8 September 2022

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

Battery storage investment

The Company has exchanged contracts to acquire the right to develop three battery storage sites in the North of England. Two of the projects, which when built will total c.165MW with a two-hour duration, are scheduled for grid connection and commencement of operations in 2024 and 2025. The third site, which has a capacity for c.85MW also with a two-hour duration, will be built later in line with its grid connection date, which is in 2029, although it may be possible to bring this date forward.

This is a key milestone for the Company and builds on the strategy laid out at the Capital Markets Seminar held in April 2022 to complement the renewable generation assets in the portfolio with flexible capacity. Utility scale batteries such as these provide grid supporting services and trade in the wholesale power market, with both activities helping to stabilise the electricity system.

Flexible capacity projects diversify TRIG's portfolio as their revenues are expected to have a low correlation to the absolute level of wholesale power prices received by renewables generators. In order to provide greater revenue optionality, the battery storage is being configured as a two-hour energy storage system, which is at the longer end of most existing installations. This configuration expands the project revenue stack by extending the trading options available in the wholesale market, which is deeper than the ancillary services market.

The sites, which have been developed by and acquired from Aura Power Developments Limited, each have land rights, planning permission and grid connection agreements secured. RES is being contracted to progress the development of the projects through the procuring of equipment and construction. The Managers (InfraRed and RES) are mindful of the sustainability considerations in relation to battery storage equipment, particularly in relation to the supply-chain, which will be reflected in the procurement framework. Both Managers have significant experience in the flexible capacity market extending back over a decade.

Once the first two projects are built (expected in 2025) the investment will represent approximately 4% of the portfolio, by value.

Richard Crawford, of InfraRed Capital Partners, said:

"Greater deployment of flexible capacity and renewable generation are crucial components in addressing energy security, decarbonisation and energy affordability. For TRIG, the addition of battery storage into an already diversified generation portfolio further reduces revenue variability, and draws on the deep expertise of InfraRed and RES of investing in and delivering development-stage projects."

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 wind, solar and battery storage projects across six countries in Europe with aggregate net generating capacity of over 2.4GW; enough renewable power for 1.7 million homes and to avoid over 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

The Investment Manager to HICL is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in infrastructure projects since 1997. InfraRed is a leading international investment manager, operating worldwide from offices in London, New York, Seoul and Sydney and managing 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 100 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 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 40 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 22GW in capacity. RES supports over 9.5GW of operational assets worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 11 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.