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The Company is pleased to announce the fourth quarterly interim dividend in respect of the three month period to 31 December 2022 of 1.71 pence per ordinary share (the "Q4 Dividend"). The shares will go ex-dividend on 9 February 2023 and the Q4 Dividend will be paid on 31 March 2023 to shareholders on the register as at the close of business on 10 February 2023.
No SCRIP offered as shares are trading at a discount to NAV
Revolving Credit Facility extended and expanded to £750m.
Revolving Credit Facility extended and expanded to £750m
The Board of TRIG announces that the Company has refinanced and increased its multi-currency revolving credit facility ('RCF'). The renewed RCF of £750m has been made available to TRIG for a three-year committed term expiring 31 December 2025 at improved pricing compared to the previous £600m facility. This extension supports the Company's strong balance sheet, with significant headroom alongside retained earnings both to satisfy development and construction commitments and to take advantage of other attractive investment opportunities. The RCF is currently £413m drawn.
The interest charged in respect of the renewed RCF continues to be linked to the Company's ESG performance. TRIG will incur a premium to, or reduction in, the margin and commitment fee based on performance against defined and stretching sustainability targets. The margin can vary between 180bps and 190bps over the prevailing base rate for Sterling and Euro borrowings, depending on TRIG's performance against the agreed sustainability targets.
The consortium of lenders is comprised of the following banks; National Australia Bank, Royal Bank of Scotland International, ING, Sumitomo Mitsui Banking Corporation, Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken and Intesa SanPaolo.
o Earnings per ordinary share of 21.5p (2021: 10p)
o NAV per ordinary share of 134.6p1 as at 31 December 2022 (2021: 119.3p)
o Portfolio valuation2 of 3,737m as at 31 December 2022 (2021: 2,726m)
· Healthy operational cash generation:
o 2022 dividend target of 6.84p/share delivered and 2023 dividend target3 set at 7.18p/share, a 5% increase
o Dividend cover of 1.55x (2021: 1.12x), or 2.6x before the repayment of project level debt which was £174m during the year
o Strong reinvestment cashflows
o £694m of investments made
o A renewed Revolving Credit Facility, extended to £750m
· A diversified, 2.8GW portfolio of renewables assets:
o Portfolio generated 5,376GWh of electricity in the year (2021: 4,125GWh)
o 1.9m tonnes of CO2 avoided in 20224
o 1.6m homes (equivalent) powered with renewable electricity4
On 2 February 2023, the Company declared an interim dividend of 1.71 pence per share for the period 1 October 2022 to 31 December 2022. The total dividend, £42,456,300, payable on 31 March 2023, is based on a record date of 10 February 2023 and the number of shares in issue at that time being 2,482,824,562.
Financial highlights
The Company's Net Asset Value as at 31 December 2022 was 134.6p/share (31 December 2021: 119.3p/share) and the Company's Portfolio Valuation was £3,737 million. Earnings for 2022 were 21.5p/share (2021: 10.0p/share). Dividends of 6.84p per share were declared, giving an increase in NAV per share of 15.3p (2021 NAV per share increase: 4.0p).
The earnings of 21.5p/share in the year were a result of:
· Continued delivery of the investment strategy and active portfolio management
· The high revenues generated in the year as a result of particularly high wholesale power prices coupled with higher subsidies as a result of inflation indexation passing through
· Increases in the portfolio valuation as a result of expectations for power prices and inflation to continue to be elevated over the short to medium term compared to expectations last year
· The portfolio valuation increase has been offset to some extent by an increase in the portfolio weighted average discount rate of 0.5%, recognising the increased levels of government bond yields. The discount rate applied to UK cash flows were increased by 0.8%, whilst the equivalent rate applied in Europe was increased by 0.3%, recognising the increased macro-economic volatility in the UK in the second half of the year.
TRIG has entered into a corporate Power Purchase Agreement ("PPA") with BT Group ("BT") for Blary Hill onshore wind farm. Pricing has been agreed for the duration of the 10-year PPA on pay-as-produced terms. It provides TRIG with long-term price security while delivering BT a supply of renewable power at an agreed price.
The PPA is in respect of TRIG's Blary Hill onshore windfarm, a subsidy free project, which was completed in early 2022 within budget and ahead of schedule. Located in Scotland, the windfarm has a 35MW capacity, consists of 14 Nordex 2.5MW turbines and was fully funded from re-investment proceeds. It is managed by RES, TRIG's operations manager.
Richard Crawford, Head of Energy Income Funds at InfraRed Capital Partners, said : "This is TRIG's first corporate PPA and we are pleased to be entering this agreement with a strong counterparty in BT Group that supports the UK transition to net zero. Off-takers are seeing the benefits of fixing following the high power prices and volatility seen in 2022. We continue to look for attractive opportunities to fix revenues for TRIG, including through corporate PPAs."
The Scrip Dividend Circular for the Company has today been posted to shareholders who have elected to receive a printed copy. A copy of the document has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Copies of the document can also be obtained from the Company Secretary or from the Investors' section of the Company's website, at http://www.trig-ltd.com .
The Company is pleased to announce that its Notice of the 2023 Annual General Meeting ("AGM") to be held on Wednesday 10 May 2023 has been posted to shareholders who have elected to receive a printed copy.
TRIG's consistent and inflation-linked returns are underpinned by a high-quality portfolio…
The investment companies team at Kepler Trust Intelligence has produced a new piece of investment bank quality research about the trust, designed to provide a clear and comprehensive reference for long term investors. This note is free to read for UK investors.
The Renewables Infrastructure Group Limited (the 'Company')
Interim Dividend
The Renewables Infrastructure Group Limited (the 'Company') is pleased to announce the first quarterly interim dividend in respect of the three month period to 31 March 2023 of 1.795 pence per ordinary share (the "Q1 Dividend"). The shares will go ex-dividend on 11 May 2023 and the Q1 Dividend will be paid on 30 June 2023 to shareholders on the register as at the close of business on 12 May 2023.
So this one has turned up on investegate, but not shell's.