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Interim Dividend
The Company is pleased to announce the fourth quarterly interim dividend in respect of the three month period to 31 December 2022 of 1.71 pence per ordinary share (the "Q4 Dividend"). The shares will go ex-dividend on 9 February 2023 and the Q4 Dividend will be paid on 31 March 2023 to shareholders on the register as at the close of business on 10 February 2023.
Revolving Credit Facility extended and expanded to £750m
The Board of TRIG announces that the Company has refinanced and increased its multi-currency revolving credit facility ('RCF'). The renewed RCF of £750m has been made available to TRIG for a three-year committed term expiring 31 December 2025 at improved pricing compared to the previous £600m facility. This extension supports the Company's strong balance sheet, with significant headroom alongside retained earnings both to satisfy development and construction commitments and to take advantage of other attractive investment opportunities. The RCF is currently £413m drawn.
The interest charged in respect of the renewed RCF continues to be linked to the Company's ESG performance. TRIG will incur a premium to, or reduction in, the margin and commitment fee based on performance against defined and stretching sustainability targets. The margin can vary between 180bps and 190bps over the prevailing base rate for Sterling and Euro borrowings, depending on TRIG's performance against the agreed sustainability targets.
The consortium of lenders is comprised of the following banks; National Australia Bank, Royal Bank of Scotland International, ING, Sumitomo Mitsui Banking Corporation, Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken and Intesa SanPaolo.
· Strong earnings and NAV performance:
o Earnings per ordinary share of 21.5p (2021: 10p)
o NAV per ordinary share of 134.6p1 as at 31 December 2022 (2021: 119.3p)
o Portfolio valuation2 of 3,737m as at 31 December 2022 (2021: 2,726m)
· Healthy operational cash generation:
o 2022 dividend target of 6.84p/share delivered and 2023 dividend target3 set at 7.18p/share, a 5% increase
o Dividend cover of 1.55x (2021: 1.12x), or 2.6x before the repayment of project level debt which was £174m during the year
o Strong reinvestment cashflows
o £694m of investments made
o A renewed Revolving Credit Facility, extended to £750m
· A diversified, 2.8GW portfolio of renewables assets:
o Portfolio generated 5,376GWh of electricity in the year (2021: 4,125GWh)
o 1.9m tonnes of CO2 avoided in 20224
o 1.6m homes (equivalent) powered with renewable electricity4
On 2 February 2023, the Company declared an interim dividend of 1.71 pence per share for the period 1 October 2022 to 31 December 2022. The total dividend, £42,456,300, payable on 31 March 2023, is based on a record date of 10 February 2023 and the number of shares in issue at that time being 2,482,824,562.
Financial highlights
The Company's Net Asset Value as at 31 December 2022 was 134.6p/share (31 December 2021: 119.3p/share) and the Company's Portfolio Valuation was £3,737 million. Earnings for 2022 were 21.5p/share (2021: 10.0p/share). Dividends of 6.84p per share were declared, giving an increase in NAV per share of 15.3p (2021 NAV per share increase: 4.0p).
The earnings of 21.5p/share in the year were a result of:
· Continued delivery of the investment strategy and active portfolio management
· The high revenues generated in the year as a result of particularly high wholesale power prices coupled with higher subsidies as a result of inflation indexation passing through
· Increases in the portfolio valuation as a result of expectations for power prices and inflation to continue to be elevated over the short to medium term compared to expectations last year
· The portfolio valuation increase has been offset to some extent by an increase in the portfolio weighted average discount rate of 0.5%, recognising the increased levels of government bond yields. The discount rate applied to UK cash flows were increased by 0.8%, whilst the equivalent rate applied in Europe was increased by 0.3%, recognising the increased macro-economic volatility in the UK in the second half of the year.
Signing of corporate PPA
TRIG has entered into a corporate Power Purchase Agreement ("PPA") with BT Group ("BT") for Blary Hill onshore wind farm. Pricing has been agreed for the duration of the 10-year PPA on pay-as-produced terms. It provides TRIG with long-term price security while delivering BT a supply of renewable power at an agreed price.
The PPA is in respect of TRIG's Blary Hill onshore windfarm, a subsidy free project, which was completed in early 2022 within budget and ahead of schedule. Located in Scotland, the windfarm has a 35MW capacity, consists of 14 Nordex 2.5MW turbines and was fully funded from re-investment proceeds. It is managed by RES, TRIG's operations manager.
Richard Crawford, Head of Energy Income Funds at InfraRed Capital Partners, said : "This is TRIG's first corporate PPA and we are pleased to be entering this agreement with a strong counterparty in BT Group that supports the UK transition to net zero. Off-takers are seeing the benefits of fixing following the high power prices and volatility seen in 2022. We continue to look for attractive opportunities to fix revenues for TRIG, including through corporate PPAs."
