Share Name Share Symbol Market Type Share ISIN Share Description
The Renewables Infrastructure Group Limited LSE:TRIG London Ordinary Share GG00BBHX2H91 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.40 0.32% 126.20 2,087,065 08:57:23
Bid Price Offer Price High Price Low Price Open Price
125.80 126.20 126.20 125.00 126.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 162.03 11.40 11.1 2,198
Last Trade Time Trade Type Trade Size Trade Price Currency
08:58:35 O 50 126.20 GBX

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09/5/201717:19The Renewables Infrastructure Group3

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The Renewables Infrastru... Daily Update: The Renewables Infrastructure Group Limited is listed in the Alternative Energy sector of the London Stock Exchange with ticker TRIG. The last closing price for The Renewables Infrastru... was 125.80p.
The Renewables Infrastructure Group Limited has a 4 week average price of 125p and a 12 week average price of 125p.
The 1 year high share price is 140.60p while the 1 year low share price is currently 95.90p.
There are currently 1,741,925,855 shares in issue and the average daily traded volume is 6,824,492 shares. The market capitalisation of The Renewables Infrastructure Group Limited is £2,198,310,429.01.
petewy: good mention in IC: For investors looking to access this space, Ryan Hughes, head of active portfolios at AJ Bell recommends looking at the largest and most established in the sector, The Renewables Infrastructure Group (TRIG). “It has a strong pedigree, was launched over seven years ago and has a market cap of well over £2bn, which should encourage investors that they are not simply following the latest fashionable investment idea,” and more...
pinemartin9: So they are an energy generation company that buys into derisked assets. They don't do the project development but have first refusal on the pipeline of RES. They also acquire elsewhere too. Mainly onshore portfolio but with a small stake in offshore Merkur (Germany). The NAV fluctuates dependent on the value of their assets which is determined by historic and future energy returns form that asset. Cash flow comes in from selling the energy or from power purchase agreements. Where the upside will come is from an upturn in energy prices through increased demand and also revaluation of their operational assets. I assume if they repower a wind farm or "sweat the asset" beyond the original design life this will have a significant value to them and the NAV value. The dividend of 6.5% is interesting. Seems like a long term hold and wait for them increase NAV through canny management of their portfolio leveraging the technical expertise of RES. How long have people here been in and what's your motivation? I like the idea of gaining exposure to a range of operational wind farms. The dividend is nice. What has driven share price increase historically here?
pinemartin9: Orsted, Nextera Energy have both done well for me. I'm looking at TRIG but looks a little "boring". Take a look at RWE. Just merged with EON and massive pipeline of projects in development. Thoughts welcome.
carpingtris: RNS from yesterday: Acquisition of French onshore wind construction project The Board of TRIG is pleased to announce that the Company has acquired a 100% interest in Haut Vannier SAS ("Haut Vannier" or "the Project"), with the rights to construct a 43MW wind farm located in Haute-Marne, approximately 65km northeast of the city of Dijon in France. The Project has been developed by Envision and Velocita, who will continue to carry out the construction, and will consist of 17 Envision 2.5MW E-131 turbines. Construction is underway and the Project is expected to commence operations in Q1 2022. RES will provide asset owner engineer services during the construction period. The Project will benefit from an attractive 20-year subsidy in the form of an inflation linked Contract-for-Difference with the utility company EDF, which fixes the price to be received for the power. As a result, the Project has no power price risk for the duration of the subsidy term. This acquisition represents the continuation of the Company's strategy to complement its balanced portfolio with different revenue characteristics to generate sustainable returns for shareholders, within TRIG's identified key markets. Once constructed, the Project would represent approximately 1% of TRIG's portfolio value on a committed investment basis. Following this acquisition, the percentage of TRIG's assets which are in construction will be approximately 10%.
