9 August 2024
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.
Commencement of Share Buyback Programme
The Renewables Infrastructure Group
("TRIG" or the "Company") announced on 1 August 2024 its
intention to commence a share buyback programme
(the "Programme") for up to £50m of its issued share capital
("Shares"), following successful divestments completed in the last
twelve months and significant progress made to reduce the Company's
floating rate borrowings under its Revolving Credit Facility
("RCF"). The Company today announces the
commencement of this Programme.
The Board of the Company will keep
the Programme under regular review and continue to assess it
against its capital allocation priorities, including both
attractive investment opportunities and further disposal
activities, as well as considering prevailing market
conditions.
Details of the Programme
The Programme will commence today
and end no later than 31 May 2025, subject to market conditions.
Under the terms of the Programme, Shares will be purchased on the
London Stock Exchange and/or other trading venues1 for
subsequent repurchase by the Company. Repurchased Shares will be
held in Treasury.
The Programme will be executed under
the authority granted by shareholders at the TRIG annual general
meeting on 15 May 2024 to acquire up to 372,523,170 shares,
equating to c.14.99% of the issued share capital at the
time.
The Company has entered into a
non-discretionary arrangement with BNP Paribas S.A. and Investec
Bank plc, which will enable the purchase of ordinary shares for the
Programme to continue through closed periods. Any purchase of
shares during a closed period pursuant to the Programme shall be
made independently of the Company.
Any purchase of ordinary shares
pursuant to the Programme will be announced no later than 07:30 am
on the business day following the calendar day on which the
purchase occurs.
The Programme will be conducted
within certain pre-set parameters, including those prescribed by
the Market Abuse Regulation 596/2014 (as it forms part of domestic
law by virtue of section 3 of the European Union (Withdrawal) Act
2018 (as amended)) and Chapter 12 of the UK Listing
Rules.
There is no guarantee that the
Programme will be implemented in full or that any Shares will be
bought back by the Company.
1Other trading venues:
CBOE-BXE, CBOE-CXE, Aquis and Turquoise
Enquiries
InfraRed Capital Partners
Limited
+44 (0) 20 7484 1800
Minesh Shah
Phil George
Mohammed Zaheer
Brunswick
+44 (0) 20 7404 5959 / TRIG@brunswickgroup.com
Mara James
Investec Bank
Plc
+44 (0) 20 7597 4000
Lucy Lewis
Tom Skinner
BNP
Paribas
+44 (0) 20 7595 9444
Virginia Khoo
Carwyn Evans
Notes
The Company
The Renewables Infrastructure Group
("TRIG" or the "Company") is a leading London-listed renewable
energy infrastructure investment company. The Company seeks to
provide shareholders with an attractive long-term, income-based
return with a positive correlation to inflation by focusing on
strong cash generation across a diversified portfolio of
predominantly operating projects.
TRIG is invested in a portfolio of
wind, solar and battery storage projects across six countries in
Europe with aggregate net generating capacity of 2.7GW; enough
renewable power for 1.8 million homes and to avoid 2.2 million
tonnes of carbon emissions per annum. TRIG is seeking further
suitable investment opportunities which fit its stated Investment
Policy.
Further details can be found on
TRIG's website at www.trig-ltd.com.
Investment Manager
InfraRed Capital Partners is an
international infrastructure investment manager, with more than 160
professionals operating worldwide from offices in London, New York,
Sydney, Seoul and Madrid. Over the past 25 years, InfraRed has
established itself as a highly successful developer and custodian
of infrastructure assets that play a vital role in supporting
communities. InfraRed manages US$13bn+ of equity
capital1 for investors around the globe, in listed
and private funds across both income and capital gain
strategies.
A long-term sustainability-led
mindset is integral to how InfraRed operates as it aims to achieve
lasting, positive impacts and deliver on its vision of Creating
Better Futures. InfraRed has been a signatory of the Principles of
Responsible Investment since 2011 and has achieved the highest
possible PRI rating2 for its infrastructure
business for seven consecutive assessments, having secured a 5-star
rating for the 2023 period3. It is also a member of the
Net Zero Asset Manager's Initiative and is a TCFD
supporter.
InfraRed is part of SLC Management,
the institutional alternatives and traditional asset management
business of Sun Life. InfraRed represents the infrastructure equity
arm of SLC Management, which also incorporates BentallGreenOak, a
global real estate investment management adviser, and Crescent
Capital, a global alternative credit investment asset
manager.
Further details can be found on
InfraRed's website at www.ircp.com
1 Uses 5-year average FX as at 31st March 2024 of GBP/USD of
1.2839; EUR/USD 1.1179. EUM is USD 12.927m.
2 Principles for Responsible Investment ("PRI") ratings are
based on following a set of Principles, including incorporating ESG
issues into investment analysis, decision-making processes and
ownership policies. More information is available at
https://www.unpri.org/about-the-pri
3
In the
2023 Principles for Responsible Investment ("PRI") assessment,
InfraRed achieved a 5 star rating for the Policy Governance and
Strategy and Infrastructure and a 4 star rating for the newly
created Confidence Building Measures. Please find InfraRed's report
available for download on our website
here: https://www.ircp.com/sustainability/
Operations Manager
TRIG's Operations Manager is RES
("Renewable Energy Systems"), the world's largest independent
renewable energy company.
RES is the world's largest
independent renewable energy company, working across 24 countries
and active in wind, solar, energy storage, biomass, hydro, green
hydrogen, transmission, and distribution. An industry innovator for
over 40 years, RES has delivered more than 24GW of renewable energy
projects across the globe and plans to bring more than 22GW of new
capacity online in the next five years.
As a service provider, RES has the
skills and experience in asset management, operations and
maintenance (O&M), and spare parts - supporting 41GW of
renewable assets across 1,300 sites. RES brings to the market a
range of purposeful, practical technology-based products and
digital solutions designed to maximise investment and deployment of
renewable energy. RES is the power behind a clean energy future
where everyone has access to affordable zero carbon energy bringing
together global experience, passion, and the innovation of its
4,500 people to transform the way energy is generated, stored and
supplied.
Further details can be found on the
website at www.res-group.com.