricity and by capitalizing on government-backed green incentives. TRIG's operational and investment strategies are designed to offer its investors long-term, stable dividends while preserving the portfolio’s capital value by reinvesting surplus cash flows after dividend distributions. The company's governance structure includes an independent board of non-executive directors, and its day-to-day operations and investment management are handled by InfraRed Capital Partners and Renewable Energy Systems (RES), respectively. Through its investments, TRIG aims to contribute to a net-zero carbon future by generating sustainable returns for its shareholders from its renewable energy infrastructure projects.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (27.02.2026):
The Renewables Infrastructure Group Limited — results for Q4 2024 (year ended 31 December 2024): TRIG reported FY2024 annual results showing a reduced NAV per share of 115.9p and a portfolio value of £3,116m, lower pro‑forma revenue and EBITDA versus 2023, but continued cash generation, a maintained/dividend target increase to 7.55p, active disposal and buyback programmes and ongoing measures to de‑risk revenues via fixed/contracted streams.
Key financials
NAV per share 115.9p (31 Dec 2024); portfolio value £3,116m (2023: £3,509m). IFRS earnings per share -4.7p (2023: 0.2p). Pro‑forma portfolio EBITDA £493m (2023: £610m). Pro‑forma portfolio revenue £671m (2023: £793m). Dividend per share target increased to 7.55p (2023: 7.47p).
Cash cover, dividend and shareholder returns
Gross cash cover about 2.1x (would be 2.2x including £9m of disposal profits); net dividend cover ~1.0x (c.1.06x including the £9m). 2024 shareholder returns included £21m buybacks (programme increased to £150m) and £184m of dividends; disposals signed in 2024 totalled £185m at >10% average premium to NAV.
NAV movement and valuation drivers
NAV was reduced by a combination of higher discount rates (weighted average discount rate 8.6%, +50bps), weaker short‑to‑medium term power price forecasts and operational/ grid constraints; partially offset by disposal premia, some value‑enhancing activity and share buybacks. FX hedges and a £13m net FX loss also impacted results.
Revenue risk management & power prices
TRIG increased the proportion of fixed revenues (75% in 2024, targeting ~80% in 2025) to mitigate near‑term lower power price forecasts. Long‑run blended assumed prices quoted: c.£52/MWh (GB) and ~€57/MWh (EU) to 2060 (real), with short‑term weakening noted due to lower gas prices and hydro volumes in 2024.
Operational performance and portfolio
Committed portfolio capacity ~2.7GW, ~6TWh generation in 2024. Underlying generation was ~2% below budget (total portfolio production c.5% below budget once grid outages are included). Country variances: France -13% vs budget, UK/GB/Sweden/Germany/Spain modestly below budget. New operational capacity added (e.g., Ranasjö & Salsjö).
Balance sheet, debt and capital allocation
Project‑level gearing reduced (total project debt ~£1.8bn), RCF drawings £309m (RCF: £500m facility, maturity March 2028, margin ~1.75%). TRIG repaid c.£206m of project debt in 2024 and expects further deleveraging and refinancings, with targets to reduce short‑term borrowings and lower fund‑level RCF usage in 2025.
Outlook and near‑term priorities
Management emphasises reducing gearing, continuing accretive disposals and refinancings, executing the £150m buyback hurdle returns, expanding fixed/contracted revenues, and completing the signed partial sale of a 15.2% stake in Gode (expected early March 2025) to further strengthen cash position and capacity for growth.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2632 M
Market cap (USD)
5,179,176
Daily traded volume (Shares)
0.862 / 0.848
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
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Ratings & reviews
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