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The Renewables Infrastructure Group (TRIG)

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gnawsome
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Re: The Renewables Infrastructure Group (TRIG)

#489149

Postby gnawsome » March 25th, 2022, 1:22 pm

idpickering wrote:Result of the Issue and Primary Bid Offer.

· £277.3 million raised through the issue of 210,104,535 New Ordinary Shares, being the maximum permitted under the Company's tap authority

· Strike price of 132p per Share

· Proceeds to be used for the completion of the acquisition of Hornsea One and repaying drawings under the RCF

Further to its announcement of 17 March 2022, the Board of TRIG is pleased to announce that the Company has raised gross proceeds of approximately £277.3 million through the issue (by way of placing) of 210,104,535 new ordinary shares in the capital of the Company (the "New Ordinary Shares"), being the maximum available under the Company's general authority to disapply pre-emption rights taken at the last AGM, at a price of 132p (the "Strike Price") per New Ordinary Share (the "Issue"). There was strong institutional and retail demand for the Issue, at a range of prices, and applications have been scaled back at the Strike Price.

The Company will issue 206,156,691 New Ordinary Shares pursuant to the Issue and 3,947,844 New Ordinary Share pursuant to the PrimaryBid Offer.


https://www.investegate.co.uk/renew-inf ... 23229436F/


Looking at the price on the day after...
To buy: 1.3228 plus £1 levy (fees covered) so that looks like it would cost me £29 to buy just how many I want and in the place that I want so it's make my mind up time

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#489168

Postby idpickering » March 25th, 2022, 2:24 pm

gnawsome wrote:
Looking at the price on the day after...
To buy: 1.3228 plus £1 levy (fees covered) so that looks like it would cost me £29 to buy just how many I want and in the place that I want so it's make my mind up time


I hold TRIG, and am happy to do so, but won't be topping up my holdings currently as I'm put off by the 12% premium, as indicated on HL here; https://www.hl.co.uk/shares/shares-sear ... up-ord-npv .

Ian.

gnawsome
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Re: The Renewables Infrastructure Group (TRIG)

#489173

Postby gnawsome » March 25th, 2022, 2:42 pm

idpickering wrote:
gnawsome wrote:

I hold TRIG, and am happy to do so, but won't be topping up my holdings currently as I'm put off by the 12% premium, as indicated on HL here; https://www.hl.co.uk/shares/shares-sear ... up-ord-npv .

Ian.

Now you've made me feel like the lad who sold the cow for the magic beans...

daveh
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Re: The Renewables Infrastructure Group (TRIG)

#490633

Postby daveh » March 31st, 2022, 4:00 pm

Trig purchases stake in Spanish solar farm:
https://www.investegate.co.uk/renew-inf ... 45198015G/

Acquisition of an operational solar PV site in Spain

TRIG has acquired a 49% equity interest in Project Valdesolar, an operating solar park in the province of Badajoz, Spain, (the "Project" or "Valdesolar"), from Repsol ("Repsol"), a Spanish-listed global energy company.

Valdesolar represents approximately 3% of TRIG's portfolio, by value. Together with the Cadiz solar projects, this acquisition further enhances TRIG's technological and geographical diversification. Following this acquisition, Spain represents 8% and solar PV 15% of the Company's portfolio.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#492368

Postby idpickering » April 7th, 2022, 7:05 am

Scrip Dividend Circular.

The Scrip Dividend Circular for the Company has today been posted to shareholders who have elected to receive a printed copy. A copy of the document has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Copies of the document can also be obtained from the Company Secretary or from the Investors' section of the Company's website, at http://www.trig-ltd.com


https://www.investegate.co.uk/renew-inf ... 00055477H/

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#498690

Postby idpickering » May 5th, 2022, 4:47 pm

Dividend Declaration.

