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TRIG The Renewables Infrastructure Group Limited

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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
  0.00 0.0% 0.00 -
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Finance Services 567.11 520.71 21.00 4.74 0.00
Last Trade Time Trade Type Trade Size Trade Price Currency
- 0 GBX

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Date Time Title Posts
18/2/202208:08The Renewables Infrastructure Group11

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Posted at 14/9/2023 14:00 by seanyboy
Have had trig on my radar now for 3 years & still to pull the trigger - no pun intended! I like the sector of course but it seems to be doing squiddly well actually worse than that as this is the lowest I have seen it for a while! Can anyone see in what scenario the share price can get above 150p which well beyond current price any views appreciated
Posted at 11/8/2023 16:10 by davebowler
As we have noted on several occasions over the past few months, despite poor share price returns, the underlying fundamentals of the renewable energy sector remain strong, particularly for those companies benefitting from inflation-linked subsidies and exposure to wholesale power prices. In many cases, these tailwinds have more than offset the adverse impact of rising discount rates on NAVs. While these weigh on returns in the short term, it is difficult to see how such wide share price discounts can be maintained for long, even with the increased politicking that we have seen of late, which Cherry Reynard has commented on here.

Within the sector, some companies have fared better than others and it does not seem like a coincidence that the three trusts trading on the tightest discounts also happen to be the largest by market cap, with Greencoat UK Wind (UKW), Greencoat Renewables (GRP), and the Renewables Infrastructure Group (TRIG) all multitudes larger than the peer group median. This is likely an indication that the main sellers of renewables funds have been the larger wealth managers, who are increasingly obsessed with liquidity. While scale in isolation is certainly not a reliable indicator of success, all three trusts have continued to show continued fundamental stability despite the volatile macro environment.

This week, following the publication of its interim results, I got a chance to sit down with some of the key members of TRIG’s management team. Despite trading on one of the narrowest discounts in the sector, TRIG stands out as a particularly attractive proposition at current prices thanks to the clear, long-term potential of the fund’s assets and the willingness of its managers to embrace the opportunities present in the sector.

The company owns the largest diversified portfolio of renewable energy investments within the UK investment company sector, spread across eight countries and four asset classes. This is in contrast with the majority of the other funds that are either single mandate or specialists in individual assets, exposing them to considerable and often unhedgable risks, which are exacerbated further by the intermittent nature of renewable energy generation. We have seen this play out over the last few years, particularly with regard to generation from wind, with prolonged periods of below average wind speeds causing energy output drop by over 30% for some producers. TRIG certainly was not immune to these challenges, however the overall impact on its portfolio as a whole was limited thanks to its geographic, technological, and revenue diversification.

The diversity within TRIG appears to be an extension of the proactive nature of the management team and its ability to identify opportunities within this fast-moving sector. As technology accelerates and the cost of various infrastructure investments continues to fall, managers who remain stationary, or those unwilling, or unable to take certain risks, get left behind. That is true in any industry but is particularly relevant here given the speed at which renewable production is changing, and the variety of technologies available.

In 2021, the managers requested an increase to the fund’s mandate to invest in development projects – from 15% of the fund to 25% – identifying a potential value add to shareholders. While these projects come with elevated risks, these are mitigated to an extent by the stability of the company’s existing portfolio, particularly its six offshore wind projects, which benefit from protected cash flows, reducing the sensitivity of its equity returns to changes in power price levels. Over the first half of 2023, these investments delivered operational cash flows of £264m, representing three times cover of the £87m cash dividend paid to shareholders (at a yield of over 6%). Outside of paying down portfolio level debt, the bulk of these cashflows were reinvested into construction projects, including the commissioning of four solar projects in Spain, an onshore wind farm in Sweden and the development of two near term battery storage projects in the UK, further highlighting the desire of TRIG’s managers to generate shareholder value through effective diversification.

The company is also able to leverage its scale, and balance sheet to deliver projects that would be beyond the scope of many other funds in the sector, particularly relating to increasing merchant risk. Subsidy-free projects are becoming more common place as the market matures, particularly for solar installations, and TRIG’s ability to be a relative first mover provides considerable advantages, both in terms of the ability to select prime developments, and to negotiate agreeable rates of return that reflect the increased risk (which can be as much as two to four times greater than construction risk). Again, thanks to the structure of the portfolio, the managers can branch out into higher return investments with the knowledge that over 50% of forecast revenues are linked through subsidy support mechanisms providing a natural hedge to increasing return expectations.

The expertise in developing these projects should also not be discounted given the increasing complexity that exists when taking on merchant risk, and the potential opportunities that will arise as long-term project subsides roll off in the coming years will likely be substantial.

