The Renewables Infrastructure Group

What The Renewables Infrastructure Group does

The Renewables Infrastructure Group (TRIG) is a Guernsey-incorporated, London-listed (LSE: TRIG, FTSE 250) closed-ended investment company that IPO'd in 2013 to provide investors with exposure to a diversified portfolio of renewable energy infrastructure assets. The company targets institutional and retail investors seeking resilient income and long-term capital growth, distributing through the London Stock Exchange, investment platforms, stockbrokers, and financial intermediaries. TRIG employs a dual-management structure: InfraRed Capital Partners (FCA-regulated, part of Sun Life's SLC Management) serves as Investment Manager, sourcing opportunities and managing the portfolio, while Renewable Energy Systems Limited (RES) serves as Operations Manager, overseeing technical and operational performance.

The company's core product is its diversified portfolio of 77 operational renewable energy assets totalling 2.7GW across four technology classes — onshore wind, offshore wind, solar PV, and battery storage — spanning six European markets (UK, Ireland, France, Germany, Spain, Sweden). Notable holdings include a 10.2% interest in Hornsea One (1.2GW offshore wind, the world's largest operational offshore wind farm at acquisition), a 49% stake in Valdesolar (264MW solar in Spain), a 100% interest in Fig Power (1.7GW battery storage development pipeline), and operational assets generating 5.4TWh in 2025. Revenue is generated through electricity sales, with over 75% of revenues fixed under government-backed Contracts for Difference or corporate Power Purchase Agreements (PPAs) and over 50% directly linked to inflation.

TRIG's business model relies on long-duration contracted cash flows rather than merchant exposure. Key corporate PPA counterparties include BT Group (10-year PPA for Blary Hill), Virgin Media O2 (10-year PPA from April 2026 covering ~15% of its UK electricity needs), and Hyd'Occ/Qair France (green hydrogen facility supply). FY2025 results reported operational EBITDA of £459m, operational cash flows of £375m p.a., 2.1x dividend cover, and a maintained dividend of 7.55p per share. The portfolio was valued at £2.875bn with NAV per share of 104.0p. TRIG pursues active capital recycling (£155m Beatrice divestiture agreed in 2026) and development-led growth (Spennymoor battery storage FID, Cuxac repowering, £20m Fig Power acquisition in February 2024). A proposed £5.3bn all-share merger with HICL Infrastructure announced in November 2025 was abandoned following shareholder opposition, and a first continuation vote is scheduled for the June 2026 AGM.

Name

The Renewables Infrastructure Group

Legal name

The Renewables Infrastructure Group Limited

Website

https://trig-ltd.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

The Renewables Infrastructure Group (TRIG) is a Guernsey-incorporated, FTSE 250-listed closed-ended investment company that invests in a diversified 2.7GW portfolio of wind, solar PV, and battery storage assets across six European countries, targeting institutional and retail investors seeking resilient income and inflation-linked returns.

Ownership category

akta.pro rank

Product category

Renewable Energy Infrastructure Investment Trust

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Major Component Service & Overhauls (Gearboxes, Blades, Generators, Inverters, Turbines) (EUAMAGAF), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI)

Keywords

• Renewable energy infrastructure
• Investment trust shares
• Onshore wind farms
• Offshore wind farms
• Battery storage projects

Headquarters

HQ city

St. Peter Port

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Power Generation Sales: TRIG generates revenues by selling clean electricity produced by its portfolio of renewable energy assets. Revenues are derived from a combination of fixed revenue (government subsidies such as Contracts for Difference, corporate Power Purchase Agreements) and merchant/wholesale power prices. Over 75% of revenues are fixed per unit of electricity generated over the next five years, with over 50% having direct revenue inflation linkage.
2. Corporate Power Purchase Agreements: TRIG enters into long-term corporate PPAs with major companies (BT Group, Virgin Media O2, Hyd'Occ) to supply renewable electricity at pre-agreed prices, providing long-term price security and revenue visibility.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

The Renewables Infrastructure Group (TRIG) is a closed-ended investment company that invests in a diversified portfolio of renewable energy infrastructure assets — including onshore wind farms, offshore wind farms, solar PV parks, and battery storage projects — primarily in the UK and across Europe. The company generates income by selling the electricity produced by these assets under long-term government-backed contracts (Contracts for Difference) and corporate Power Purchase Agreements, distributing the resulting cash to shareholders as a regular dividend while seeking long-term capital growth.