The Renewables Infrastructure Group Limited (the 'Company') is pleased to announce the first quarterly interim dividend in respect of the three month period to 31 March 2022 of 1.71 pence per ordinary share (the "Q1 Dividend"). The shares will go ex-dividend on 12 May 2022 and the Q1 Dividend will be paid on 30 June 2022 to shareholders on the register as at the close of business on 13 May 2022.

As previously, the Company is offering shareholders a scrip dividend alternative to the Q1 Dividend and the further three interim dividends for the financial year ending 31 December 2022, full details of which can be found in the Scrip Dividend Circular 2022 (the "Scrip Circular") available on the Company's website to view and/or download at http://www.trig-ltd.com in the Investors 'Reports and Publications' section. It is also available on the National Storage Mechanism website ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).

The reference price of the scrip shares in respect of the Q1 Dividend will be calculated and published on or around 19 May 2022.

Shareholders will receive the Q1 Dividend in cash, unless they have previously completed a standing election (a "Scrip Dividend Mandate") to receive scrip shares. Shareholders who would like to receive scrip shares rather than cash, and who have not previously submitted a Scrip Dividend Mandate, should complete the Scrip Dividend Mandate at the back of the Scrip Circular and return it to the Company's UK Transfer Agent, Link Asset Services, by no later than 5.00pm on 8 June 2022.


https://www.investegate.co.uk/renew-inf ... 49374822K/

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#502591

Postby idpickering » May 25th, 2022, 7:05 am

Publication of TRIG's 2022 Sustainability Report.

Publication of TRIG's 2022 Sustainability Report

TRIG has today published its 2022 Sustainability Report, detailing our ESG performance over the last year and the next steps on the Company's sustainability journey.

TRIG's Board and our Managers, InfraRed and RES, continue to work towards fulfilling TRIG's purpose of producing clean electricity, contributing to European energy security, and delivering shareholders sustainable, long-term returns.

Within this report, we outline our SFDR categorisation and results of the EU Taxonomy assessment undertaken on the portfolio. In addition, as a signatory to the Science Based Targets initiative (SBTi), the Company is measuring and disclosing its Scope 3 emissions for the first time.

The TRIG 2022 Sustainability Report can be found on the Company's website at the following link: https://www.trig-ltd.com/sustainability

Helen Mahy, CBE, Chairman of TRIG, said:

" Investing responsibly and being mindful of environmental, social and governance factors is essential for maintaining a sustainable business model over the long term, and remains at the heart of TRIG's strategy. I am pleased to present this report as further progress towards the Company's sustainability goals."

Richard Crawford, Head of Income Funds at InfraRed, said:

"Sustainability has long been central to how InfraRed invests and manages all of our funds, including TRIG. This report highlights how we and our colleagues at RES work to integrate sustainability throughout TRIG's business."


https://www.investegate.co.uk/renew-inf ... 00026543M/

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#508403

Postby idpickering » June 20th, 2022, 7:13 am

Appointment of non-executive Director and succession of Chairmanship

The Board announces that Richard Morse will be appointed as a non-executive director of the Company with effect from 18 July 2022. Richard will then succeed Helen Mahy as Chairman of TRIG in Q4 2022 following a transition period.

Richard brings extensive experience in sustainable and regulated infrastructure investment, with a particular focus on the energy sector. He is a partner at Opus Corporate Finance, and was previously a partner at Greenhill & Co, a managing director at Goldman Sachs, and Deputy Director General at Ofgem. He also brings a wealth of experience in investment company governance, having been Chairman of JLEN Environmental Assets Group since its IPO in 2014.

The Board also announces that Tove Feld will assume the role of Senior Independent Director from John Whittle, who was recently appointed Chairman of the Audit Committee.

Helen Mahy CBE, Chairman of TRIG, said: "I am delighted to welcome Richard to the TRIG Board. He brings a wealth of relevant experience and is well placed to lead the Board in the future, as the Company continues to support the energy transition across Europe"

Richard Morse said: "I am extremely pleased to be joining the Board of TRIG. I look forward to working with InfraRed and RES to continue delivering sustainable returns from the Company's diversified portfolio of renewables infrastructure."


https://www.investegate.co.uk/renew-inf ... 00063341P/

I hold TRIG.

