REG - Renew Infra Grp Ld - Announcement of Final Results <Origin Href="QuoteRef">TRIG.L</Origin> - Part 5
23/02/2016 07:24
- Part 5: For the preceding part double click ID:nRSW8156Pd
472,870
TRIG UK
Cash 347 454
Working capital (2,762) (2,041)
Debt1 1,735 (58,834)
(680) (60,421)
Investments at fair value through profit or loss 711,604 412,449
1 Debt arrangement costs of £1,735k (2014: £1,312k) have been netted off the £Nil (2014: £60,146k) debt drawn by TRIG UK
Level 2
Valuation methodology
Fair value is based on price quotations from financial institutions active in the relevant market. The key inputs to the
discounted cash flow methodology used to derive fair value include foreign currency exchange rates and foreign currency
forward curves. Valuations are performed on a six monthly basis every June and December for all financial assets and all
financial liabilities.
Level 3
Valuation methodology
The Investment Manager has carried out fair market valuations of the investments as at 31 December 2015 and the Directors
have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuation.
All investments are at fair value through profit or loss and are valued using a discounted cash flow methodology.
The following economic assumptions were used in the discounted cash flow valuations at:
31 December 2015 31 December 2014
UK inflation rates 2.75% 2.75%
Ireland and France inflation rates 2.00% 2.00%
UK, Ireland and France deposit interest rates 1.00% to 31 March 2019, 2.50% thereafter 1.00% to 31 March 2019, 3.00% thereafter
UK corporation tax rate 20.00%, reducing to 19% from 1 April 2017 and then to 18% from 1 April 2020 21.00% to 31 March 2015, 20.00% thereafter
France corporation tax rate 33.3% + 1.1% above E763,000 threshold 33.3% + 1.1% above E763,000 threshold
Ireland corporation tax rate 12.5% active rate, 25% passive rate 12.5% active rate, 25% passive rate
Euro/sterling exchange rate 1.3569 1.2874
Energy yield assumptions P50 case P50 case
Discount rates
The discount rates used for valuing each renewable infrastructure investment are based on the appropriate long term
government bond yield and a risk premium. The risk premium takes into account risks and opportunities associated with the
project earnings.
The weighted average portfolio valuation discount rate used for valuing the projects in the portfolio is 9.0% (2014: 9.0%)
and a change by plus or minus 0.5% has the following effect:
Discount rate -0.5% change Total Portfolio Value +0.5% change
Directors' valuation - Dec 2015 +£28.5m £712.3m (£27.0m)
Directors' valuation - Dec 2014 +£19.1m £472.9m (£17.9m)
Power Price
The power price forecasts are based on the base case assumptions from the valuation date and throughout the operating life
of the portfolio. The base case power pricing is based on the current forecast real price reference curve data provided by
a leading power price forecaster, adjusted to reflect the value the market will place on such generation in an arm's length
transaction.
A change in the forecast electricity price assumptions by plus or minus 10% has the following effect:
Power Price -10% change Total Portfolio Value +10% change
Directors' valuation - Dec 2015 (£56.0m) £712.3m +£55.8m
Directors' valuation - Dec 2014 (£37.8m) £472.9m +£37.1m
Energy Yield
The portfolio's aggregate production outcome for a 10 year period would be expected to fall somewhere between a P90 10 year
exceedance (downside case) and a P10 10 year exceedance (upside case), refer to Section 2.7 of the Strategic Report.
The effect of a P90 10 year exceedance and of a P10 10 year exceedance, applied to all future years, would have the
following effect:
Energy Yield P90 10 year exceedance Total Portfolio Value P10 10 year exceedance
Directors' valuation - Dec 2015 (£78.5m) £712.3m +£77.0m
Directors' valuation - Dec 2014 (£58.7m) £472.9m +£57.7m
Inflation rates
The portfolio valuation assumes long-term inflation of 2.75% per annum for UK investments (based on the RPI), and 2.00% per
annum for France and Republic of Ireland investments (based on the CPI).
