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The Renewables Infrastructure Group (TRIG)

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idpickering
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The Renewables Infrastructure Group (TRIG)

#415456

Postby idpickering » May 27th, 2021, 7:44 am

Acquisition of two onshore wind farms in Sweden

The Board of TRIG is pleased to announce that the Company has exchanged contracts to acquire a 50% interest in two onshore pre-construction wind farms, Ranasjö and Salsjö. The projects are located in central Sweden and together are referred to as Twin Peaks, with a combined capacity of 242MW. The acquisition is subject to certain conditions being satisfied, including entering into final agreements for the construction of the wind farms. The transaction is expected to complete by July 2021.

TRIG has partnered with InfraRed European Infrastructure Income Fund 4 which will acquire a 50% interest in the project alongside TRIG. This is consistent with TRIG's strategy of partnering with aligned co-investors on larger transactions whilst maintaining a diversified portfolio.

The asset has been sourced bilaterally building on InfraRed's existing relationship with Arise, an active developer of projects in the Nordics and UK from whom TRIG acquired the 213MW Jädraås wind farm in 2019. The projects are being funded on an ungeared basis.

The windfarms, which are approximately 20 km apart and share grid and access infrastructure, are located in central Sweden, near Sollefteåand about 100km from Östersund, in the SE2 Nord Pool price area. Construction is expected to commence in Q3 2021 and to be completed in the first half of 2024, with each wind farm using Siemens Gamesa 170 6.2MW turbines with Siemens providing O&M services under a 30-year agreement. The Ranasjö project will comprise 25 turbines whilst the Salsjö project will comprise 14 turbines. Arise will provide the asset management services with RES providing oversight through the Owner's Engineer role during construction. Onshore wind capacity contributes to Sweden's ambition to meet net-zero carbon emissions by 2045. Once operational Twin Peaks will provide enough clean energy to power the equivalent of more than 45,000 homes.


https://www.investegate.co.uk/renew-inf ... 00029465Z/

I'm tempted to buy into this company soon, in order that it sit alongside my Greencoat UK Wind holdings, in the overall sector.

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#415564

Postby Gerry557 » May 27th, 2021, 12:27 pm

Might be worth waiting for the next placement that they regularly do. It tends to drop the price somewhat albeit we have just been through one at 123p

It actually dropped further, 119p from memory after the placing. Check out the rns to find actual dates of placing.... Dyor n all that.

I suppose you could be missing out on the quarterly dividends in the mean time which might offset any discount. Its also trading on a premium but most like this are.

idpickering
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Re: The Renewables Infrastructure Group (TRIG)

#415717

Postby idpickering » May 28th, 2021, 5:44 am

Gerry557 wrote:Might be worth waiting for the next placement that they regularly do. It tends to drop the price somewhat albeit we have just been through one at 123p

It actually dropped further, 119p from memory after the placing. Check out the rns to find actual dates of placing.... Dyor n all that.

I suppose you could be missing out on the quarterly dividends in the mean time which might offset any discount. Its also trading on a premium but most like this are.


Thanks very much for your input and wise words. I will mull it over. I was tempted to buy some TRIG as part of my monthly investments next month. Hmm?..

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#421059

Postby idpickering » June 21st, 2021, 7:16 am

Operational update on Merkur offshore wind farm

Routine inspections at Merkur have identified signs of stress fatigue on certain areas of the support structure of the Helihoist on some of the 6MW wind turbines. Generation at the wind farm was paused as a precautionary safety measure whilst the root cause of the issue is being investigated. The turbines are under warranty and service contract with the manufacturer. Contractual provisions include a mechanism to protect lost revenue whilst turbines are not operational, subject to a cap. It is not currently expected that the cap will be exceeded and therefore no material financial impact is expected to the Company.

The first batches of turbines have now been brought back online, in consultation with the authorities. The project's dedicated asset management team, with support from the Company's Managers, is working closely with the manufacturer to identify and put in place a solution that will allow the wind farm to resume operating safely and effectively for the long term.

Merkur constitutes 6% of TRIG's portfolio value on a committed basis and is the only site in TRIG's portfolio which uses this turbine model. The Company owns a 25% interest in the 396MW wind farm which is located in the German North Sea, acquired in 2019 shortly after it was commissioned.

The Company will provide a further update when it is available and expects to be in a position to do this in the interim results which will be published in early August 2021.


https://www.investegate.co.uk/renew-inf ... 00074541C/

I mentioned previously on this board that I was tempted to buy into TRIG. As discussed over on HYPP here; viewtopic.php?p=420668#p420668 I've backed out from doing so. On reading the above announcement, I guess I might've dodged a bullet, but having said that, even our own wind turbine up here in Orkney gets a service every May, and it breaking down night still happen. Stuff happens after all. Be interesting to see how TRIG performs on market opening, although the futures are showing a weak overall market opening anyway.