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#515838

Postby idpickering » July 20th, 2022, 7:18 am

Incremental Investment in Hornsea One.

The Board of TRIG is pleased to announce that the Company has exchanged contracts to acquire a further 2.4% equity interest in the Hornsea One offshore wind farm (the "Project"), which is located off the coast of north-east England, from Global Infrastructure Partners (from whom the Company announced the acquisition of its original stake on 17 March 2022). Upon completion of this incremental investment, TRIG will hold a 10.2% interest in Hornsea One, with the Project representing 9% of TRIG's portfolio, by value.

Hornsea One is well suited to TRIG's strategy of balancing subsidised and unsubsidised revenues to deliver sustainable returns to shareholders and aligning with high quality counterparties.

The project benefits from:

· An inflation-linked Contract-for-Difference ("CfD") subsidy with 13 years remaining.

· Operational management of the windfarm by Orsted under a long-term operations & maintenance contract. Orsted also developed and built the farm using 174 Siemens 7MW turbines.

Hornsea One has demonstrated strong operational performance since operations commenced in 2020. With a generation capacity of 1.2GW and covering an area of 407km2, the project is the largest operational offshore wind farm in the world. The Project generates enough clean electricity to power more than one million homes.

All required consents have been received in respect of TRIG's initial investment in a 7.8% equity interest in the Project, which will complete this month. Completion of the incremental investment is expected to occur, following receipt of consents, by the end of Q3 2022.


https://www.investegate.co.uk/renew-inf ... 00050382T/

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#518855

Postby idpickering » August 1st, 2022, 5:10 pm

Interim Dividend.

The Renewables Infrastructure Group Limited (the 'Company') is pleased to announce the second quarterly interim dividend in respect of the three month period to 30 June 2022 of 1.71 pence per ordinary share (the "Q2 Dividend"). The shares will go ex-dividend on 11 August 2022 and the Q2 Dividend will be paid on 30 September 2022 to shareholders on the register as at the close of business on 12 August 2022.

As previously, the Company is offering shareholders a scrip dividend alternative to the Q2 Dividend and the further two interim dividends for the financial year ending 31 December 2022, full details of which can be found in the Scrip Dividend Circular 2022 (the "Scrip Circular") available on the Company's website to view and/or download at http://www.trig-ltd.com in the Investors 'Reports and Publications' section. It is also available on the National Storage Mechanism website ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).

The reference price of the scrip shares in respect of the Q2 Dividend will be calculated and published on or around 18 August 2022.

Shareholders will receive the Q2 Dividend in cash, unless they have previously completed a standing election (a "Scrip Dividend Mandate") to receive scrip shares. Shareholders who would like to receive scrip shares rather than cash, and who have not previously submitted a Scrip Dividend Mandate, should complete the Scrip Dividend Mandate at the back of the Scrip Circular and return it to the Company's UK Transfer Agent, Link Asset Services, by no later than 5.00pm on 7 September 2022.


https://www.investegate.co.uk/renew-inf ... 46373274U/

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#519975

Postby idpickering » August 5th, 2022, 7:17 am

Announcement of Interim Results.

H1 2022 Key Highlights

- 134.2p Net Asset Value (NAV) per share1, increased by 12.5% since 31 Dec 2021 (119.3p)

- £3,236m Directors' portfolio valuation2, up 18.7% since 31 Dec 2021 (£2,726m)

- 6.84p dividend target reaffirmed for the year to December 2022 (2021: 6.76p)

- 1.39x dividend cover3 for the six months to 30 June 2022 (H1 2021: 1.28x)

- £442m invested year to date (H1 2021: 341m)

- 17.9p earnings per share (H1 2021: 1.8p)

Sustainability Key Highlights

- 960,000 tonnes of CO2 avoided4

- Portfolio capable of powering 1.7m homes with clean energy5

- Supporting 36 community funds with £1.2m budgeted for community contributions in 2021

- 0.52 reportable lost time accidents per 100,000 hours worked6

Helen Mahy, CBE, Chairman of the Company, said:

"In what will be my last set of results as Chairman, I am pleased to present a strong set of results for the first half of 2022.

