The Renewables Infrastructure Group Limited
The Renewables Infrastructure Group (“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, and managed jointly by specialist investment and operations managers.
Announcement of 2025 Annual Results
TRIG announces its Annual Results for the Company for the year ended 31 December 2025. The Annual Report and Accounts are available on the Company’s website: www.trig-ltd.com.
Highlights
For the year ended 31 December 2025
Resilient cash generation and reduction in Net Asset Value in a challenging macro environment:
- Operational cash flows of £375 million, covering the dividend 2.1x on a gross basis (2024: 2.1x) and 1.0x (2024: 1.0x) on a net basis after the repayment of £192m project level debt.
- Net Asset Value (“NAV”) per share2 of 104.0p (31 December 2024: 115.9p), a reduction of 11.9p over the year, driven primarily by external factors including lower power price forecasts, low wind resource and higher discount rates.
- The weighted average Portfolio Valuation3 discount rate as at 31 December 2025 has increased to 9.0% (31 December 2024: 8.6%), primarily reflecting discount rate increases for European assets and UK offshore wind assets and regulatory changes.
Disciplined capital allocation and conservative balance sheet management:
- £200 million private placement debt raised post year‑end in February 2026, with a repayment profile that maintains the Company’s low interest rate risk and low refinancing risk. Approximately 90% of project-level debt is fixed rate and fully amortising.
- Long-term gearing represents 41% of look-through enterprise value with disposals being actively progressed to further reduce short term borrowings.
- Strong revenue visibility with 75% of portfolio revenues fixed per MWh over the next five years.
- £80m of the Company’s £150m share buyback programme has been completed, consistent with the proceeds from the €100m partial sell-down of the Gode offshore windfarm. With the private placement raised, the Board is accelerating the share buyback programme alongside these results.
Clear strategy to support long‑term returns:
- Active portfolio management delivered £32 million of value‑enhancing commercial and operational initiatives during the year.
- Progress across TRIG’s 900MW development pipeline, with over 200MW of projects in construction, including the 78MW Ryton battery storage project and repowering of Cuxac onshore wind farm.
- Target dividend for 2026 maintained at 7.55p per share3, reflecting the Board’s focus on balancing an attractive income yield with the restoration of net dividend cover to support future growth.
Richard Morse, Chairman of TRIG, said:
“2025 was a challenging year impacted by policy uncertainty, low wind resource and lower power price forecasts, all of which weighed on the Company’s valuation.
Despite these challenges, TRIG’s portfolio and business model has again demonstrated its resilience by generating £375 million of operational cash which funded a fully covered dividend and enabled significant debt reduction to strengthen the Company’s balance sheet.
Our priority is to restore dividend cover to historical levels and to deliver on the targets we set last year. The Board remains confident in TRIG’s standalone strategy to provide our investors with a sustainable dividend and the opportunity for capital growth.”