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#421093

Postby daveh » June 21st, 2021, 9:27 am

It has opened little changed (down by 0.64% when I looked).

But they did say:
1) the windfarm is back generating
2) the turbines are still under warranty and (subject to a cap which they don't see being exceeded) any outages due to enforced maintenance/repairs are covered by the turbine manufacturer
3) this turbine type is not used anywhere else by TRIG

So no financial implications, but it does show the risks, particularly of offshore turbines, operating in a harsh environment. It may also have implications for maintenance costs down the line and turbine life down the line.

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Re: The Renewables Infrastructure Group (TRIG)

#421103

Postby idpickering » June 21st, 2021, 10:11 am

daveh wrote:It has opened little changed (down by 0.64% when I looked).

But they did say:
1) the windfarm is back generating
2) the turbines are still under warranty and (subject to a cap which they don't see being exceeded) any outages due to enforced maintenance/repairs are covered by the turbine manufacturer
3) this turbine type is not used anywhere else by TRIG

So no financial implications, but it does show the risks, particularly of offshore turbines, operating in a harsh environment. It may also have implications for maintenance costs down the line and turbine life down the line.



All fair comments, thanks. Where I’m sitting right now, on our deck up here in Orkney, I can see 19 wind turbines dotted around . Some are privately owned, some SSE and some other owners too. Of those 19, I can see 3 standing still, on a very breezy day here. I guess the static ones are for outages/maintainance etc. I suppose that’s the nature of the beast with turbines, and other systems too. Maybe I’m overthinking my drawing back from buying into TRIG? I might do so in the future, but my BATS investment for tomorrow still stands right now........and cue tumbleweed......

Ian.

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Re: The Renewables Infrastructure Group (TRIG)

#421118

Postby daveh » June 21st, 2021, 11:00 am

idpickering wrote:
daveh wrote:It has opened little changed (down by 0.64% when I looked).

But they did say:
1) the windfarm is back generating
2) the turbines are still under warranty and (subject to a cap which they don't see being exceeded) any outages due to enforced maintenance/repairs are covered by the turbine manufacturer
3) this turbine type is not used anywhere else by TRIG

So no financial implications, but it does show the risks, particularly of offshore turbines, operating in a harsh environment. It may also have implications for maintenance costs down the line and turbine life down the line.



All fair comments, thanks. Where I’m sitting right now, on our deck up here in Orkney, I can see 19 wind turbines dotted around . Some are privately owned, some SSE and some other owners too. Of those 19, I can see 3 standing still, on a very breezy day here. I guess the static ones are for outages/maintainance etc. I suppose that’s the nature of the beast with turbines, and other systems too. Maybe I’m overthinking my drawing back from buying into TRIG? I might do so in the future, but my BATS investment for tomorrow still stands right now........and cue tumbleweed......

Ian.


If I was at home I have a similar number of turbines in close vicinity of my house ( not all in sight, I'd have to cycle to a nearby hill to see them). The nearest is under a mile away and is owned by a local community trust for the benefit of us locals. From work the nearest turbines are the Trump turbines in Aberdeen bay.

The ones not turning may be off for maintenance, may be off as there is too much power for the grid to cope with/need.

I'm invested in TRIG (but not UKW) and have a full holding, I'm leaving up to the managers to manage now and I assume they know what they're doing (I hope so!) . If I choose another investment in the renewables sector I'll look at one of the two storage companies as that is an area I think we need more investment.

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Re: The Renewables Infrastructure Group (TRIG)

#432149

Postby idpickering » August 3rd, 2021, 7:20 am

Dividend Declaration

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 2021 of 1.69 pence per ordinary share (the "Q2 Dividend"). The shares will go ex-dividend on 12 August 2021 and the Q2 Dividend will be paid on 30 September 2021 to shareholders on the register as at the close of business on 13 August 2021.

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 2021, full details of which can be found in the Scrip Dividend Circular 2021 (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 19 August 2021.

