The Renewables Infrastru... Share Discussion Threads

[jonwig] 16/12/2014 12:46

Of course, NAV depends on the discount rate used for future cash-flows, and perceived demand for such assets.

If the rate rises, and demand for assets falls, NAV will fall. But we've no way of even guessing by how much.

[wirralowl] 16/12/2014 11:28

I'd agree, jonwig. New projects might be more difficult to finance (if the oil price stays this low longer term), but we are almost at NAV now on current assets that have long-term binding income streams, which will be difficult to break for any government. I'd think smaller oil explorers and producers and oil services companies would be more obvious targets for Elliott.

[mojorising] 15/12/2014 12:41

Yes they are making a pretty big bet on this sector going down.

I don't have a clue what it costs them to borrow the stock, but it must be a few percentage points for them just to break even.

[jonwig] 15/12/2014 12:26

The net asset value at 30 Sept was 100.2p, using a pretty high discount rate of 9.1%.
I'd be surprised if the company's valuation went to a discount.

Any political considerations have been around for a good while - nothing new there, I'd think.
But they seem to be short on a few of these funds:

[mojorising] 15/12/2014 12:15

Elliott Capital Advisors are shorting this and four other solar funds. What size of share price fall might they be expecting?

[jonwig] 04/11/2014 07:30

Share issuance program of up to 250m new shares:



Each Issue will comprise a placing of New Shares by the Joint Bookrunners and may ... also include a pre-emptive open offer component and/ or a non-pre-emptive offer for subscription component.

[jonwig] 26/9/2014 20:28

from i i i:

One closed-ended fund option is the Renewables Infrastructure (TRIG), which invests in onshore wind and solar photovoltaic (PV) in the UK, the Republic of Ireland and France. Its portfolio generated 400 gigawatt hours (GWh) in the six months to 30 June 2014, and thanks to acquisitions in the period, directors now value the portfolio at £353 million, up 17.5% since December.

The trust is new, too, floating in July last year at 102p. Since then, the share price has returned 6.2% and net asset value (NAV) has returned 7.2%. At over 107p on Friday, and given the recent share price stability, this level looks sustainable, especially with its strong asset pipeline.

Winterflood Investment Trusts believes there is potential here.

"TRIG offers an attractive level of inflation‐linked income from these limited life assets and, like the majority of the renewable energy funds, also offers the potential for NAV growth. Recent acquisitions have increased the fund's diversification by technology, although it has reduced in terms of geography. The current premium of 4% is in‐line with other funds in the renewable energy infrastructure sector, but remains below premiums currently seen in the Public Private Partnerships and Private Finance Initiative infrastructure sector."

The article also covers INFI, but I wonder whether the latter's higher yield compensates for the riskier geared balance sheet?

ii.co.uk/articles/194543/4-green-investments-grow

[Close the gap in the url ... competitor names get thrown out!]

[wirralowl] 19/9/2014 10:32

Bought back in early this morning on the back of the 'No' vote. Lots of other buys also going through here and elsewhere in the Renewables/Infrastructure sector.

[jaws6] 10/9/2014 16:04

good read

hxxp://www.investmentweek.co.uk/investment-week/news/2363384/rathbones-coombs-my-four-unusual-property-investments?utm_term=&utm_content=Coombs%27%20four%20unusual%20property%20investments&utm_campaign=IW.Daily_RL.EU.A.U&utm_medium=Email&utm_source=IW.DCM.Editors_Updates

[wirralowl] 08/9/2014 08:14

Agree jonwig. I'm on the sidelines now, waiting for the Scottish referendum to play out, but fully intend to come back in if it all plays out ok.

[jonwig] 08/9/2014 07:02

graham - the target returns are in the latest factsheet:



I see that about 25% of their generating capacity is in Scotland. Something which hasn't really registered up to now!

[grahamg8] 07/9/2014 20:59

Just noticed that I bought my first TRIG shares a year ago. Found my original post #18. I was hoping for a total return of 11.65% with a share price at 109p. Well we haven't quite made it and I'm sitting on 8.95% if I cashed in tomorrow. The portfolio return is 9.1% and my memory says their target was/is 9%. With dividends rising in line with inflation the future looks like 6.12p in dividends and the same 2% on the share price for 7.75% more overall by this time next year. As others have said before pretty unexciting but a lot better than money in the bank. And a good fit with my portfolio that has plenty of risks elsewhere.

[cwa1] 04/4/2014 08:12

Dividend received in one of my accounts.

[cwa1] 02/4/2014 15:40

C shares have been added to my account. Pretty quickly and correctly.

[mad foetus] 02/4/2014 09:20

jonwig,
many thanks for all your work on setting up threads for funds of this type: it is very helpful for those of us (probably the silent majority) who are interested in this sector and want to keep abreast of things.

[cwa1] 02/4/2014 09:12

As an aside, I wonder who'll be the first broker to credit the shares applied for correctly?

[cwa1] 02/4/2014 08:43

Yes, I suspect it won't be a roller coaster ride!

[jonwig] 02/4/2014 08:20

Thanks - I've added that chart to the header, though it's not been populated yet.

I suspect it will be a very boring chart, as the conversion in in July.

[cwa1] 02/4/2014 08:08

Ticker for new shares, FWIW, is TRGC.

[cwa1] 28/3/2014 16:19

Agreed, good result. Added a few myself.

[jonwig] 28/3/2014 16:13

Yes, that's a good result. It looks as though I've got all I applied for.

[cwa1] 28/3/2014 15:33

THE RENEWABLES INFRASTRUCTURE GROUP LIMITED

Results of Placing, Open Offer and Offer for Subscription

28 March 2014

The Renewables Infrastructure Group Limited (the "Company") is pleased to announce the results of the Placing, Open Offer and Offer for Subscription of C Shares (the "Issue"). The Issue has raised gross proceeds of GBP66.2 million.

A total of 66,154,395 C Shares will be issued at a price of GBP1.00 per C Share, of which 45,078,070 C Shares will be issued pursuant to the Open Offer, 519,000 C Shares will be issued pursuant to the Offer for Subscription and 20,557,325 C Shares will be issued under the Placing. Renewable Energy Systems Limited, the Company's operations manager, subscribed for 3.75m C Shares (equivalent to its open offer entitlement). All applications will be met in full.

and

Commenting on today's announcement, Helen Mahy, non-executive chairman of the Company, said:

"We are delighted that so many of our existing shareholders, including our larger institutional investors, have supported this capital raising, recognising the appeal of TRIG's attractive yield. The capital will be used to finance the acquisition of the two large solar parks by the Group announced yesterday(1) and, with the Group's revolving acquisition facility, will be used to acquire further investments from our strong pipeline of opportunities. With 319 MW spread across 22 investments in three countries and two sectors, we have the largest and most diverse portfolio amongst our peers and this capital raising enables further investments to be added to the Group's portfolio of operational onshore wind and solar PV assets."

[cwa1] 18/3/2014 12:10

Thanks jonwig. Am happy to have a little more exposure to the sector but certainly not a farm bet being considered. Seems like a reasonably cost effective way to gently increase my holding here, so will take up my rights and a few excess entitlements I think.