The Renewables Infrastructure Group Limited
The Renewables Infrastructure Group Limited (“TRIG” or “the Company”) is a London-listed renewable energy investment company. TRIG creates shareholder value through a resilient dividend and long-term capital growth, underpinned by a diversified portfolio of renewable energy infrastructure that is actively managed by specialist investment and operations managers.
Announcement of Interim Results for the six months to 30 June 2026
Disciplined capital allocation and balance sheet management:
- Strong start against £400m capital realisation target, with an agreement signed in July 2026 to divest of TRIG’s 17.5% stake in the Beatrice offshore wind farm for c. £155m. Further divestment processes are underway.
- Issuance of £200m of private placement debt, announced February 2026, at a blended 5.23% interest rate, maintaining low interest rate risk and low refinancing risk, and terming out a significant portion of the TRIG’s Revolving Credit Facility (“RCF”). Approximately 90% of TRIG’s debt is long term, fixed rate and amortising.
- Capital realised will be deployed in line with the Board’s capital allocation priorities of reducing RCF borrowings, returning capital to shareholders and investing into higher-returning proprietary internal investment opportunities within TRIG’s existing portfolio, with buybacks providing a hurdle rate for new investments on a risk-adjusted basis.
- TRIG’s RCF balance as at 30 June 2026 was £276m, with disposal proceeds to be applied principally to reduce this balance further. Long-term gearing represents 39% of look-through enterprise value,1 once the announced disposal is completed.
Resilient cash generation and dividend cover:
- Net dividend cover restored to 1.1x for H1 2026, in line with TRIG’s long-term target and up from 1.0x for 2025. Net dividend cover is stated after the scheduled repayment of £111m of project-level debt for the half year and is supported by £209m of operational cash generation. Gross cash cover before debt amortisation was 2.3x for the half year.
- 2026 dividend target reaffirmed at 7.55p per share, representing a c. 10% dividend yield at the current share price.2
- Strong revenue visibility with 64%3 of portfolio revenues fixed per MWh over the next ten years.
- Net Asset Value (“NAV”) per share of 101.1p (31 December 2025: 104.0p), a reduction of 2.9p over the period, driven primarily by a mechanical flow through of a reduction in third-party revenue price forecasts.
- At the current share price, and subject to meeting the capital realisation target, the Board expects to continue to buy back the Company’s shares beyond the current £150m programme, of which £123m had been deployed at 6 August 2026 having repurchased 158 million shares.
Delivering strategic progress:
- Active portfolio management delivered £8m of value enhancing commercial and operational initiatives during the period, principally from revenue management activities.
- Build-out of TRIG’s development pipeline continues to progress, with c. 200MW in construction. The Ryton battery project is expected to be energised in autumn 2026, while the repowering of Cuxac onshore wind farm in France is progressing well with the new, higher-capacity turbines now being installed on site.
- 2.3GW diversified portfolio produced 2.9TWh of renewable electricity in the period, demonstrating TRIG’s significant contribution to the energy transition.
- Continuation vote passed with a 99.3% majority, demonstrating strong shareholder support for TRIG’s strategy.
1. As at 30 June 2026, long-term gearing represented 41% of look-through enterprise value.
2. Referenced to TRIG’s 78.1p share price as of 5 August 2026.
3. Based on the portfolio composition following completion of the Beatrice disposal.