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 8 September 2021.


https://www.investegate.co.uk/renew-inf ... 00083124H/

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Re: The Renewables Infrastructure Group (TRIG)

#432816

Postby idpickering » August 6th, 2021, 7:17 am

Announcement of Interim Results

H1 2021 Key Highlights

· 114.3p NAV per share1, decreased by 0.9% since 31 December 2020 (115.3p)

· £2,491m Directors' portfolio valuation2, up 12.6% since 31 December 2020 (£2,213m)

· 9.2% total shareholder return since IPO3 vs. 5.6% for the FTSE 250

· 6.76p dividend target reaffirmed for the year to December 2021 (2020: 6.76p)

· 1,941MW portfolio generation capacity4 (31 December 2020 1,820MW)

· £341m invested in period (H1 2020: 281m)

· £240m equity capital raised (H1 2020: 120m)

And later;

On 3 August 2021 (see Note 17), the Company declared an interim dividend of 1.69 pence per share for the three-month period ended 30 June 2021. The dividend, which is payable on 30 September 2021, is expected to total £35,547,610.92, based on a record date of 13 August 2021 and the number of shares in issue being 2,103,408,930.


https://www.investegate.co.uk/renew-inf ... 00037770H/

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Re: The Renewables Infrastructure Group (TRIG)

#432828

Postby Dod101 » August 6th, 2021, 9:07 am

NAV per share is down 0.9%? That is not meant to happen. I wonder why. Was due to the new share issues or what?

Results impacted by low weather resource whatever that means. Production was 12% below budget.

I was slightly surprised that the returns were not greater than the 7.9% pa since IPO considering that they have a hefty dividend. Better than some but even so that is not particularly attractive considering all the noise about renewables.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#432851

Postby everhopeful » August 6th, 2021, 10:15 am

Low weather resource means it didn't blow hard enough or rain hard enough or shine hard enough.

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Re: The Renewables Infrastructure Group (TRIG)

#432853

Postby Dod101 » August 6th, 2021, 10:20 am

everhopeful wrote:Low weather resource means it didn't blow hard enough or rain hard enough or shine hard enough.


Thanks. That makes sense particularly in the last winter when we in Scotland at least had many days when there was not a breath of wind and thus no turbine activity. I hate the things. A blot on the landscape.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#432897

Postby Gerry557 » August 6th, 2021, 1:07 pm

Dod101 wrote:NAV per share is down 0.9%? That is not meant to happen. I wonder why. Was due to the new share issues or what?

Results impacted by low weather resource whatever that means. Production was 12% below budget.

I was slightly surprised that the returns were not greater than the 7.9% pa since IPO considering that they have a hefty dividend. Better than some but even so that is not particularly attractive considering all the noise about renewables.

Dod


I shouldn't be thinking this but the board don't get paid to improve the NAV. The do earn more if it gets bigger, just sayin!

Actually they are in my bad books as I wanted to register for the live broadcast but they made it impossible again. They said they even changed platforms as they had the same problems last year.

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Re: The Renewables Infrastructure Group (TRIG)

#432901

Postby Dod101 » August 6th, 2021, 1:14 pm

Gerry557 wrote:
Dod101 wrote:NAV per share is down 0.9%? That is not meant to happen. I wonder why. Was due to the new share issues or what?

Results impacted by low weather resource whatever that means. Production was 12% below budget.

I was slightly surprised that the returns were not greater than the 7.9% pa since IPO considering that they have a hefty dividend. Better than some but even so that is not particularly attractive considering all the noise about renewables.

Dod


I shouldn't be thinking this but the board don't get paid to improve the NAV. The do earn more if it gets bigger, just sayin!

Actually they are in my bad books as I wanted to register for the live broadcast but they made it impossible again. They said they even changed platforms as they had the same problems last year.


Why do you say the Board don't get paid to improve the NAV? To me if I were a shareholder, I would certainly think that it is part of their general fiduciary duty to shareholders, inter alia of course.

Dod

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Re: The Renewables Infrastructure Group (TRIG)

#432951

Postby idpickering » August 6th, 2021, 4:12 pm

Publication of Supplementary Prospectus

The Board of Directors of TRIG announces the publication today of a supplementary prospectus dated 6 August 2021 (the "Supplementary Prospectus") supplementing the prospectus published by the Company on 5 March 2021 in relation to a Share Issuance Programme of up to 600 million New Ordinary Shares and/or C Shares.

The Supplementary Prospectus has been issued following the publication of the Company's interim report and accounts for the six month period ended 30 June 2021 (the "Interim Accounts"), certain information from which is incorporated by reference into the Supplementary Prospectus. The Supplementary Prospectus also updates the no significant change statement included in the original document to cover the period since 30 June 2021.

The summary, registration document and securities note published by the Company on 5 March 2021, together with the Supplementary Prospectus, comprise the Prospectus in relation to the Share Issuance Programme of up to 600 million New Ordinary Shares and/or C Shares valid until 4 March 2022, of which 405 million Shares remain available for issuance.


https://www.investegate.co.uk/renew-inf ... 14218515H/

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Re: The Renewables Infrastructure Group (TRIG)

#438545

Postby idpickering » August 31st, 2021, 7:45 am

Proposed issue of equity under the Company's SIP

The Board of TRIG announces that it proposes to issue further New Ordinary Shares by way of a non-pre-emptive issue at a price of 124p (the Issue Price) under its Share Issuance Programme (the Issue).