Product overview

TRIG operates as a diversified renewable energy infrastructure investment company offering exposure to a portfolio of operational and development-stage renewable energy assets. The company's core product is its diversified portfolio spanning four main asset classes: onshore wind farms (including locations in Scotland, Sweden, and France), offshore wind farms (Hornsea One, Beatrice, East Anglia One, Merkur), solar PV parks (Cádiz projects, Valdesolar in Spain), and battery storage projects (Spennymoor, Broxburn). These assets are complemented by corporate Power Purchase Agreement services that provide long-term fixed-price revenue contracts with major corporate buyers. The company leverages dual-management from InfraRed Capital Partners and RES to actively manage its portfolio and development pipeline, which includes over 900MW of projects currently in development or construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Renewable Energy Infrastructure Portfolio A diversified portfolio of 77 operational renewable energy infrastructure assets spanning onshore wind, offshore wind, solar PV, and battery storage across the UK, Ireland, France, Germany, Spain, and Sweden, valued at £2.875 billion as of FY2025 with 2.7GW of net capacity. Designed for institutional and retail investors seeking income and long-term capital growth from renewable energy infrastructure.
• Onshore Wind Farm Investments Equity interests in operational and development onshore wind generation assets across European markets including Blary Hill (Scotland, 35MW, 100%), Twin Peaks (Sweden, 242MW combined Ranasj and Salsj), Jdras (Sweden, 213MW), the Cuxac repowering (France, doubled from 12MW to 25MW+ with 20-year inflation-linked tariff), and projects in Ireland. Sold to investors indirectly through TRIG shares.
• Offshore Wind Farm Investments Equity stakes in large-scale offshore wind farms including Hornsea One (10.2% interest, 1.2GW capacity), Beatrice (17.5% stake, 588MW; agreed for disposal to Equitix in 2026 for approximately £155m), East Anglia One (14.3% indirect equity interest, 714MW), and Merkur in the German North Sea (36% equity interest).
• Solar PV Park Investments Solar photovoltaic generation assets including four projects in Cdiz, Spain (234MW combined, developed with Statkraft) and Valdesolar in Badajoz, Spain (49% interest, 264MW operating capacity, partnered with Repsol Renovables). Valdesolar won the 2024 UNEF Seal of Excellence for Sustainability.
• Battery Storage Project Investments Equity interests in battery energy storage systems including Spennymoor (100MW/200MWh in County Durham, Final Investment Decision achieved with grid connection accelerated from 2031 to 2027), Broxburn (20MW, 100% equity, Scotland), and a broader 1.7GW development pipeline built around the Fig Power UK battery storage platform.
• Corporate Power Purchase Agreement Offtakes Long-term fixed-price electricity supply agreements offered to large corporates seeking renewable power for Scope 2 decarbonisation. Existing agreements include a 10-year PPA with BT Group for the 35MW Blary Hill wind farm in Scotland and a PPA with Hyd'Occ / Qair France supplying renewable electricity to a green hydrogen plant in Port-la-Nouvelle.
• Development Pipeline and Asset Repowering A 900MW development pipeline (with over 200MW under construction) including battery storage developments and onshore wind repowering projects, delivered through the in-house Fig Power platform and the dual-management team's active management capability.