One of the key challenges of investing in renewable energy over the years has been to manage the disconnect between the clear, long term, opportunity that exists, and the bottom-up reality of the assets in the sector. We all know that renewables will need to make up the bulk of the world’s energy supply over the next century, and that regulatory tailwinds to drive investment are immense. However, identifying tomorrow’s winners has proved to be no easy task. Investors must navigate a revolving door of technologies, confusing business models, and a patchwork regulatory environment. This remains the case today, even as the industry has begun to mature. The value of funds like TRIG is that they are capable of navigating these complexities, thanks to a wealth of technological expertise, while also having structures in place to manage the downside risks that are unfortunately commonplace given the variable nature of production (such as wind generation mentioned above).

Renewable energy investment is a long game, and as with any investment, preserving capital is key to generating long term, compounding returns. TRIG appears as well equipped as any to achieve this thanks to the level of diversity within its portfolio, and the continued execution by its managers.
Posted at 10/8/2023 08:37 by jong
XD Today. 1.795p per share payable on Friday 29 September.
Posted at 09/8/2023 09:50 by davebowler
04 AUG, 2023
Better than bonds: TRIG considers buybacks as surplus cash blows in
Update: Half-year results from Renewables Infrastructure Group show £3.5bn income fund promising to beat gilts and with room to buy back shares that have drifted to a 14% discount.

The Renewables Infrastructure Group (TRIG) has held out the prospect of share buybacks to tackle its 14% discount as the board and fund manager Infrared Capital work out the best use for its cash flows driven by inflation and power prices.

Half-year results today showed the £3.5bn portfolio of wind and solar power projects generated £264m cash in the six months to June, three times what the 6%-yielder needs to cover its quarterly dividends.

Dividends were covered 1.7 times by net cash flows, up from 1.4 times a year ago, as the investment company continued to prioritise debt reduction, repaying £119m of portfolio-level borrowing in the period.

Both the chairman Richard Morse and fund manager Richard Crawford said the priorities for its surplus cash flow were lowering the £410m drawn down on its £750m credit facility and funding the construction of two battery projects in the UK, solar plants in Spain and an offshore wind farm in Sweden.

‘Beyond this, the investment manager adopts a disciplined approach to further capital outlay, where, together with the board, it also considers share buybacks alongside potential new investments as well as disposals to generate cash for such allocations in seeking the best return for shareholders,’ Morse said.

‘Right policy’
Confirmation that TRIG was on track to hit this year’s dividend target of 7.18p per share, up from 6.84p in 2022, and that buybacks were on the agenda lifted its shares 1% to 115p.

‘This is clearly the right policy in view of the current discount and constraints on capital, albeit evidence of execution will be key,’ said Jefferies analyst Matthew Hose.

TRIG shares have fallen 10% this year in a sector-wide de-rating caused by the sharp rise in interest rates, which has put investment companies under pressure to take steps to improve investor returns.

That discount has cut TRIG’s market value to £2.8bn and left the stock trading on a 13.6% discount to net asset value (NAV) per share of 132.2p at 30 June, double the valuation gap in February when it reported its best-ever annual results.

NAV per share dipped 2.4p or 1.8% over the six-month period as a rise in inflation that added 3.5p to the valuation was more than offset by a rise in discount rates, which knocked off 5.7p, and a fall in power prices which reduced NAV by 3.5p per share.

However, also in the mix was improving or sweating the assets, which added £160m to NAV, equivalent to 6.4p per share. Operations director Chris Sweetman said making older wind turbine blades more aerodynamic had increased their power generation by 5%.

Responding largely to the rises in interest rates and government bond yields, TRIG hiked its weighted average discount rate by 0.7% to 7.9%, although the higher returns it expects in future from its battery projects were a factor in the adjustment too.

The impressive cash generation came despite electricity production of 2,954Gwh coming in 9.3% below budget because of calm weather in the UK and Ireland where onshore wind slumped 21% and 18% below budget.

Not just a bond proxy
TRIG passed its 10th birthday last month. Over the past decade, its shareholders have received a total return of 92.5%, although underlying investment return has been 146.5%, according to Numis Securities data.

Morse said TRIG was demonstrating its resilience through the economic cycle, underpinned by the positive inflation correlation of its revenues and low exposure of its cash flows to rising interest rates.

‘Over the next ten years, more than 50% of forecast revenues are directly linked to inflation through subsidy support mechanisms providing a natural hedge to increasing return expectations,’ he said.

Infrastructure funds’ reputation as ‘bond proxies’ has hurt them this year as investors have perceived the return of 4%-5% yields UK government bonds as more attractive. Crawford told analysts TRIG was making efforts to improve its total return by targeting capital growth through the construction of new assets, co-locating wind with solar parks and re-building or ‘repowering217; older sites.

In his presentation, he compared the 4.5% yield on a 20-year gilt with TRIG’s 7.9% discount rate, which reflects the annual return the fund expects to make on its investments. Whereas the gilt offered a 1.1% real return over the market’s forecast of 3.4% inflation, TRIG’s discount rate implied a 5.2% annual real return over the 2.7% average inflation forecast for Europe over the next two decades.

