The Renewables Infrastru... Share Discussion Threads

[a0002577] 18/8/2016 08:56

Interesting results. It does seem that this share (and UKW) are a bit toppy.

I don't think that the gov't can do much about the FIT but there is scope in the upcoming rate review to do something nasty.

Have just sold my UKW by the way as I was sitting on a 15% gain. Hope to buy them back at a lower price in the next six months - I shall have to wait and see whether this was a good move - but they do seem to have fallen into the same pattern as other shares of an annual move (up and down) of 10% or so in the share price.

[daveofdevon] 18/8/2016 08:06

I have come to accept that unlike some of my other "safe" income sources such as HICL JLIF and UKW this one is not going to offer any capital growth in the near future.

Once I adjust my brain to think of this as a Preference share with a bit of income growth I am happy !

[jonwig] 18/8/2016 07:46

Interim results are out.

SP of 108p vs NAV of 97p gives a premium of over 11%. Yield chasing?

They've confirmed annual dividends of 6.25p which at first sight aren't covered by eps. As the accounts (complex enough!) explain, though:

Cash received from the portfolio by way of distributions was £30.8 million. After operating and finance costs, net cash flow of £26.0 million covered the cash dividend paid in March in respect of the six months to 31 December 2015 by 1.3 times, (or 1.6 times, factoring in amounts invested in the repayment of project-level debt - with the amount repaid, net of cash deposits, at the project level amounting to an additional £7 million, as set out more fully in the Interim Management Report).

I'm fairly confident nothing serious will impact dividends in 2017 (reduced FITS?). Though I wouldn't buy more at this premium, I can't see reasons to sell.

[gateside] 14/5/2016 14:37

Thanks for that. Had a look at all the other companies. As mentioned before I have invested in JLEN which I am happy with. Looking at all the others on the list like the look of TRIG as it has a balance of wind and solar and has less debt than some of the others. They all seem to be moving to quarterly dividends. Which if reinvested make for a sound, safe and boring investment.

[a0002577] 11/5/2016 14:40

Hi, Gateside

On the listed side I have FSFL, BSIF, JLEN, NESF, TRIG, and UKW. Highest Yielder is BSIF @ 6.8%. Quite like FSFL as the long term money they have borrowed (at a good rate) should be earnings enhancing without jeopardising the NAV.

On the VCT side I have VEN and rather a lot of VEN2 bought when prices were much lower than they are today. They yield respectively 7.77% and 7.39 % and of course are already tax sheltered. I bought these for quite a bit less than the current price. If the board do their job as they have said they will, there is still upside but boards of VCTs are rather good at finding excuses for poor performance.

VCTs of course don't buy assets they have shares (&loans) in companies that build and later run assets. Unlike other VCTs these two cannot invest any more money in assets of this kind so they can just pass on the dividends etc to investors without adding any more risk capital. There is considerable scope with both of these to do some financial engineering to enhance returns.

kind regards - BBB

[gateside] 11/5/2016 08:34

A0002577That's a good safe investment strategy you have there. I recently bought JLEN and am tempted by TRIG too. What other renewable energy funds for you have?

[a0002577] 09/5/2016 10:37

All my green infrastructure shares are in tax sheltered environments - thank goodness. I am not macho enough to want to see an increase in share price - does me no good as I want the income and if they are low then I can buy more at a lower price. So when I have divis to reinvest I just pick the highest yielder (preferably below NAV) and go.

As to foreign dividends - they are a B nuisance. The better half has plenty and expects me to do her tax return. I have none!

[jonwig] 09/5/2016 08:34

Right, thanks.

I've checked back and didn't pay sd on my TRIG purchase. It was another share where a dispute arose. Serves me right for relying on memory.

Regarding foreign dividends, if your shares are within an ISA it doesn't matter where the dividends originate. If not in an ISA, you should receive an annual tax document from your broker which will show country of origin of dividends. This is needed for your SA tax return if you do one.