I am proud of what TRIG has achieved in the nine years since IPO, and we continue to provide investors with resilient financial performance and access to a portfolio of renewables that contributes to decarbonisation and towards energy security in Europe."

Richard Crawford, of InfraRed Capital Partners said:

"Amidst a challenging wider market for investors, TRIG's portfolio continues to perform well and is benefitting from its defensive positioning against elevated levels of inflation and volatile commodity markets.

We have invested £442m in renewables year-to-date, with two thirds of this invested in the UK. Our construction projects continue to progress well, with the 35MW Blary Hill project being funded entirely from re-investment cash flows.

And later;

On 1 August 2022, the Company declared an interim dividend of 1.71 pence per share for the three-month period ended 30 June 2022. The dividend, which is payable on 30 September 2022, is expected to total £42,425,155, based on a record date of 11 August 2022 and the number of shares in issue being 2,481,003,209.


https://www.investegate.co.uk/renew-inf ... 00060136V/

Ian.

Gerry557
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Re: The Renewables Infrastructure Group (TRIG)

#520092

Postby Gerry557 » August 5th, 2022, 1:34 pm

Why do TRIG make it so difficult to access the webcast of the results?

Previously I have complained to the about this issue. Not available to private investors, poor sound and not recorded were other issues.

This time I was able to register from the 0700 RNS and received my instructions at 09.25! The meeting started at 09.00 and only lasted 45 min.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#541105

Postby idpickering » October 25th, 2022, 7:37 am

Appointment of Joint Corporate Broker


The Renewables Infrastructure Group ("TRIG") is pleased to announce the appointment of BNP Paribas as its Joint Corporate Broker alongside Investec, its existing Corporate Broker, with immediate effect.


https://www.investegate.co.uk/renew-inf ... 00069228D/

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#542544

Postby idpickering » October 31st, 2022, 7:11 am

Succession of Chairman of the Board.

Helen Mahy CBE, who has served as Chairman of the Board of Non-Executive Directors of TRIG since the Company's IPO in 2013, retires from her position on 31 October 2022. The Company's Directors and Managers extend their thanks to Ms Mahy for her substantial contribution to the success of TRIG and the Company's governance.

Richard Morse, who joined the TRIG Board as a Non-executive Director and Chairman Elect on 18 July 2022, will succeed Helen Mahy as Chairman of TRIG. Mr Morse has extensive experience in sustainable and regulated infrastructure investment, with a particular focus on the energy sector. He also has a wealth of experience in investment company governance, having been Chairman of JLEN Environmental Assets Group since its IPO in 2014, before retiring from the JLEN Board on 15 July 2022.

Richard Morse, said: "On behalf of TRIG's Board of Directors, thank you to Helen for her chairmanship of TRIG, her service to TRIG's shareholders, and her championing of sustainability and the net zero transition. I look forward to working with my fellow directors, InfraRed and RES to continue delivering sustainable returns from TRIG's diverse portfolio of renewables infrastructure."

Richard Crawford, Partner, Head of Energy Income Funds, InfraRed, said: "On behalf of TRIG's Managers, I would like to thank Helen for her guidance and oversight over the nine years we have worked together. We wish her all the best for the future. With recent appointments made by the Board, we continue to benefit from a highly experienced and specialised non-executive Board."


https://www.investegate.co.uk/renew-inf ... 00085450E/

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#543061

Postby idpickering » November 2nd, 2022, 7:34 am

Kepler Trust Intelligence: New Research.