Inflation assumption -0.5% change Total Portfolio Value +0.5% change
Directors' valuation - Dec 2015 (£35.0m) £712.3m £39.2m
Directors' valuation - Dec 2014 (£19.8m) £472.9m +£21.8m
Operating costs
The table below shows the sensitivity of the portfolio to changes in operating costs by plus or minus 10% at project
company level.
Operating costs -10% change Total Portfolio Value +10% change
Directors' valuation - Dec 2015 +£23.0m £712.3m (£23.2m)
Directors' valuation - Dec 2014 +£15.2m £472.9m (£15.3m)
Currency rates
The spot rate used for the 31 December 2015 valuation, from euro to sterling, was 1.3569 (2014: 1.2874).
A change to this currency rate by plus or minus 10% has the following effect:
Currency rates -10% change Total Portfolio Value +10% change
Directors' valuation - Dec 2015 (£2.6m) £712.3m +£2.6m
Directors' valuation - Dec 2014 (£3.9m) £472.9m +£3.9m
5. Segment reporting
The Chief Operating Decision Maker (the "CODM") is of the opinion that the Group is engaged in a single segment of
business, being investment in renewable infrastructure to generate investment returns while preserving capital. The
financial information used by the CODM to allocate resources and manage the Group presents the business as a single segment
comprising a homogeneous portfolio.
6. Total operating income
For year ended For year ended
31 December 2015 31 December 2014
Total Total
£'000s £'000s
Interest income 28,037 19,117
(Loss)/gain on investments (12,120) 4,004
15,917 23,121
On the Expanded basis, which includes TRIG UK, the Company's single, direct subsidiary, that the Directors consider to be
an extension of the Company's investment activity, total operating income is £27,284k (2014: £30,076k). The reconciliation
from the IFRS basis to the expanded basis is shown in Section 2.6 of the Strategic Report.
7. Fund expenses
For year ended For year ended
31 December 2015 31 December 2014
Total Total
£'000s £'000s
Fees payable to the Company's auditors for the audit of the Group accounts 52 40
Investment and management fees (Note 18) 200 200
Directors' fees (Note 18) 167 149
Other costs 545 443
964 832
Included within Other costs, £28k (2014: £25k) was paid to Deloitte LLP in respect of the interim review of the Group
accounts.
In addition to the above, £189k (2014: £163k) was paid to Deloitte LLP (the Company's auditor) in respect of audit services
provided to unconsolidated subsidiaries and therefore is not included within fund expenses above.
On the Expanded basis, fund expenses are £7,196k (2014: £4,791k); the difference being the costs incurred within TRIG UK,
the Company's single, direct subsidiary. The reconciliation from the IFRS basis to the Expanded basis is shown in Section
2.6 of the Strategic Report.
The Company had no employees during the current or prior period. The Company has appointed the Investment Manager and the
Operations Manager to manage the portfolio, the Company and its subsidiaries, on its behalf.
8. Finance and other income
For year ended For year ended
31 December 2015 31 December 2014
Total Total
£'000s £'000s
Interest income:
Interest on bank deposits 73 28
Total finance income 73 28
Gain on foreign exchange:
Realised gain on settlement of FX forwards 3,097 153
Fair value movement of FX forward contracts (1,188) 844
Other foreign exchange movements 79 (17)
Total gain on foreign exchange 1,988 980
Finance and similar income 2,061 1,008
On the Expanded basis, finance income is £91k (2014: £34k) and finance costs are £3,994k (2014: £1,699k); the difference
being the Group's acquisition facility costs which are incurred within TRIG UK, the Company's single, direct subsidiary.
These costs are shown in Section 2.6 of the Strategic Report.
9. Income tax
Under the current system of taxation in Guernsey, the Company is exempt from paying taxes on income, profits or capital
gains. Therefore, income from investments is not subject to any further tax in Guernsey, although these investments will
bear tax in the individual jurisdictions in which they operate.
