The Renewables Infrastructure Group Limited
TRIG
ISIN GG00BBHX2H91 / Valor 21858326
The Renewables Infrastructure Group Limited
UMushroom community rating:
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 (01.12.2025):
The Renewables Infrastructure Group Limited — Annual results for the year ended 31 December 2024 (covering Q4 2024). TRIG reported a NAV per share of 115.9p (down from 127.7p at 31 Dec 2023) and a pro‑forma portfolio value of £3,116m. IFRS EPS was -4.7p, pro‑forma portfolio EBITDA was £493m, and the Board set a 2025 dividend target of 7.55p (up modestly from 7.47p). Management emphasised active capital allocation in 2024 (disposals, buybacks and debt reduction) while noting near‑term pressure from lower power price forecasts and higher discount rates.
Headline financials
NAV per share 115.9p (31 Dec 2024) vs 127.7p a year earlier; portfolio value £3,116m (2023: £3,509m). IFRS earnings per share -4.7p. Pro‑forma portfolio EBITDA £493m (2023: £610m). Gross cash cover 2.1x and net dividend cover 1.0x for the reporting year.
Dividend & shareholder returns
Board set a 2025 dividend target of 7.55p (a 1.1% increase versus 2024 dividend). Shareholder returns active in 2024: disposals signed £185m (average >10% premium to carrying value) and share buybacks increased to a £150m programme.
Portfolio & operational performance
Committed portfolio capacity ~2.7GW and c.6TWh generated in 2024. Underlying generation was 2% below budget (net -4.9% including third‑party grid outages). Fixed revenues rose to ~75% of portfolio revenues in 2024 with management targeting ~80% for 2025.
Cash, debt & liquidity
Operational cashflows £390m in 2024. TRIG repaid c.£206m of project‑level debt during the year and reduced RCF drawings from £364m to £309m (RCF maturity March 2028). On completion of the partial Gode disposal, RCF drawings expected to reduce further (pro forma c.£230m).
Valuation drivers
Weighted average discount rate rose to 8.6% (up 50bps), which alongside lower short‑to‑medium term power price forecasts drove NAV decline. Management notes deleterious short‑term price moves but expects longer‑term improvement; FX movements produced a net loss of £13m after hedges.
Capital allocation & disposals
2024 cash allocation: dividends £184m, share buybacks £21m (stepped up to £150m announced), investments £48m. Disposals signed (£185m) were accretive to NAV (c.+0.7p per share). Company emphasises further divestments, refinancings and targeted redeployment to enhance returns.
Outlook & risks
Management expects improved cash cover as operational issues normalise and some power prices recover, but highlights risks from short‑term power price weakness, external grid constraints and higher discount rates. Guidance points to reduced RCF drawings to ~£100m–£230m range over 2025 with continued focus on reducing gearing and funding growth selectively.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2632 M
Market cap (USD)
6,741,553
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)
Est EPS (USD)
Ratings & reviews
EQUITIES OF THE SAME SECTOR