davebowler: Liberum; Event TRIG's NAV per share at 30 June 2020 was 113.0p, representing a NAV total return of 1.2% in H1 2020 and 4.1% over the last 12 months. NAV performance was impacted by falling power prices, which led to a 6.3% reduction in the rebased portfolio value in the period. The overall portfolio total return in H1 was 3.1% due to positive contributions from a 0.2% reduction in the average discount rate (+1.5%), FX gains (+2.9%) and the balance of portfolio return (+5.1%). The latter includes the unwinding of the discount rate and enhancements from improved PPA terms, reduced maintenance costs on O&M contract renewals and strong production in the period. The June valuation reflect a material reduction in near-term power price forecasts as a result of lower electricity demand and reductions in gas and carbon prices. The longer-term forecasts have also been reduced. In the GB and Euro jurisdictions, the average cannibalised capture price in the latest forecasts is £41 (GB) and £37 (Euro) per MWh for the period 2020-2024 and £44 (GB) and £48 (Euro) per MWh for the period 2025-2050 (real prices). Season ahead power prices have fallen c.10% over the last six months and power demand is c.7% below expected demand without the impact of Covid-19 (10% below in the UK). However, demand has been increasing as lockdowns have eased. TRIG benefits from being diversified across five separate power markets. The portfolio has near-term protection in cash revenues from movements in wholesale power prices as the portfolio receives a high proportion of its revenue from fixed PPAs and government subsidies. 80% of 2020 revenues are expected to be fixed via subsidies or fixed PPAs. Fixed revenues are projected to comprise 74% of revenues over the next five years and 67% over the next 10 years. At 30 June 2020 the portfolio comprised 74 assets, including 45 wind, 28 solar and one battery storage projects. Portfolio diversification benefited production in H1 2020. Production was 9% above budget for the half-year, due to a combination of wind and irradiation levels and good availability. Scandinavian and GB wind assets benefited from high wind resource in the period. The strong operational performance has contributed to the robust dividend cover of 1.25x in H1 2020 (H1 2019: 1.30x) despite the impact of lower power prices. TRIG's 6.76p target dividend for 2020 has been reaffirmed. Ongoing charges were 0.96% in H1 (annualised), demonstrating the advantages of the company's increased scale . Acquisition activity slowed slightly in H1 following a record year in 2019, with £281m of new investments in the period (£347m in H1 2019). Acquisitions included large investments in Merkur, the 396MW operational German offshore wind farm with fixed revenues for the next 13 years. The company also decided not to proceed with its investment in Phase 2 if Erstrask, which would have required a €125m commitment. Construction had been delayed and the project has missed key milestones. There is no financial penalty for not proceeding with the investment and TRIG took no construction or delay risks. Phase 1 was also sold back to the developer in July. TRIG is well positioned to fund further acquisitions with net surplus cash of £30m following recent disposals and an undrawn £340m revolving credit facility. Liberum view The strong cash generation in H1 2020 has highlighted the resilience of the portfolio during a particularly volatile period across wider markets. TRIG's exposure to power prices is mitigated by the high proportion of fixed cash flows as a result of subsidy agreements and PPAs. Portfolio diversification has increased the amount of fixed revenues with projects in France and Germany benefiting from Feed in Tariffs. Fixes have been agreed for assets in other jurisdictions. This provides robust earnings visibility and underpins the dividend. The dividend remains well covered at 1.25x, (broadly in line with FY 2019) driven by strong production (9% ahead of budget). Forward power prices indicate a recovery in the second half of the year. TRIG is operating from a position of strength with a robust balance sheet and a confident outlook on revenue generation
muscletrade: TRIG issuing shares at big premium to ‘stale’ NAV By Michelle McGagh 20 May, 2020 2 Comments TRIG issuing shares at big premium to ‘stale’ NAV The Renewables Infrastructure Group (TRIG) is attempting to raise around £50m in a share issue priced at up to 9% over net asset value (NAV). Although it is good practice for investment companies to issue new shares at a small premium over NAV to boost the stakes of existing shareholders and avoid them paying the costs of a fund-raising, it is unusual for the premium to be so high. The ‘tap’ issue, announced yesterday, will enable the £2bn wind and solar power fund to replenish its bank overdraft and meet the £35m cost of construction projects this year and next. It is priced at 120p, a 5.8% discount below the closing price of its shares on Monday and a 4.3% premium to its 31 December NAV per share of 115p. However, that end-of-year NAV is very much out of date after the company last month cautioned that falling long-term power price forecasts, which have cast a shadow over the renewables fund sector this year, had probably lopped 4.5% from the value of its portfolio. Stifel analyst Iain Scouller said it was ‘a bit surprising that it is doing this when the NAV at 31 December is stale and the next one at 30 June is not due to be published until early August’. ‘It did indicate in a trading statement a few weeks ago that the NAV could have fallen by around 5% from the 115p reported at 31 December. Therefore at a price of 120p, the issue is being done at a fairly high 9% premium to this potential NAV of around 110p.’ The shares fell 4.8%, or 6p, to 121p yesterday, just above the issue price, but have added 1.9p to 123.1p this morning. TRIG has grown rapidly in the past seven years through fund raisings as environmental and income-seeking investors have sought out the 5.6% yielder. The Guernsey investment company raised £227.6m in October with the issue of 185m shares at 123p. The latest share issue comes after TRIG used up its available funds investing in German North Sea offshore wind farm Merkur with a Dutch pension fund, putting money into a French wind farm Fujin last year and, earlier this year, buying the Blary Hill wind farm in Scotland, swelling its portfolio of over 70 wind, solar, and battery storage investments. In an announcement, TRIG said ‘asset availability’ remains strong and ‘progress at the company’s three construction projects remains materially on-track, notwithstanding the Covid-19 pandemic’. ‘In light of the attractive pipeline of suitable investment opportunities that InfraRed, the company’s investment manager, is continuing to evaluate for the company, the board believes that is an appropriate point at which to seek to raise money through the issue of new ordinary shares,’ it said. Although TRIG did not say how much it wanted to raise, Numis Securities analyst Priyesh Parmar said having renewed its ‘10% tap issuance capacity’ at the last AGM it would be able to issue up to 163.7m shares, ‘although this would generate considerably more proceeds than is needed to repay the £50m expected to be drawn on the revolving credit facility by third quarter 2020’. The results of the issue will be announced tomorrow with the new shares starting trading on the stock exchange next Tuesday.
davebowler: Liberum; Event The latest set of power price forecasts received by TRIG show a material reduction in assumptions in the near term (since the valuation at 31 December 2019). The latest forecasts indicate a 17% reduction in power price projections over the next five years (25% reduction in 2020 and 2021). Forecasts for the period from 2025-2050 have decreased by 5%. The fall in power price projections is due to reduced economic activity. Power price forecasts for each of the five jurisdictions across Europe in which TRIG operates show similar reductions. In the GB market, the average cannibalised capture price in the latest forecasts is £39 per MWh for the period 2020-2024 and £46 per MWh for the period 2025-2050 (real prices). If these figures were applied to the portfolio valuation, the implied NAV reduction would be c.5p per share. The next portfolio valuation will be at the June 2020 interim results. The June valuation will incorporate the latest available set of assumptions as well as other variables such as value enhancements and the strong operational performance in Q1 2020. Portfolio generation was 22% above budget for Q1 2020, driven by offshore wind farms and assets in Britain and Sweden. Site availability has also been within 1% of budget. 74% of TRIG's revenues are fixed over the period to December 2024. Over 80% of revenues are fixed over the next two years. The dividend for 2020 is projected to be fully covered and the board has reaffirmed the dividend guidance of 6.76p for 2020. Assets in construction make up 8% of the portfolio (Solwaybank, Blary Hill and Venelle). Venelle in France is partly commissioned (6 out of 16 turbines are operational) with the remainder due to complete in the summer. Solwaybank is expected to be operational by the end of 2020 and Blary Hill is due to commence construction shortly. Liberum view TRIG's exposure to power prices is mitigated by the high proportion of fixed cash flows as a result of subsidy agreements and PPAs. Portfolio diversification has increased the amount of fixed revenues with projects in France and Germany benefiting from Feed in Tariffs. Fixes have been agreed for assets in other jurisdictions. This provides robust earnings visibility and underpins the dividend. The implied 5p NAV reduction from the latest set of power price forecasts does not include any upside from value enhancements. TRIG is operating from a position of strength with a robust balance sheet and a confident outlook on revenue generation in 2020. The company has increased the proportion of fixed rate revenues in recent months. Over 80% of revenues are