[a0002577] 09/5/2016 08:08

Stamp Duty : Top of page 130 of the admission document

Provided that Ordinary Shares are not registered in any register of the Company kept in the UK and are not paired with shares issued by a UK company, any agreement to transfer Ordinary Shares should not be subject to SDRT. The Company does not intend to maintain a share register in the UK

My broker was YouInvest - check with yours as to SDRT. As to the dividend tax, I guess we will have to wait and see what HMRC actually does - their guide makes no mention of where the dividends originated.

[jonwig] 09/5/2016 06:38

Stamp duty: see July 2013 admission document, page 129.
Nor did I pay stamp duty when I first bought. A couple of days later my broker issued a revised contract note which included sd.

Country of registration, laws of incorporation and tax domicile not the same as country (or countries) in which shares are traded.
Prospectus p2:
(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008 with registered number 56716

[a0002577] 08/5/2016 14:57

but, strangely for a GGY stock, stamp duty is payable

Last lot I bought had no stamp duty. And they have already been down to 95 this year. They are listed on the LSE so cannot really see how they could be a foreign dividend.

[gateside] 07/5/2016 14:59

Thanks jonwig. Thankfully most of my shares are in an ISA. Keeps it simple.

Recently bought JLEN - but have my eye on TRIG too.

[jonwig] 07/5/2016 14:44

GGY Guernsey-registered. Overseas dividends on your self-assessment form.
If not in an ISA, I believe (not sure) that overseas dividends don't count as part of your £5k allowance. In other words, they'll be taxed appropriately at 7.5% or more. (In any case, best to have these tax-protected!)

Definitely complicated:



Inside an ISA or SIPP doesn't matter.

[gateside] 07/5/2016 12:40

What's a GGY stock?

[jonwig] 07/5/2016 06:00

The subscription price is now hardly different from the market price, and the NAV reduction at 31 March is a bit off-putting. It may well be possible to pick up some shares below 101p in due course (but, strangely for a GGY stock, stamp duty is payable).

A000 ... from the 27 April RNS: With the backdrop of a continued flow of renewables projects from their developer-owners to new long-term owners, as well as a substantial flow of new developments underway across most of the Company's target markets, TRIG continues to assess a broad active pipeline of onshore wind and solar PV projects for potential investment, as well as potential opportunities in additional technologies such as offshore wind.

[a0002577] 14/4/2016 18:29

Is the fact that UKW and TRIG both announced a share issuance programme today coincidence or ... Does it mean competition for the assets or are there now so many they will be at a lower price?

[thomasthetank1] 14/4/2016 10:43

Read Liberum's note on The Renewables Infrastructure Group (TRIG), out this morning, by visiting hxxps://www.research-tree.com/companies/uk/trusts%2c_etfs_%26_funds/renewables_infrastructure_gr …
“The Renewables Infrastructure Group is proposing to put in place a share issuance programme of up to 300 million new shares (subject to shareholder approval). Net proceeds raised under the share issuance programme will be used to repay the company's acquisition facility (currently £44m drawn) and invest in an active pipeline of opportunities. The pipeline comprises onshore wind and solar assets in addition to further technologies such as offshore wind. An initial issue is expected in early May 2016 following the publication of a prospectus.…”

[gateside] 13/4/2016 22:32

Link to latest factsheet

[gateside] 13/4/2016 22:30

Financial Calendar

[jonwig] 05/4/2016 12:31

Thanks - a new site for me. I've taken the "free" option, which doesn't offer much. £40 pm looks reasonable - I'll think about it.

[thomasthetank1] 05/4/2016 12:14

Read Liberum’s note on The Renewables Infrastructure Group (TRIG), out this morning, by visiting www.research-tree.com …
"The Renewables Infrastructure Group is a renewable energy infrastructure fund which invests in onshore wind and solar PV projects. The portfolio is highly diversified and produces a stable long-term revenue stream with inflation linkage. The main credit exposure is to national governments (via subsidies) and major utilities. These factors underpin the sustainable 6.5% dividend yield. TRIG also offers high quality management with a strong pipeline of new deals..."

[llef] 03/12/2015 09:11

TRIG will be added to FTSE 250 index on dec 21.
Might trigger some passive index buying between now and then..

[jonwig] 17/7/2015 10:41

They placed 126m shares at the revised price against a maximum possible 142m. That's not a bad result.