Quantifiable outcome

• 5.4TWh renewable electricity generated in 2025
• +4 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Renewable Energy Systems Limited (RES)coreStrategic or Co-development PartnerOperations Manager for TRIG. Provides operational management of renewable energy assets including wind farms, solar parks, and battery storage projects. Also involved in development activities.
• StatkraftflagshipStrategic or Co-development PartnerMajor Norwegian state-owned utility. Developed and built four solar PV sites in Cádiz, Spain (234MW combined capacity) for TRIG. Continuing to deliver projects through construction phase.
• ØrstedcoreStrategic or Co-development PartnerWorld leader in offshore wind. Developed, built, and operates Hornsea One offshore wind farm (1.2GW) in which TRIG holds a 10.2% interest.
• Repsol RenovablescoreStrategic or Co-development PartnerPartnered with TRIG on Project Valdesolar (264MW operating solar park in Spain). TRIG holds 49% interest with Repsol retaining 51%.
• SSE plccoreStrategic or Co-development PartnerDeveloper of Beatrice offshore wind farm (588MW). TRIG acquired 17.5% stake from Copenhagen Infrastructure Partners. SSE holds 40% as co-shareholder.
• ScottishPower Renewables / IberdrolacoreStrategic or Co-development PartnerDeveloper of East Anglia One offshore wind farm (714MW). TRIG holds 14.3% indirect equity interest acquired from Green Investment Group.
• ArisecoreStrategic or Co-development PartnerSwedish developer of onshore wind farms. Sold Twin Peaks (Ranasjö and Salsjö, combined 242MW) and Jädraås (213MW) wind farms to TRIG.
• Fig PowercoreStrategic or Co-development PartnerUK-based developer acquired 100% by TRIG in February 2024 for approximately £20m. Focused on battery storage with 1.7GW development pipeline. Based in Bristol.
• BT GroupcoreGTM or Marketing PartnerCorporate customer through 10-year PPA for Blary Hill wind farm (35MW) in Scotland. Pricing pre-agreed on pay-as-produced terms.
• Virgin Media O2coreGTM or Marketing PartnerCorporate customer through 10-year PPA for Garreg Lwyd and Earlseat wind farms (combined ~50MW). Starting April 2026, supplying approximately 15% of UK electricity needs.
• Hyd'Occ / Qair FranceminorGTM or Marketing PartnerPPA to supply renewable electricity from Occitanie wind farms to green hydrogen production facility in Port-la Nouvelle, France.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• HICL Infrastructure: London-listed infrastructure investment trust with diversified PFI/PPP and renewables exposure. Was TRIG's proposed merger counterparty in the abandoned £5.3bn tie-up, making it the most direct size and structure comparable.
• Octopus Renewables Infrastructure Trust (ORIT): London-listed investment trust investing in renewable energy generation and storage across the UK and Europe. Directly competes with TRIG for institutional yield-seeking capital targeting diversified renewables mandates.
• Greencoat Renewables: Euronext Dublin-listed renewable energy infrastructure fund (post-Greencoat UK Wind merger), spanning wind and solar across Ireland and Europe. Directly comparable investment-trust model and continental European asset footprint.
• Greencoat UK Wind: London-listed investment trust focused on UK wind energy infrastructure. Closest pure-play UK wind peer to TRIG, sharing structure, dividend-yield orientation, and renewable infrastructure investment mandate.
• Aquila European Renewables Income Fund: London-listed fund investing in European wind and solar projects. Comparable broad-European renewables mandate and listed-fund structure to TRIG's continental portfolio expansion (Spain, Germany, Sweden, France).
• Bluefield Solar Income Fund: London-listed solar-focused infrastructure investment trust with a UK portfolio of operational solar PV assets. Direct peer in the income-yielding renewable infrastructure fund category, though TRIG is more technology-diversified.
• NextEnergy Solar Fund: London-listed solar infrastructure investment trust with UK and O&M operating assets. Comparable investment-trust vehicle targeting institutional investors seeking renewable power exposure.

Emerging players

• Gore Street Energy Storage Fund: London-listed battery storage investment trust operating UK and international grid-scale BESS assets. Highly comparable to TRIG's emerging storage vertical via its Spennymoor and Broxburn assets.
• Harmony Energy Income Trust: London-listed battery energy storage investment trust focused on UK BESS projects. Most direct competitor to TRIG's Fig Power development platform in storage-driven renewables income.

Broad incumbents

• 3i Infrastructure: London-listed infrastructure investment trust with broader economic-infrastructure exposure. Comparable diversified infrastructure investment-trust model with renewables as one of several verticals, larger-scale and broader mandate than TRIG.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC5ZNw index of videos available on Vimeo platform
• LinkedInlinkedin.com/company/the-renewables-infrastructure-group-uk-limited

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Renewables Infrastructure Group