Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • The Renewables Infrastructure Group reaffirmed FY 2025 dividend guidance at 7.55p per share.
  • TRIG'S H1 2025 NAV per share declined 7.7p to 108.2p, largely due to external pricing pressures.
  • TRIG'S Generated GBP 199 million in operational cash despite 10% lower generation caused by weak wind resource.

The Renewables Infrastructure Group Limited (LSE:TRIG), a London-listed investment company focused on renewable energy assets, released its interim results for the six months ended 30 June 2025. The company is advised by InfraRed Capital Partners as Investment Manager and Renewable Energy Systems (RES) as Operations Manager.

During the period, TRIG generated GBP 199 million in operational cash flow, despite wind generation falling 10% below budget due to poor wind conditions in the UK, France, and Germany. Dividend cover stood at 1.0x, or 2.2x before the repayment of GBP 105 million in project-level debt. The board reaffirmed full-year 2025 dividend guidance of 7.55p per share. Net Asset Value (NAV) per share declined to 108.2p from 115.9p at the end of December 2024. This 7.7p reduction was largely attributed to lower forward power price forecasts. Portfolio valuation, however, benefited from GBP 19 million in gains related to turbine hardware and software upgrades across several projects. The weighted average discount rate applied to the portfolio increased by 0.2% to 8.8%, with higher risk premia applied to mainland European assets.

TRIG's offshore wind exposure saw improvements during the period, with export cable faults now repaired. Insurance recoveries related to East Anglia 1 were received in H1 2025, with further proceeds expected in the second half. A separate claim related to Hornsea 1 is still being progressed. The outage at Beatrice OFTO had minimal financial impact due to protective commercial arrangements. The company’s balance sheet remains largely shielded from interest rate risk, with GBP 1.8 billion in fixed-rate, amortising debt and GBP 0.3 billion in revolving credit facility (RCF) borrowings. The RCF was refinanced in H1 2025 and now matures in March 2028. TRIG indicated that 81% of its revenues over the next 12 months are fixed per unit of electricity generated.

Capital allocation continues to be monitored closely. Since the start of its share buyback programme, TRIG has repurchased 80 million shares for GBP 67 million, contributing 0.6p to NAV per share in the period. The board also approved the repowering of the Cuxac onshore wind farm in France, which will double its capacity to 25MW and secure a new 20-year inflation-linked tariff. TRIG’s generation during the period amounted to 2.7TWh of clean electricity, down from 2.9TWh in H1 2024, equivalent to displacing approximately 0.9 million tonnes of carbon emissions. Development activity continues, with construction of the 78MW Ryton battery storage project on track and the 100MW Spennymoor battery project approaching final investment decision.

Policy developments were welcomed, particularly the UK government’s move to extend new Contracts-for-Difference (CfD) terms from 15 to 20 years and to allow repowered projects to bid for new CfDs. While TRIG does not assume residual value for most of its assets, these changes may improve long-term economics. The company continues to advance operational enhancements across the portfolio, with a broader programme under development for 2026.

TRIG is trading 0.12% lower at GBX 81.60 per share as of 8 August 2025.