NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

The information contained in this announcement is deemed inside information under Article 7 of the UK Market Abuse Regulation. Upon publication, this inside information is in the public domain.

1 December 2025

For immediate release

Update on the Combination of HICL Infrastructure PLC and The Renewables Infrastructure Group Limited

The Boards of HICL Infrastructure PLC ("HICL") and The Renewables Infrastructure Group Limited ("TRIG") confirm that, following the announcement of the proposed combination of the two companies on 17 November 2025, the proposed combination will not proceed.

Both Boards remain convinced of the strategic rationale for the combination. However, following broad engagement with shareholders, the HICL Board determined that it cannot progress the transaction without a substantial majority of support from its own investors.

Each company remains well positioned as an independent business, with high-quality portfolios, strong management teams, and clear strategies for delivering long-term value to investors.

Important information

The person responsible for making this announcement on behalf of HICL is Chris Copperwaite (Aztec Group) and the person responsible for making this announcement on behalf of TRIG is Laura Dunning (Aztec Group).

Nothing in this announcement shall form the basis of or constitute any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor.

Overseas jurisdictions

This announcement is not for release, publication or distribution, directly or indirectly, in or into the United States of America (the "United States", including its territories and possessions, any state of the United States and the District of Columbia), Canada, Australia, Japan, South Africa or any other jurisdiction in which distribution or release would be unlawful.

This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered, or sold in or into the United States except pursuant to an applicable exemption from registration requirements.  No public offering of securities is being made in the United States or in any other jurisdiction.

HICL has not been, and will not be, registered under the US Investment Company Act of 1940, as amended (the "US Investment Company Act"), and investors will not be entitled to the benefits of that act. No offer, purchase, sale or transfer of the securities referred to herein may be made except under circumstances which will not result in HICL being required to register as an investment company under the US Investment Company Act.

The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession this announcement or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Notices related to financial advisers

Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting for HICL Infrastructure PLC and no one else in connection with the potential transaction and will not be responsible to anyone other than HICL Infrastructure PLC for providing the protections afforded to clients of Goldman Sachs International, or for giving advice in connection with the potential transaction or any matter referred to herein.

Investec Bank plc ("Investec"), which is authorised in the United Kingdom by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for HICL Infrastructure PLC as financial adviser and no one else in connection with the potential transaction as financial adviser and will not be responsible to anyone other than HICL Infrastructure PLC for providing the protections afforded to clients of Investec in relation to the potential transaction or for providing advice in relation to the potential transaction or any other matter referred to in this announcement. Neither Investec nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever for, or makes any representation or warranty, express or implied, as to, this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to any of them, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its content or otherwise arising in connection therewith. Investec and its affiliates accordingly disclaim all and any liability whether direct or indirect, whether arising in tort, contract, under statute or otherwise which they might otherwise have in respect of this announcement or its contents or otherwise arising in connection therewith, save for any responsibilities or liabilities of Investec under the Financial Services and Markets Act 2000, as amended, or the regulatory regime established thereunder.

BNP Paribas is authorised and regulated by the European Central Bank and the Autorité de Contrôle Prudentiel et de Résolution. BNP Paribas is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of BNP Paribas' regulation by the Prudential Regulation Authority are available from BNP Paribas on request. BNP Paribas has its registered office at 16 Boulevard des Italiens, 75009 Paris, France and is registered with the Companies Registry of Paris under number 662 042 449 RCS and has ADEME identification number FR200182_03KLJ. BNP Paribas London Branch is registered in the UK under number FC13447 and UK establishment number BR000170, and its UK establishment office address is 10 Harewood Avenue, London NW1 6AA. BNP Paribas is acting as financial adviser and corporate broker exclusively for TRIG and no one else in connection with the matters described in this announcement and will not be responsible to anyone other than TRIG for providing the protections afforded to clients of BNP Paribas or for providing advice in relation to the matters described in this announcement or any transaction or arrangement referred to herein. Neither BNP Paribas nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of BNP Paribas in connection with this announcement, any statement contained herein or otherwise.

Legal entity identifiers

HICL: 213800BVXR1E5L7PEV94

TRIG: 213800NO6Q7Q7HMOMT20