The Renewables Infrastructure Group Limited

TRIG

Equity

ISIN GG00BBHX2H91 / Valor 21858326

LSE London Stock Exchange, SETS (2026-08-11)

GBP 0.77-0.78%

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: Finance

Key financials

NAV per share: 104.0p (31 Dec 2025 vs 115.9p at 31 Dec 2024). Portfolio value: £2,875m (down from £3,116m). IFRS earnings per share: -5.4p. Pro‑forma portfolio EBITDA: £459m (vs £493m in 2024). Operational cashflow cited ~£375m; distributable cashflow ~£183m; dividend paid ~£182m. 2026 dividend target: 7.55p per share. Gross cash cover 2.1x; net dividend cover 1.0x.

NAV/valuation drivers

Major valuation movements in 2025 included foreign exchange gains (+£59m), weaker near‑term power price assumptions (-£128m, driven by lower gas prices), higher discount rates (-£58m), modest inflation benefit (+£16m) and regulatory impacts (-£18m). Portfolio return and active management partly offset declines (+£75m). Management says active measures added c.1.3p per share in 2025 with a further c.0.8p per share expected from share buybacks.

Cash generation, dividends and capital allocation

Projects distributed c.£220m (after project-level debt repayments of c.£192m). New investments in the year were ~£116m and disposal proceeds (notably Gode) were ~£84m. TRIG is pursuing a disciplined uses‑of‑cash plan (reducing gearing, shareholder returns and funding growth) and is running a £150m share buyback programme; management highlights the potential for accretive reinvestment to raise distributable cashflow per share over time.

Portfolio and operations

TRIG’s committed portfolio (31 Dec 2025) spans ~2.7GW (operational ~2.3GW) across the UK and Europe, with 5.4TWh generated in 2025. Geographic split ~41% UK / 59% Rest of Europe. Technology mix (by capacity/commitment): onshore wind ~47%, battery storage ~32%, offshore wind ~13%, solar PV ~8%. Around 91% of the portfolio is operational; near‑term development pipeline cited ~900MW (with some short‑term reductions noted in battery projects due to connections reform).

Balance sheet and financing

Management highlights conservative, amortising debt and reduced refinancing risk. A £200m private placement was completed in Feb 2026 (upsized from an initial £150m target) at an average fixed rate ~5.23% with a ~10‑year average term and semi‑annual amortisation. Reported gearing metrics: long‑term debt as a % of enterprise value ~41% (project‑level gearing ~37%); total debt ~46% of EV.

Outlook and management priorities

Management describes 2025 as challenging but expects a more positive 2026 outcome. Near‑term priorities are rebuilding dividend cover, progressing disposals, completing accretive investments and executing the share buyback programme to enhance per‑share cashflows. The company reiterates caution on forecasts (sensitivity to power prices, generation and policy) and emphasises that targets are not guaranteed.

Summarized from source with an LLMView Source

Key figures

-5.44%1Y

-31.5%3Y

-41.6%5Y

Performance

21.3%1Y

20.0%3Y

19.5%5Y

Volatility