We look at TRIG's key sensitivities to macro factors…

The investment companies team at Kepler Trust Intelligence has produced a new piece of investment bank quality research about the trust, designed to provide a clear and comprehensive reference for long term investors. This note is free to read for UK investors.


https://www.investegate.co.uk/renew-inf ... 00089625E/

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#545505

Postby idpickering » November 10th, 2022, 3:40 pm

Dividend Declaration.

The Renewables Infrastructure Group Limited (the '"Company") is pleased to announce the third quarterly interim dividend in respect of the three month period to 30 September 2022 of 1.71 pence per ordinary share (the "Q3 Dividend"). The shares will go ex-dividend on 17 November 2022 and the Q3 Dividend will be paid on 30 December 2022 to shareholders on the register as at the close of business on 18 November 2022.

As previously, the Company is offering shareholders a scrip dividend alternative to the Q3 Dividend and the one further interim dividend for the financial year ending 31 December 2022, full details of which can be found in the Scrip Dividend Circular 2022 (the "Scrip Circular") available on the Company's website to view and/or download at http://www.trig-ltd.com in the Investor Relations, 'TRIG Publications', 'Circulars' section. It is also available on the National Storage Mechanism website ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).

The reference price of the scrip shares in respect of the Q3 Dividend will be calculated and published on or around 24 November 2022.

Shareholders will receive the Q3 Dividend in cash, unless they have previously completed a standing election (a "Scrip Dividend Mandate") to receive scrip shares. Shareholders who would like to receive scrip shares rather than cash, and who have not previously submitted a Scrip Dividend Mandate, should complete the Scrip Dividend Mandate at the back of the Scrip Circular and return it to the Company's UK Transfer Agent, Link Asset Services, by no later than 5.00pm on 8 December 2022.


https://www.investegate.co.uk/renew-inf ... 15450342G/

I hold these in my HYP, and am pleased with this announcement. The share is up 4.4% as I type. As to whether that is as a result of this item, I've no idea.

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#549782

Postby idpickering » November 25th, 2022, 7:19 am

Cancellation of Scrip Dividend Alternative.

The Board has taken the decision to cancel the scrip dividend alternative in respect of the Q3 Dividend on the basis that the Reference Price would be below the Net Asset Value of the Company. Shareholders will be paid their dividend in cash and, should they so wish, can choose to apply the cash dividend in acquiring Ordinary Shares in the secondary market.

Capitalised terms shall have the meanings given to them in the Scrip Dividend Circular 2022 (the "Scrip Circular") available on the Company's website to view and/or download at: http://www.trig-ltd.com in the Investor Relations, 'Reports & Publications', 'Circulars' section. It is also available from the National Storage Mechanism website ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).

The Board expects to re-instate the scrip dividend alternative in respect of future quarterly dividends, subject to an assessment of the relevant prices and a determination that a re-instatement of the scrip dividend alternative would be for the benefit of the Company's shareholders as a whole.


https://www.investegate.co.uk/renew-inf ... 00055600H/

Ian.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#556129

Postby idpickering » December 20th, 2022, 7:16 am

Investment in Merkur offshore wind farm and in a battery storage development.

Merkur incremental stake

The Company has exchanged contracts to acquire a further 11% equity interest in the Merkur offshore wind farm (the "Project"), which is located in the German North Sea. This incremental investment is approximately 2% of TRIG's portfolio value. Upon completion TRIG will hold a 36% equity interest in Merkur and the total stake in the Project will represent approximately 6% of TRIG's portfolio by value.

The stake is being acquired from funds managed by InfraRed. Accordingly, the transaction process included an independent third-party valuation, which supports the transaction price, and approval by TRIG's independent Board of Directors.

The Project benefits from long-term protected cash flows through its Feed-in Tariff agreement. It also increases the Company's investments in the attractive German renewables market to 11% of portfolio value. The Project is well aligned with TRIG's portfolio construction approach of balancing subsidised and unsubsidised revenues and achieving a broad geographical spread across its selected European countries.