fixed for the next two years. At 23 March, the figure was 77% for 2020. Guidance on proportion of near-term fixed revenues Fund Near-term proportion of fixed revenues Aquila European Renewables Income 70% of present value of forecast revenue over five years is comprised of subsidies of fixed price PPAs Bluefield Solar Income Fund- 88% in 2020; 77% until June 2021 Foresight Solar Fund Ltd- 67% in 2020 Greencoat UK Wind- Not disclosed Greencoat Renewables- 97% contracted until December 2027 JLEN Environmental Assets- 64% of revenues are either Green benefits or PFI. Of remaining 36%, fixed price or floor contracts in place for 49% of generation for summer 2020 and 48% for winter 2020/21 NextEnergy Solar Fund Ltd- 61% of revenues regulated over next 12 months. Of remaining 39%, fixed price contracts in place for 95% of generation for summer 2020 and 50% for winter 2020/21 Renewables Infrastructure Group- 80% over next two years; 74% to December 2024 Source: Liberum, Company data Only one fund in the peer group, Greencoat UK Wind, has reported an updated NAV since December 2019. Greencoat's NAV per share fell by 0.2p in Q1 2020. This included a slight reduction in near-term price forecasts due to lower gas and carbon prices. Greencoat UK Wind uses forecasts from one third-party provider in its portfolio valuation. TRIG and the majority of the peer group use forecasts from two providers. The latest forecasts received by TRIG are therefore likely to have come from the other major third-party provider. The peer group is likely to experience a similar adjustment to power price forecasts over the coming quarters. Source of power price forecasts for listed renewable funds Fund Power price forecasts Bluefield Solar Income Fund- Average of three providers Foresight Solar Fund Ltd- Average of two providers Greencoat UK Wind- One provider Greencoat Renewables- One provider JLEN Environmental Assets- Blend of two providers NextEnergy Solar Fund Ltd- Average of two providers Renewables Infrastructure Group- Blend of two providers
chester42: Share price almost hitting 52 week high - I'm not sure if that's a sustainable price with so much uncertainty around. It's already heading south today. Share price seems more comfortable around 128p for now.
davebowler: Liberum; Reassuring update on operations and cash flows Mkt Cap £1,689m | Prem/(disc) -10.3% | Div yield 6.6% Event TRIG held an investor call yesterday to provide an update on the portfolio and the company's financial position in light of the COVID-19 pandemic. Key takeaways included: Operational performance - business continuity plans are in place across the maintenance and asset management teams in all of the company's jurisdictions. The portfolio mainly comprises wind farms and solar parks and the majority of faults can be reset remotely. Supply chain disruption for spare parts has been mitigated by the approach to condition monitoring and acquisition of strategic spares. Diversification - the portfolio diversification across 74 projects in the UK, Ireland, France, Germany and Sweden lessens the potential impact to site availability from wider grid issues or issues with substations etc. Construction - the company's construction projects may be delayed. The exposure to construction was 8% of the portfolio at 31 December 2019 on a fully committed basis (Solwaybank, Blary Hill and Venelle). Generation - Portfolio generation is 25% above budget to date in 2020. Q1 is a crucial quarter for revenues as TRIG typically generates 30% of revenue in the quarter. Power prices - Lower power prices have impacted revenue although these are expected to rise slightly (based on forward prices). 77% of generation benefits from fixed prices, reducing the impact of lower power prices. Cash flow projection - Based on forward power prices and the portfolio generation to date in 2020, the manager's revised cash flow projections for 2020 show only a small reduction versus the original budget. Dividend guidance has been maintained at 6.76p per share for 2020. FX hedging - 45% of the portfolio value is in Euro-denominated investments. 80% of the balance sheet value of the Euro assets are hedged four years ahead. The hedges are settled as they expire and there are no margin calls. Financial strength - TRIG has £100m of cash and an undrawn £340m RCF. This more than covers outstanding commitments of £350m due by the end of 2021 on Merkur, Ersträsk Phase 2, Solwaybank and Blary Hill. TRIG has no refinancing exposure as all of the drawn debt is long-term project finance. The debt is fully amortised before the end of the subsidy life of the assets. Liberum view During this challenging period, TRIG is operating from a position of strength with a robust balance sheet and a confident outlook on revenue generation in 2020. This is underpinned by the high proportion of fixed cash flows over the medium term as a result of subsidy agreements and PPAs. The outlook for dividend cover remains strong and we believe recent share price weakness represents an attractive entry opportunity.
