2 May 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.

Net Asset Value - Q1 2024

TRIG announces that its estimated unaudited Net Asset Value ("NAV") as at 31 March 2024 is 125.0 pence per share, a decrease of 2.7 pence per share to the Company's last announced NAV as at 31 December 2023. This decrease in NAV is primarily the result of a decrease in near-term power price forecasts reflecting lower gas prices and the mild winter across Europe, and below budget generation and power prices in the period.

An interim dividend of 1.795 pence per share was paid in the quarter, and the Company remains on track to pay the target dividend for FY 2024 of 7.47 pence per share¹.

In line with the Company's capital allocation strategy, proceeds from accretive divestments are being used to reduce floating rate borrowings under the Company's Revolving Credit Facility ("RCF"). The Manager continues to progress TRIG's divestment activity and, as previously reported, expects to proactively reduce RCF borrowings from £364m at 31 December 2023 to c. £150m during 2024.

Where there is a compelling rationale to further TRIG's strategic priorities, the Company may seek to make accretive investments. New investments are carefully appraised against other uses of capital, including share buy backs.

The key drivers of the movement in Net Asset Value per share in the quarter are summarised in the table below:

Q1 generation and power prices compared to forecasts

In aggregate, generation and pricing in the period was below forecast:

Value enhancements

During the period, TRIG successfully sold three onshore wind farms in the UK and Ireland, with the profit on disposal contributing 0.3p to the Company's Net Asset Value. Since the release of the Company's 2023 Interim results, TRIG has sold six assets at an average premium of 12% to their respective valuations for total consideration of £125m. These divestments underscore the valuation of the Company's portfolio and its  disciplined approach to balance sheet management.

The Ranasjö & Salsjö onshore wind farms (totaling 242MW generation capacity; TRIG owns a 50% equity stake) in Sweden have been successfully energised and commissioning is underway.

Development stage investments continue to progress well. The grid connection date for the 100MW Spennymoor battery storage project was advanced from 2032 to 2026.

Q1 inflation and foreign exchange movements

Inflation in 2024 is running slightly lower than forecast at 31 December 2023 resulting in small negative impact to the portfolio valuation.

The portfolio benefits from strong inflation linkage, with 51% of the Company's forecast revenue over the next ten years directly indexed to inflation.

Sterling strengthened slightly against the Euro during the period resulting in a small negative movement in the valuation. This is offset by the hedges held at group level increasing in value.

Decrease in near-term forecast power prices

Across the markets TRIG invests in, near-term power price forecasts³ have decreased due to global gas prices declining amidst weaker demand driven by mild weather and historically high levels of gas storage.

Q1 2024 power price forecasts for the UK project an increase in prices over the medium term, reflecting a delay to the expected commissioning of new nuclear in the national energy mix and increased cost expectations for new renewables deployment.

¹ Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk.

² NAV per share at 31 March 2024 presented after unwind of the discount rate, company costs and payment of the dividend, which in aggregate sum to net nil impact. The table does not cast due to rounding.

³ Power price forecasts used in the Directors' valuation for each of GB, SEM (Northern Ireland & Republic of Ireland), France, Germany, Sweden and Spain are based on analysis by the Investment Manager using data from forward prices available in the market and leading power market advisers.

Enquiries

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

Minesh Shah

Mohammed Zaheer

Brunswick                                                             +44 (0) 20 7404 5959 / [email protected]

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 2.8GW; enough renewable power for 1.9 million homes and to avoid 2.3 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

InfraRed Capital Partners is an international infrastructure investment manager, with more than 190 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$14bn+ 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 30th September 2023 of GBP/USD of 1.2944; EUR/USD 1.1291. EUM is USD 13.597m.

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.