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6 September 2021

The Renewables Infrastructure Group Limited

("TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and RES ("Renewable Energy Systems") as Operations Manager)

Acquisition of four solar PV sites in Spain

The Board of TRIG is pleased to announce that the Company has exchanged contracts to acquire a 100% interest in four solar PV sites in the province of Cadiz, Spain, with a total capacity of 234MW (collectively the "Projects"). Completion of the acquisition is subject to certain conditions being satisfied. The transaction is expected to complete in respect of three projects that are ready-to-build in Q3 2021. The fourth project is expected to complete in Q1 2022 once development activities are finalised and it is ready-to-build.

This solar investment in Spain adds to TRIG's technological and geographical diversification, including diversification of power markets and weather systems. These projects do not rely on government subsidy and the Investment Manager will consider a range of power price hedging strategies to manage their exposure to changes in merchant power prices.

The Projects have been developed and are being built by Statkraft (a major Norwegian state-owned utility). The Projects are expected to complete construction in Q4 2022. Through contractual measures put in place, TRIG will not bear any construction risk as part of this transaction - notably due to a right to put any of the four projects back to Statkraft in the event that a project is not successfully commissioned by its respective long stop date.

Whilst this is a first investment in Iberia for TRIG, InfraRed has significant experience in the region and is currently managing an investment in a c. 600MW solar development platform in Spain.

Sustainability considerations are core to InfraRed's investment process. They are particularly pertinent to the Managers' assessment of this investment given the challenges associated with the supply chain of solar panel manufacturing. On-site tracing of components and confirmation of the practical application of codes of conduct will be undertaken during the manufacture of the panels to be used in these projects. This work is being overseen by an engineering and technical support services company that specialises in the solar PV and energy storage sectors.

On completion, these projects are expected to represent collectively approximately 6% of TRIG's portfolio value. The investment will be funded from any of the Company's revolving credit facility, retained earnings or capital raised from equity issuance*. The revolving credit facility is currently approximately £141 million drawn, following investments made earlier in the year.

Following the completion of the acquisition of the Projects, the Company's revolving credit facility is expected to be drawn approximately £200m. The Company will also have outstanding commitments of approximately £285m due over the next three years relating to projects in construction.

Helen Mahy CBE, Chairman of TRIG, said:

"This first investment in the Iberian region is a landmark for TRIG, and complements the existing portfolio. It builds on the portfolio's technological and geographic diversification, which are key to long-term portfolio resilience."

Richard Crawford, Director, Infrastructure, InfraRed, said:

"Having evaluated a number of investment opportunities over the last 12 months to add solar in Iberia to TRIG's portfolio, we are pleased to have entered into this strategic partnership with Statkraft; who, having developed these four sites, will stay on to deliver the projects through the construction phase and share our approach to supply chain verification."

*On 31 August 2021, the Company announced a further placing of ordinary shares under its share issuance programme prospectus, published on 5 March 2021 (the "Prospectus").  Further details can be found in the announcement and Prospectus.

Enquiries

InfraRed Capital Partners Limited                              +44 (0) 20 7484 1800
Richard Crawford
Phil George

Minesh Shah

Mohammed Zaheer

Maitland/AMO                                                             +44 (0) 20 7379 5151
Rhys Jones

Charles Withey

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 over 80 wind, solar and battery storage projects with aggregate net generating capacity of over 2.2GW, enough renewable power for over one million homes and displacing over 1.3 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

TRIG's Investment Manager is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul, Sydney and Mexico City. With over 190 professionals it manages in excess of USD 12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 85 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website at www.ircp.com.

Operations Manager

TRIG's Operations Manager is RES ("Renewable Energy Systems"), the world's largest independent renewable energy company.

RES has been at the forefront of wind energy development for over 39 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 21GW in capacity. RES supports over 7.5GW of operational assets worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 3,000 employees engaged in renewables globally.

RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.