10. Earnings per share
Earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted
average number of Ordinary Shares in issue during the period.
31 December2015 31 December2014
'000's '000's
Profit attributable to equity holders of the Company £17,014 £23,297
Weighted average number of Ordinary Shares in issue 565,195 374,662
Earnings per Ordinary Share 3.0p 6.2p
Further details of shares issued in the period are set out in Note 17.
11. Dividends
31 December2015 31 December2014
£'000s £'000s
Amounts recognised as distributions to equity holders during the year:
Interim dividend for the period ended 31 December 2014 of 3.08p (2013: 2.5p) per share 12,797 7,750
Interim dividend for the period ended 30 June 2015 of 3.08p (2014: 3.0p) per share 20,043 12,369
32,840 20,119
Dividends settled as a scrip dividend alternative 4,503 4,299
Dividends settled in cash 28,337 15,820
32,840 20,119
On 11 February 2016, the Company declared an interim dividend of 3.11 pence per share for the period 1 July 2015 to 31
December 2015. The total dividend, £22,791,265, payable on 31 March 2016, is based on a record date of 19 February 2016 and
the number of shares in issue at that time being 732,838,095.
31 December2015 31 December2014
Interim dividend for the period ended June 3.08p 3.00p
Interim dividend for the period ended December 3.11p 3.08p
6.19p 6.08p
12. Net assets per Ordinary Share
31 December2015 31 December2014
'000's '000's
Shareholders' equity at balance sheet date £726,592 £425,681
Number of shares at balance sheet date, including management shares accrued but not yet issued 733,574 415,907
Net Assets per Ordinary Share at balance sheet date 99.0p 102.4p
In line with the Investment Management Agreement and the Operations Management Agreement, 20 per cent of the Group's
management fees are to be settled in Ordinary Shares. Shares are issued to the Investment Manager and the Operations
Manager twice a year in arrears, usually in March and September for the half year ending December and June, respectively.
As at 31 December 2015, 736,190 shares equating to £705,933, based on a Net Asset Value ex dividend of 95.89 pence per
share (the Net Asset Value at 31 December 2015 of 99.0 pence per share less the interim dividend of 3.11 pence per share)
were due but had not been issued. The Company intends to issue these shares around 31 March 2016.
As at 31 December 2014, 431,070 shares equating to £428,054, based on a Net Asset Value ex dividend of 99.3 pence per share
(the Net Asset Value at 31 December 2014 of 102.4 pence per share less the interim dividend of 3.08 pence per share) were
due but had not been issued. The Company issued these shares on 31 March 2015.
In view of this, the denominator in the above Net assets per Ordinary Share calculation is as follows;
31 December2015 31 December2014
'000's '000's
Ordinary Shares in issue at balance sheet date 732,838 415,476
Number of shares to be issued in lieu of Management fees 736 431
Total number of shares used in Net Assets per Ordinary Share calculation 733,574 415,907
13. Investments at fair value through profit or loss
Investments at fair value through profit or loss is the sum of the portfolio valuation and the carrying amount of TRIG UK,
the Company's single, direct subsidiary.
31 December2015 31 December2014
£'000s £'000s
Brought forward 412,449 311,953
Investments in the year 307,275 102,949
Distributions received (24,037) (25,574)
Interest income 28,037 19,117
(Loss)/gain on valuation (12,120) 4,004
Carried forward 711,604 412,449
The following information is non-statutory. It provides additional information to users of the financial statements,
splitting the fair value movements between the investment portfolio and TRIG UK, the Company's single, direct subsidiary
that was previously consolidated, before the recent amendment to IFRS 10.