Liberum analyst Joseph Pepper retained a ‘buy’ on TRIG. He said the NAV decline was in line with its peers, the share price discount was comparatively low and, with the portfolio conservatively managed, he was less concerned by financing costs, adding, ‘we expect it to be among the first in the peer group to raise equity (and fully repay floating rate debt) once equity markets recover.’
Posted at 04/8/2023 10:27 by tuftymatt
And the dividend remains untouched

We are pleased to reconfirm the 2023 dividend target of 7.18p per share (2022: 6.84p per share).
Posted at 28/6/2023 13:37 by spectoacc
Really interesting - see it's replaced the "Water bills to rise by 40% to combat sewage crisis" as headline from this morning.

The end of ZIRP = things breaking. Only surprise is how long it's taken. LDI, CS, US regional banks, US office sector - none of it been contagious yet, but surely more to come.

Read an interesting article suggesting PE hasn't been raping and pillaging the water sector - at least not recently. But they did in the early years, and backlogs aren't easily caught up.

A lot of big co's with enormous debt (Vodafone, Tobacco etc), but should be OK. Shadow banking sector, PE etc, seems more interesting. Don't think rates need to go any higher from here to see more of it either.

Not sure where it leaves infrastructure, when equity isn't easily raised and assets need constantly adding to to extend duration.

Happy to be long TRIG down here tho - now back to the level the directors bought in at.
Posted at 28/6/2023 08:19 by spectoacc
iii traded them online, then didn't, then said they hadn't been able to for months, then couldn't give me an ETA for a fix. Moved cash, & next day some were back tradeable - had been a problem with their price provider apparently.

So you should find most on iii now, but not all, & has made me wary how quickly I could get out again. I'd phoned at 16.26 to buy some, couldn't, and they advise to phone up 15 minutes before market close to get a trade away. In a market that isn't busy.

I suggested they look at getting a 21st century phone system :) No good if there's eg a flash crash, & you want you money to invest.

"We have protocols to go through, Sir".
Posted at 08/2/2023 17:19 by petersinthemarket
Agreed, TRIG and UKW charts are virtually identical, except that TRIG share price hasn't taken off - yet.
Posted at 08/9/2022 09:56 by davebowler
Renewable Infrastructure Group

Battery storage investment

Mkt Cap £3,510m | Share price 141.60p | Prem/(disc) 5.8% | Div yield 4.8%


Renewable Infrastructure Group (TRIG) acquired the right to develop three battery storage sites in the North of England. The first two projects are scheduled for grid connection in 2024 and 2025 and will have a capacity of 165MW with a two-hour duration. The third site (85MW) will be built later and is expected to be connected in 2029, possibly earlier. Once the first two sites are built and connected to the grid (2025), they will represent an estimated 4% of the portfolio by value. The sites each have land rights, planning permission and grid connection agreements secured. While energy storage is a relatively new investment for TRIG, the managers (InfraRed and RES) have extensive knowledge, in the sector going back over a decade. The managers also are mindful of the sustainability challenges, particularly in the supply chain of battery materials and these considerations will be reflected in the procurement framework.

Liberum view

This investment is a key milestone as it follows through on the strategy laid out at the CMD in April. Currently, battery storage accounts for only 0.4% of the portfolio, but will grow tenfold based on this investment. As renewable energy becomes a more important part of the electricity grid flexible capacity is increasingly needed to smooth intraday variability in the availability of renewable energy. We believe that in the foreseeable future flexible capacity installations have higher operating margins because there is chronic underinvestment in the sector so far. Furthermore, revenues from energy storage tend to have a low correlation with wholesale power prices received by renewables generators. The projects developed by TRIG also have the added advantage of having a two-hour duration, which is at the longer end of such projects and allows TRIG to extend its trading options in the wholesale market

Investors also seem to place a larger premium on energy storage as evidenced by the premia to NAV of the two oldest pure-play energy storage investments in the market, which trade at an average premium of 20.6% compared to the 5.8% premium for TRIG and 1.6% premium to NAV for renewable energy infrastructure ex energy storage overall.
Posted at 13/8/2021 11:43 by ec2
Have parked my sale proceeds from TRIG a few days ago into Next Energy Solar (NESF). The rationale is, keeps me invested in the same sector, NESF on premium of 2.44% and forward yield of 7%. This compares to TRIG on 17% premium and paying 5%. Both stocks have similar div cover (1.1 times and 1.18 times respectively). Should be no near term unexpected surprises from NESF as they made a business update only a few days ago. No stamp duty on this stock also makes it suitable for short term parking of funds. Stock goes ex next week for 1.79p quarterly div. If TRIG share price drops back to more reasonable level may then switch back into TRIG for the added diversification of wind as well as solar but NESF looks the better value option at present.
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