davebowler: Liberum; 2019 results demonstrate benefits of diversification and scale Mkt Cap £2,242m | Prem/(disc) 19.1% | Div yield 4.8% Event TRIG's NAV per share at 31 December 2019 was 115.0p, representing a NAV total return of 11.9% in 2019 (H1: 8.6%; H2 2.9%). NAV performance for the year benefited from asset life extensions (mainly in H1), asset enhancements and discount rate compression. This was partly offset by falling power prices. The portfolio valuation at the December 2019 was £1,745m. Lower power price projections reduced the portfolio valuation by £101m in 2019. The reduction was most marked in the UK due to increased build-out projections of renewable projects (particularly offshore wind). The blended curve was down 9% over the year (UK -11%, non-UK range of -2% to -5%). The portfolio valuation also includes a c.10% adjustment to the baseload power price to allow for cannibalisation. The impact of power prices was largely offset by asset life extensions and the reduction in the discount rate to 7.25% (December 2018: 7.6%). The balance of the portfolio return included a number of value enhancements in addition to the unwinding of the discount rate. NAV performance in the year was boosted by value enhancements including refinancing gains, improved PPA terms, portfolio level tax reliefs and a better outcome from the targeted charging review than had been provided for. In addition to mitigating the effect of reduced power price forecasts, portfolio diversification benefited production in 2019. Production was 4.4% below budget for 2019, mainly due to low wind resource. Solar generation was 6.9% above budget. Dividend cover remained robust at 1.2x in 2019 despite this and lower achieved power prices in the year. TRIG's target dividend has been increased by 1.8% to 6.76p for 2020. The ongoing charges ratio continues to fall and is now sub-1%, demonstrating the advantages of the company's increased scale. 2019 was TRIG's most active year in terms of acquisitions with £612m of new commitments adding 519MW of capacity. £508m was invested in the year and the company has £350m of outstanding commitments. Acquisitions in the year included large investments in Jädraas (€209m), an onshore Swedish wind farm, and the first investments in German offshore wind farms (c.£280m for stakes in Gode Wind 1 and Merkur). Surplus cash at the period end was £100m and TRIG expects to be c.£70m drawn on its revolving credit facility once £174m of commitments in H1 2020 are funded. Liberum view 2019 has been another year of strong NAV returns for TRIG, maintaining the positive performance since IPO (8.4% annualised NAV TR). This has been achieved despite the impact of falling power prices in the UK. The portfolio diversification has increased considerably over the past 18 months. The manager has added investments in established markets such as Sweden and Germany. 45% of the portfolio is now invested in non-UK assets, which has helped reduce the exposure to UK power prices. We also note commentary on the potential for future investment opportunities in subsidy free solar in Iberia and UK battery storage. The investments in new jurisdictions have typically been done alongside experienced operators and partners. The new investments help to diversify portfolio exposure by jurisdiction, weather system and power market.
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