31 December2015 31 December2014
£'000s £'000s
Fair value of investment portfolio
Brought forward value of investment portfolio 472,870 299,792
Investments in the year 254,485 177,661
Distributions received (42,355) (35,345)
Interest income 20,772 9,023
Dividend income 5,341 11,035
Gain on valuation 1,171 10,704
Carried forward value of investment portfolio 712,284 472,870
Fair value of TRIG UK
Brought forward value of TRIG UK (60,421) 12,161
Cash movement (106) (12,844)
Working capital movement (722) (904)
Debt movement1 60,569 (58,834)
Carried forward value of TRIG UK (680) (60,421)
Total investments at fair value through profit or loss 711,604 412,449
1 Debt arrangement costs of £1,735k (2014: £1,312k) have been netted off the £Nil (2014: £60,146k) debt drawn by TRIG UK
The gains on investment are unrealised.
Investments are generally restricted on their ability to transfer funds to the Company under the terms of their senior
funding arrangements for that investment. Significant restrictions include:
- Historic and projected debt service and loan life cover ratios exceed a given threshold;
- Required cash reserve account levels are met;
- Senior lenders have agreed the current financial model that forecasts the economic performance of the project
company;
- Project company is in compliance with the terms of its senior funding arrangements; and
- Senior lenders have approved the annual budget for the company.
All of the projects met their debt service covenants during the year.
Details of investments recognised at fair value through profit or loss were as follows:
31 December 2015 31 December 2014
Investments (project name) Country Equity Subordinated loanstock Equity Subordinated loanstock
TRIG UK UK 100% 100% 100% 100%
Roos UK 100% 100% 100% 100%
The Grange UK 100% 100% 100% 100%
Hill of Towie UK 100% 100% 100% 100%
Green Hill UK 100% 100% 100% 100%
Forss UK 100% 100% 100% 100%
Altahullion UK 100% 100% 100% 100%
Lendrums Bridge UK 100% 100% 100% 100%
Lough Hill UK 100% 100% 100% 100%
Milane Hill Republic of Ireland 100% 100% 100% 100%
Beennageeha Republic of Ireland 100% 100% 100% 100%
Haut Languedoc France 100% 100% 100% 100%
Haut Cabardes France 100% 100% 100% 100%
Cuxac Cabardes France 100% 100% 100% 100%
Roussas-Claves France 100% 100% 100% 100%
Puits Castan France 100% 100% 100% 100%
Churchtown UK 100% 100% 100% 100%
East Langford UK 100% 100% 100% 100%
Manor Farm UK 100% 100% 100% 100%
Parsonage UK 100% 100% 100% 100%
Marvel Farms UK 100% 100% 100% 100%
Tamar Heights UK 100% 100% 100% 100%
Stour Fields UK 100% 100% 100% 100%
Meikle Carewe UK 100% 100% 100% 100%
Tallentire UK 100% 100% 100% 100%
Parley UK 100% 100% 100% 100%
Egmere UK 100% 100% 100% 100%
Penare UK 100% 100% 100% 100%
Earlseat UK 100% 100% 100% 100%
Taurbeg Republic of Ireland 100% 100% 100% 100%
Four Burrows UK 100% 100% - -
Rothes 2 UK 49% 87% - -
Mid Hill UK 49% 87% - -
Paul's Hill UK 49% 87% - -
Rothes 1 UK 49% 87% - -
Crystal Rig 1 UK 49% 87% - -
Crystal Rig 2 UK 49% 87% - -
In February 2015, a 100% interest was acquired in Four Burrows for consideration of £8.6m, from the Company's Operations
Manager, Renewable Energy Systems Limited ("RES").
In June 2015, TRIG acquired, from Fred. Olsen Wind, a 49% equity interest and an 87% shareholder loan interest in six wind
farms (Rothes 2, Mid Hill, Paul's Hill, Rothes 1, Crystal Rig 1 and Crystal Rig 2) for consideration of £246.0m.
Further detail of acquisitions made in the year can be found in Section 2.6 of the Strategic Report.