The Project comprises 66 GE Haliade-150 6MW offshore wind turbines, and GE Renewable Energy provides Operations & Maintenance ("O&M") services under a 10-year contract. The repair and retrofit works associated with the Merkur rear frame defect first reported in June 2021 are substantially complete and operating satisfactorily. The compensation due under the availability warranty for the year ended 31 March 2022 has been agreed with the turbine and O&M provider, with no financial impact on the carrying value for the Project.

Battery storage investment

TRIG has also acquired a 100% equity interest in Project Spennymoor, a battery storage development project which will have a total capacity of 100MW / 200MWh when completed, from RES.

Project Spennymoor is situated in County Durham, in close proximity to a high voltage substation connection, and is ideally located to alleviate grid constraints and provide balancing services for the significant industrial cluster in the Humber region, one of six major industrial clusters in the UK.

Project Spennymoor is in the late-stage development phase. RES has secured planning permission, a grid connection offer and land lease options. The project has secured a grid connection enabling commencement of operations in 2031. Work is underway to bring forward the grid connection date if possible. Construction works will be timed to commence approximately a year before the connection date when finalised. Once operational, Project Spennymoor is expected to represent 2% of TRIG's portfolio by value. The initial development investment is approximately 10% of the total anticipated investment.


https://www.investegate.co.uk/renew-inf ... 00112399K/

I hold TRIG and am likely to increase my holdings too.

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#556842

Postby idpickering » December 23rd, 2022, 7:05 am

Kepler Trust Intelligence: New Research.

TRIG's attractions remain undiminished, yet trade on a discount of 4.5%.

The investment companies team at Kepler Trust Intelligence has produced a new piece of investment bank quality research about the trust, designed to provide a clear and comprehensive reference for long term investors. This note is free to read for UK investors.

And from the link provided in the RNS, this;

Overview

The Renewables Infrastructure Group (TRIG) might be considered the bellwether for the renewable energy infrastructure peer group, having a portfolio of assets worth c. £3.7bn and offering exposure across different types of renewable energy technology located in the UK and Europe. TRIG has recently reported its 30/09/2022 NAV, adjusted for the UK government’s subsequently-announced windfall tax on electricity revenues. Previously, the tax has been a source of uncertainty. With the updated NAV having been published, the share price has remained flat and, as a result, TRIG’s shares trade on a c. 4.5% discount.

TRIG’s discount rate, effectively the gross expected return from the portfolio, has been moved up to 7.1%, as at 30/09/2022. This compares to 20-year UK gilt yields at c. 3.75%, as at 14/12/2022, implying an equity risk premium of c. 3.4%. The shares yield 5.3%. Both of these statistics illustrate the attractions of TRIG’s shares for long-term investors on a risk-adjusted basis.

The UK’s windfall tax, i.e. the Electricity Generator Levy, has negatively impacted expected income, but only for the 2023 and 2024 calendar years; TRIG’s expectations for UK power prices post 2026 are below the £75/MWh level. We note that TRIG’s sensitivity to changes in the expected level of power prices down to £75/MWh over the next couple of years is now significantly reduced as a consequence of the Electricity Generator Levy. As such, from the perspective of power price exposure, TRIG might be seen as having been somewhat de-risked as a result of the levy.


https://www.investegate.co.uk/renew-inf ... 00046700K/

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#565393

Postby idpickering » February 1st, 2023, 7:30 am

Notice of Annual Results.

TRIG advises that it plans to announce its Full Year Results for the year ended 31 December 2022 on Wednesday, 22 February 2023.

There will be a results presentation for analysts and institutional investors at 09:30am on the day. This will be a hybrid event with an in-person presentation at InfraRed's offices (Level 7, One Bartholomew Close, London, EC1A 7HH) and the option to watch the presentation remotely via livestream. A recording of the event will be uploaded to the TRIG website shortly thereafter.

Registration will begin at 09:00 (UK time). Presentations will start at 09:30 (UK time), followed by a Q&A session.


https://www.investegate.co.uk/renew-inf ... 00094836O/

Ian (I hold).


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