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
  -1.60 -1.24% 127.20 6,141,980 16:29:46
Bid Price Offer Price High Price Low Price Open Price
127.00 127.40 128.80 127.00 127.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 162.03 11.40 11.2 2,673
Last Trade Time Trade Type Trade Size Trade Price Currency
17:50:44 O 8,649 127.799 GBX

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25/12/202010:42The Renewables Infrastructure Group4

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The Renewables Infrastru... (TRIG) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-05-11 16:56:26127.808,64911,053.34O
2021-05-11 15:38:23127.9275,00095,937.90O
2021-05-11 15:35:25127.20476,742606,415.82UT
2021-05-11 15:29:46127.201,3931,771.90AT
2021-05-11 15:29:46127.201,1141,417.01AT
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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 128.80p.
The Renewables Infrastructure Group Limited has a 4 week average price of 120.60p and a 12 week average price of 118.80p.
The 1 year high share price is 140.60p while the 1 year low share price is currently 118.80p.
There are currently 2,101,045,364 shares in issue and the average daily traded volume is 4,423,819 shares. The market capitalisation of The Renewables Infrastructure Group Limited is £2,672,529,703.01.
ugandalad: I'm not sure this company is going any where. Whenever the share price starts to rise they buy another asset issue more shares. While it has come back from the collapse in 2020 the steady increments of 2018 and 2019 now look to be a thing of the past. I'm not sure I can see a way this share will enrich its holders but the managers with growing assets must be happy.
schofip: I think because the latest cash raise was open to every man and his dog including those just looking for a fast buck, The share price as been hampered whilst these weak holders have been weeded out. I think the share price should start to make progress. Incidentally as there has been a dividend payment since the actual gain on the open offer is now above water.
gateside: Yes TRIG seem to have lost their way this year. Agree, even a token raise of the dividend would have sent out the view that TRIG are a good investment. These renewable funds are seriously unloved at present. Share prices making no headway while rest of Market is racing ahead. I'm not selling, but certainly not buying anymore. Will hold and keep reinvesting the dividends.
peterc15: Very good point. As soon as the share price climbs they see this as an opportunity to dilute the shares. Glad I got out first thing this morning - will never touch this share again
rik shaw: 195 million new shares targetted at 123p The Initial Issue Under the Initial Placing, the Initial Open Offer, the Initial Offer for Subscription and the Intermediaries Offer, the Company is seeking to issue up to 195 million New Ordinary Shares at an issue price of 123 pence per New Ordinary Share. Approximately 190.3 million New Ordinary Shares are being reserved for Shareholders under the Initial Open Offer under which Shareholders will be entitled to subscribe for one New Ordinary Share for every 10 Ordinary Shares held on the Record Date. The balance of the New Ordinary Shares available under the Initial Issue (including any entitlements not taken up under the Initial Open Offer) will be allocated to the Initial Placing, the Initial Offer for Subscription, the Intermediaries Offer and/or the Excess Application Facility at the absolute discretion of the Company, in consultation with the Joint Bookrunners. The Initial Open Offer and Excess Application Facility Under the Initial Open Offer, up to an aggregate amount of approximately 190.3 million New Ordinary Shares will be made available to Qualifying Shareholders at the Issue Price pro rata to their holdings of Existing Ordinary Shares, on the terms and subject to the conditions of the Initial Open Offer, on the basis of: 1 New Ordinary Share for every 10 Existing Ordinary Shares held at the Record Date (being the close of business on 3 March 2021). The balance of the New Ordinary Shares to be made available under the Initial Issue, together with any New Ordinary Shares not taken up pursuant to the Initial Open Offer, will be made available under the Excess Application Facility, the Initial Placing, the Initial Offer for Subscription and/or the Intermediaries Offer at the absolute discretion of the Company, in consultation with the Joint Bookrunners. The latest time and date for acceptance and payment in full in respect of the Initial Open Offer will be 11.00 a.m. on 23 March 2021. If the Initial Issue proceeds, valid applications under the Initial Open Offer will be satisfied in full up to applicants' Open Offer Entitlements. Qualifying Shareholders are also being offered the opportunity to subscribe for New Ordinary Shares in excess of their Open Offer Entitlements under the Excess Application Facility, described below. Subject to availability, Qualifying Shareholders who take up all of their Open Offer Entitlements may also apply under the Excess Application Facility for additional New Ordinary Shares in excess of their Open Offer Entitlement. ... The Initial Intermediaries Offer Members of the general public in the UK may be eligible to apply for New Ordinary Shares through the Intermediaries Offer, by following their relevant application procedures, by no later than 11.00 a.m. on 23 March 2021. The Intermediaries Offer is being made to retail investors in the UK only. The Initial Offer for Subscription The Offer for Subscription is being made in the UK only but, subject to applicable law, the Company may allot and issue New Ordinary Shares on a private placement basis to applicants in other jurisdictions. The Offer for Subscription will open on 5 March 2021 and the latest time and date for receipt of completed Offer for Subscription Application Forms under the Offer for Subscription is 11.00 a.m. on 23 March 2021. Applications under the Offer for Subscription must be made using the Offer for Subscription Application Form and must be for a minimum of 500 New Ordinary Shares, although the Board may accept applications below the minimum amounts stated above in their absolute discretion. Only one application for New Ordinary Shares may be made by a person under the Offer for Subscription and multiple applications from the same person under the Offer for Subscription will not be accepted.
carpingtris: The Renewables Infrastructure Group Limited ("TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and RES ("Renewable Energy Systems") as Operations Manager) Acquisition of interest in Beatrice offshore wind farm in the UK The Board of TRIG is pleased to announce that the Company has exchanged contracts to acquire an equity interest of 17.5% in Beatrice offshore wind farm ("the Project") from Copenhagen Infrastructure Partners ("CIP"). Beatrice is a 588MW offshore wind farm developed by SSE plc using Siemens turbines, has an established track record since operations commenced in 2018 and benefits from a Contract-for-Difference ("CfD") subsidy. Following completion of the transaction, Beatrice will represent approximately 12% of TRIG's investment portfolio. The wind farm is located approximately 13km off the north east coast of Scotland and comprises 84 Siemens 7MW turbines which utilise direct drive technology. The Project has a 15-year maintenance agreement in place with Siemens. The Project's CfD subsidy fixes the price received for all power generated until 2034, with indexation to inflation. Debt financing on the Project is fixed rate and fully amortising within the subsidy period. The investment, which is subject to regulatory and lender consents which are expected to be received in the coming weeks, will be financed from a drawdown of the Group's recently renewed revolving credit facility. TRIG's co-shareholders will be SSE plc (40%), funds managed by Equitix Investment Management Limited (who are also acquiring a 17.5% stake from CIP and is partnered with TRIG on the Sheringham Shoal offshore wind farm), and Red Rock Power Limited (25%). As has recently been highlighted by the UK Government, offshore wind projects have a significant role to play in the decarbonisation of the UK economy. As well as ongoing economic benefit through the provision of local jobs (with up to 90 roles at the operational base for the Project in Wick, Scotland), the Project provides enough clean energy to power the equivalent of more than 450,000 homes. Richard Crawford, of InfraRed Capital Partners, said: "We are pleased to have the opportunity to invest in this high-quality project developed by SSE, who are a leading generator of renewable electricity in the UK. As investment Manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure. This major acquisition represents a continuation of this investment strategy and will be the Company's third investment in a UK offshore wind farm and its 5(th) in the offshore wind sector."
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
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.
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