The Issue Price represents a discount of 3.6 per cent. to the mid-market closing share price of 128.6p on 27 August 2021 and a discount of 5.9 per cent. to the 30 day volume weighted average price of 131.7p and a premium of 8.5 per cent. to the last reported NAV of 114.3p (as at 30 June 2021).

The Board believes that it is in the interests of the Company and Shareholders as a whole to issue further New Ordinary Shares with net proceeds used to repay amounts drawn under its RCF (the Revolving Credit Facility) and near-term funding requirements.

The RCF is currently approximately £141 million drawn following investments made earlier in the year.

Further attractive investment opportunities are under consideration, and the Company is at an advanced stage of negotiations to acquire a portfolio of Solar PV assets located on the Iberian Peninsula (the Iberian Solar Portfolio) although there can be no guarantee that this investment will be completed.


https://www.investegate.co.uk/renew-inf ... 00100916K/

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Re: The Renewables Infrastructure Group (TRIG)

#438570

Postby richfool » August 31st, 2021, 8:49 am

idpickering wrote:Proposed issue of equity under the Company's SIP

The Board of TRIG announces that it proposes to issue further New Ordinary Shares by way of a non-pre-emptive issue at a price of 124p (the Issue Price) under its Share Issuance Programme (the Issue).

The Issue Price represents a discount of 3.6 per cent. to the mid-market closing share price of 128.6p on 27 August 2021 and a discount of 5.9 per cent. to the 30 day volume weighted average price of 131.7p and a premium of 8.5 per cent. to the last reported NAV of 114.3p (as at 30 June 2021).

The Board believes that it is in the interests of the Company and Shareholders as a whole to issue further New Ordinary Shares with net proceeds used to repay amounts drawn under its RCF (the Revolving Credit Facility) and near-term funding requirements.

The RCF is currently approximately £141 million drawn following investments made earlier in the year.

Further attractive investment opportunities are under consideration, and the Company is at an advanced stage of negotiations to acquire a portfolio of Solar PV assets located on the Iberian Peninsula (the Iberian Solar Portfolio) although there can be no guarantee that this investment will be completed.


https://www.investegate.co.uk/renew-inf ... 00100916K/

Does that mean the SP will now fallback?

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Re: The Renewables Infrastructure Group (TRIG)

#438571

Postby Arborbridge » August 31st, 2021, 8:54 am

richfool wrote:
idpickering wrote:Proposed issue of equity under the Company's SIP

The Board of TRIG announces that it proposes to issue further New Ordinary Shares by way of a non-pre-emptive issue at a price of 124p (the Issue Price) under its Share Issuance Programme (the Issue).

The Issue Price represents a discount of 3.6 per cent. to the mid-market closing share price of 128.6p on 27 August 2021 and a discount of 5.9 per cent. to the 30 day volume weighted average price of 131.7p and a premium of 8.5 per cent. to the last reported NAV of 114.3p (as at 30 June 2021).

The Board believes that it is in the interests of the Company and Shareholders as a whole to issue further New Ordinary Shares with net proceeds used to repay amounts drawn under its RCF (the Revolving Credit Facility) and near-term funding requirements.

The RCF is currently approximately £141 million drawn following investments made earlier in the year.

Further attractive investment opportunities are under consideration, and the Company is at an advanced stage of negotiations to acquire a portfolio of Solar PV assets located on the Iberian Peninsula (the Iberian Solar Portfolio) although there can be no guarantee that this investment will be completed.


https://www.investegate.co.uk/renew-inf ... 00100916K/

Does that mean the SP will now fallback?


Well, it has today, trading at 126.2 to buy, down 2%

Arb.

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Re: The Renewables Infrastructure Group (TRIG)

#438572

Postby Arborbridge » August 31st, 2021, 8:56 am

I seem to remember someone (Dod, perhaps?) commenting that the issue of new capital by infrastructure companies is common as a way of raising cash for new projects. It is something one has to live with, if I understand a-right.

Arb.

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Re: The Renewables Infrastructure Group (TRIG)

#438584

Postby Dod101 » August 31st, 2021, 9:43 am

Arborbridge wrote:I seem to remember someone (Dod, perhaps?) commenting that the issue of new capital by infrastructure companies is common as a way of raising cash for new projects. It is something one has to live with, if I understand a-right.

Arb.


Shareholders not only live with new share issues and suffer the consequences which are, unless they keep taking up their share of the new issues (if they can!)sometimes significant dilution. Anyway is this new issue not part of one issued back in March?

Dod


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