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 .
The Company is pleased to announce that its Notice of the 2023 Annual General Meeting ("AGM") to be held on Wednesday 10 May 2023 has been posted to shareholders who have elected to receive a printed copy.
A copy has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
TRIG's consistent and inflation-linked returns are underpinned by a high-quality portfolio…
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The Renewables Infrastructure Group Limited (the 'Company')
Interim Dividend
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 2023 of 1.795 pence per ordinary share (the "Q1 Dividend"). The shares will go ex-dividend on 11 May 2023 and the Q1 Dividend will be paid on 30 June 2023 to shareholders on the register as at the close of business on 12 May 2023.
Cancellation of Scrip Dividend Alternative
In accordance with the terms and conditions of the Scrip Dividend Alternative and the Directors' power to cancel the Scrip Dividend Alternative where a change in market conditions might, in the reasonable opinion of the Directors, render the Scrip Dividend Alternative materially detrimental to those Shareholders electing for it, the Board has decided to cancel the Scrip Dividend Alternative in respect of the Q1 Dividend as the mid-market closing price of an Ordinary Share as at 6 June 2023 (being the day before the Relevant Quarterly Dividend Reference Date) was at a discount greater than 10% discount to the Relevant Quarterly Scrip Share Reference Price which was announced on 18 May 2023 (being the prevailing Net Asset Value per Ordinary Share of 134.8p as at 31 March 2023). Accordingly, Shareholders will receive the Full Cash Dividend in respect of the Q1 Dividend and, should they so wish, can choose to apply this in acquiring Ordinary Shares in the secondary market.
1 August 2023
The Renewables Infrastructure Group Limited (the 'Company')
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 2023 of 1.795 pence per ordinary share (the "Q2 Dividend"). The shares will go ex-dividend on 10 August 2023 and the Q2 Dividend will be paid on 29 September 2023 to shareholders on the register as at the close of business on 11 August 2023.
daveh wrote:Dividend Declaration: (missed it yesterday as it came out late afternoon)
https://www.investegate.co.uk/announcem ... on/76691881 August 2023
The Renewables Infrastructure Group Limited (the 'Company')
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 2023 of 1.795 pence per ordinary share (the "Q2 Dividend"). The shares will go ex-dividend on 10 August 2023 and the Q2 Dividend will be paid on 29 September 2023 to shareholders on the register as at the close of business on 11 August 2023.
Highlights for the six months ended 30 June 2023
Healthy cash generation from underlying projects:
o Dividend cover of 1.7 times in the period (30 June 2022: 1.4 times), or 3.0 times before the repayment of project level debt
o Strong inflation linkage, with over 50% of revenues directly linked to inflation over the next ten years
o Fixed interest rate borrowings across the project companies
o £119m of project level debt principal repaid. Project level gearing reduced from 38% to 37%
o £65m reinvested in construction projects using £54m of surplus cash generated during the period
o The Company's £750m RCF as at 30 June 2023 was £410m drawn - expected surplus cashflow to enable the reduction of RCF borrowings after meeting the Company's investment commitments
Resilient earnings and Net Asset Value ("NAV"):
o Earnings per ordinary share of 1.1p (30 June 2022: 17.9p)
o NAV per ordinary share of 132.2p as at 30 June 2023 (31 December 2022: 134.6p)
o Reduction in NAV driven by increase in discount rate to 7.9% (31 December 2022: 7.2%) partially offset by an increase in long-term inflation assumptions
o Increase in discount rates principally reflects higher interest rates (weighted to the UK) and also includes higher returning development stage battery storage projects
o NAV reduction also offset by active management initiatives, including delivering projects through construction and securing attractive fixed power pricing
o Portfolio valuation of £3,671m as at 30 June 2023 (31 December 2022: £3,737m)
Dividend;
Div 1.795p ps, ex div 10 Aug 23, paid 29 Sep 23.
Scrip Share Reference Price
The reference price of a new Ordinary Share under the Company's Scrip Dividend Alternative for the second quarterly interim dividend for the financial year ending 31 December 2023 (the "Q2 Dividend") has been set at 132.2 pence, being the prevailing Net Asset Value per Ordinary Share of 132.2 pence (as at 30 June 2023, announced on 4 August).
IMPORTANT NOTICE: Notwithstanding the above, shareholders should note that the Company is unlikely to offer the Scrip Dividend Alternative if the discount to the prevailing Net Asset Value per Ordinary Share at which the Ordinary Shares are trading exceeds 10 per cent. at the time of the Scrip Dividend Mandate deadline of 6 September 2023.