14. Other receivables
31 December2015 31 December2014
£'000's £'000's
Other debtors 736 456
Fair value of forward FX contracts - 844
736 1,300
15. Cash and cash equivalents
31 December2015 31 December2014
£'000's £'000's
Bank balances 14,873 12,425
Cash and cash equivalents 14,873 12,425
On the Expanded basis, which includes balances carried in TRIG UK, cash is £15,220k (2014: £12,879k). The reconciliation
from the IFRS basis to the Expanded basis is shown in Section 2.6 of the Strategic Report.
16. Other payables
31 December2015 31 December2014
£'000's £'000's
Management fees 50 50
Fair value of forward FX contracts 344 -
Other payables 227 443
621 493
The Company has entered into forward foreign currency contracts to hedge the expected euro distributions for the next 18
months. In addition, the Company has placed further hedges to reach a position where approximately 50% of the valuation of
euro denominated assets is hedged, providing a partial offset to foreign exchange movements in the portfolio value relating
to such assets.
The following table details the forward foreign currency contracts outstanding as at 31 December 2015. The total euro
balance hedged at 31 December 2015 was E42.9m (2014: E39.9m).
31 December 2015
Average exchange rate Foreign currency Notional value Fair value
E'000's £'000's £'000's
Less than 3 months 1.3766 2,300 1,671 (24)
3 to 6 months 1.3418 17,700 13,235 172
6 to 12 months 1.3933 18,000 12,920 (436)
Greater than 12 months 1.3544 4,850 3,581 (56)
(344)
17. Share capital and reserves
Ordinary Shares Ordinary Shares
31 December2015 31 December2014
'000's '000's
Opening balance 415,476 310,000
Issued for cash 311,988 100,757
Issued as a scrip dividend alternative 4,459 4,165
Issued in lieu of management fees 915 554
Issued at 31 December - fully paid 732,838 415,476
The Company had a number of equity fund raises during the year.
On 31 March 2015, the Company issued 100,000,000 shares raising £102,250k before costs and on 22 April 2015, the Company
issued a further 7,500,000 shares raising £7,669k before costs. The Company used the funds to repay the Group's revolving
acquisition facility and to form part of the funding for the acquisition in June 2015.
On 21 July 2015, the Company issued 126,488,514 shares raising £127,753k before costs. The funds were used to repay part of
the balance drawn on the revolving acquisition facility.
On 17 November 2015, the Company issued 78,000,000 shares raising £78,000k before costs. The funds were used to repay the
balance drawn on the revolving acquisition facility.
The holders of the 732,838,095 (2014: 415,475,783) Ordinary Shares are entitled to receive dividends as declared from time
to time and are entitled to one vote per share at meetings of the Company. The Company shares are issued at nil par value.
Share premium
31 December2015 31 December2014
£'000s £'000s
Opening balance 411,768 304,324
Ordinary Shares issued 321,085 109,579
Cost of Ordinary Shares issued (4,626) (2,135)
Closing balance 728,227 411,768
Other reserves
31 December2015 31 December2014
£'000s £'000s
Opening balance 428 233
Shares to be issued in lieu of management fees incurred in H1 2014 - 317
Shares to be issued in lieu of management fees incurred in H2 2014 (Note 18) - 428
Shares to be issued in lieu of management fees incurred in H1 2015 (Note 18) 481 -
Shares to be issued in lieu of management fees incurred in H2 2015 (Note 18) 706 -
Shares issued in the year, transferred to share premium (909) (550)
Closing balance 706 428
Retained reserves
Retained reserves comprise retained earnings, as detailed in the statement of changes in shareholders' equity.