Disposal of three onshore wind farms
TRIG has exchanged contracts to sell three wind farms in the Republic of Ireland for a combined consideration of c. €25m (the "Disposal") to Statkraft. This represents a 26% premium to the valuation of the wind farms as at 31 December 2022[1]. The Disposals are subject to ordinary course clearances.
The Disposal is for 100% of TRIG's equity interest in three older onshore wind farms (the "Projects"), with an aggregate capacity of 35MW, that are nearing the end of their expected lives. The profit on disposal reflects the development opportunity available to the buyer for life extension and repowering.
Cancellation of Scrip Dividend Alternative
In accordance with the terms and conditions of the Scrip Dividend Alternative and the Directors' power to cancel the Scrip Dividend Alternative where a change in market conditions might, in the reasonable opinion of the Directors, render the Scrip Dividend Alternative materially detrimental to those Shareholders electing for it, the Board has decided to cancel the Scrip Dividend Alternative in respect of the Q2 Dividend as the mid-market closing price of an Ordinary Share as at 5 September 2023 (being the day before the Relevant Quarterly Dividend Reference Date) was at a discount greater than 10% discount to the Relevant Quarterly Scrip Share Reference Price which was announced on 17 August 2023 (being the prevailing Net Asset Value per Ordinary Share of 132.2p as at 30 June 2023). Accordingly, Shareholders will receive the Full Cash Dividend in respect of the Q2 Dividend and, should they so wish, can choose to apply this in acquiring Ordinary Shares in the secondary market.
An upcoming auction for seven UK offshore wind projects is set to flop, according to industry sources.
The results are due to be announced on Friday, but the number of bids will be close to zero, or none at all, the sources said.
Offshore wind developers have been saying the price set by the government for the electricity they will generate is too low to make projects viable.
The government said it was committed to increasing the use of renewable energy.
Energy firm SSE and Swedish firm Vattenfall have already ruled themselves out of the bidding, saying that the government had failed to allow for sharp rises in the cost of steel and labour when setting the electricity price.
Industry sources have told the BBC that if big, experienced and well-financed firms cannot make the sums work, it is unlikely that others will be able to.
Under its wind power auctions, the government sets an electricity price which bidders compete to come in at or below.
This arrangement is called a Contract for Difference (CFD). If electricity prices in the future rise above that level, the companies pay the excess back to the Treasury, if they fall below it the Treasury pays the company the difference.
The £44 per megawatt hour price floor set for this auction fails to take account of development costs, according to industry insiders. They have been warning for some time that steel prices and wage rises had pushed their costs up by between 20% and 40% since the last auction was held at a similar price target.
Electricity generators were also hit with a windfall tax on profits from older projects that pre-dated the Contract for Difference regime. SSE warned at the time that the tax would cause it to review future investment plans.
2 November 2023
The Renewables Infrastructure Group Limited (the 'Company')
Interim Dividend
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 2023 of 1.795 pence per ordinary share (the "Q3 Dividend"). The shares will go ex-dividend on 9 November 2023 and the Q3 Dividend will be paid on 29 December 2023 to shareholders on the register as at the close of business on 10 November 2023.
The Renewables Infrastructure Group Limited
"TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and Renewable Energy Systems ("RES") as Operations Manager.
Acquisition of a development platform
· TRIG has acquired 100% equity interest in Fig Power, a UK-based developer focused on battery storage
· Acquisition furthers TRIG's technological diversification and bolsters TRIG's development pipeline with 400MW of advanced stage battery storage projects
· Fig Power's management team brings extensive industry experience, has a proven track record of success in the energy sector, and will benefit from the expertise of TRIG's Managers
TRIG has acquired a 100% equity interest in Fig Power, an energy projects developer based in Bristol, formerly a sister company of Hydrock Consultants Limited. The expected outlay over the next two years is c. £20m - approximately half for the upfront consideration and half relating to ongoing development expenditure. Thereafter, Fig Power is projected to be self-funding from the proceeds of selling a portion of its pipeline once developed and prior to construction. Funding of the business plan will be subject to annual budget reviews and at the discretion of TRIG.
Interim Dividend
The Renewables Infrastructure Group Limited (the 'Company') is pleased to announce the fourth quarterly interim dividend in respect of the three month period to 31 December 2023 of 1.795 pence per ordinary share (the "Q4 Dividend"). The shares will go ex-dividend on 22 February 2024 and the Q4 Dividend will be paid on 28 March 2024 to shareholders on the register as at the close of business on 23 February 2024.
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