18. Related party and key advisor transactions
Loans to related parties:
31 December2015 31 December2014
'000's '000's
Short-term receivable from TRIG UK1 4,000 12
Short-term balance outstanding from TRIG UK, in relation to Management fees to be settled in shares2 706 428
Long-term loan to TRIG UK1 468,937 265,540
473,643 265,980
1 Included within Investments at fair value through profit or loss on the Balance Sheet
2 Included within Other receivables on the Balance Sheet
During the year, interest totalling £28,037k (2014: £19,117k) was earned in respect of the long-term interest-bearing loan
between the Company and its single, direct subsidiary, TRIG UK, of which £4,000k (2014: £Nil) was receivable at the balance
sheet date.
Key advisor transactions
The Group's Investment Manager (InfraRed Capital Partners Limited) and Operations Manager (Renewable Energy Systems
Limited) are entitled to 65 per cent and 35 per cent, respectively, of the aggregate management fee (see below), payable
quarterly in arrears.
The aggregate management fee payable to the Investment Manager and the Operations Manager is 1 per cent of the Adjusted
Portfolio Value in respect of the first £1 billion of the Adjusted Portfolio Value, and 0.8 per cent in respect of the
Adjusted Portfolio Value in excess of £1 billion. These fees are payable by TRIG UK, the Company's single, direct
subsidiary, less the proportion that relates solely to the Company, the advisory fees, which are payable by the Company.
The advisory fees payable to the Investment Manager and the Operations Manager in respect of the advisory services they
provide to the Company are £130k per annum and £70k per annum, respectively. The advisory fees charged to the Company are
included within the 1% total fee amount charged to the Company and its subsidiary, TRIG UK. The Investment Manager advisory
fee charged to the income statement for the year was £130k (2014: £130k), of which £33k (2014: £33k) remained payable in
cash at the balance sheet date. The Operations Manager advisory fee charged to the income statement for the year was £70k
(2014: £70k), of which £18k (2014: £18k) remained payable in cash at the balance sheet date.
The Investment Manager management fee charged to TRIG UK for the year was £3,829k (2014: £2,357k), of which £930k (2014:
£613k) remained payable in cash at the balance sheet date. The Operations Manager management fee charged to TRIG UK for the
year was £2,061k (2014: £1,270k), of which £501k (2014: £330k) remained payable in cash at the balance sheet date.
In addition, the Operations Manager received £2,880k (2014: £1,767) for services in relation to Asset Management and other
services provided to project companies within the investment portfolio, and £95k (2014: £19k) for additional advisory
services provided to TRIG UK, neither of which are consolidated in these financial statements.
In line with the Investment Management Agreement and the Operations Management Agreement, 20 per cent of the Group's
aggregate management fees are to be settled in Ordinary Shares. The shares issued to the Managers by the Company relate to
amounts due to the Managers by TRIG UK. Accordingly, TRIG UK reimburses the Company for the shares issued.
As at 31 December 2014, 431,070 shares equating to £428,054, based on a Net Asset Value ex dividend of 99.3 pence per share
(the Net Asset Value at 31 December 2014 of 102.4 pence per share less the interim dividend of 3.08 pence per share) were
due, in respect of management fees earned in H2 2014, but had not been issued. The Company issued these shares on 31 March
2015.
On 30 September 2015, the Company issued 483,455 shares, equating to £480,556, based on a Net Asset Value ex dividend of
99.4 pence per share (the Net Asset Value at 30 June 2015 of 102.5 pence per share less the interim dividend of 3.08 pence
per share), in respect of management fees earned in H1 2015.
As at 31 December 2015, 736,190 shares equating to £705,933, based on a Net Asset Value ex dividend of 95.89 pence per
share (the Net Asset Value at 31 December 2015 of 99.0 pence per share less the interim dividend of 3.11 pence per share)
were due, in respect of management fees earned in H2 2015, but had not been issued. The Company intends to issue these
shares on 31 March 2016.
During the year, Four Burrows was purchased from the Operations Manager for consideration of £8,646k.
The Directors of the Company received fees for their services. Further details are provided in the Directors' Remuneration
Report. Total fees for the Directors for the period were £166,500 (2014: £149,167). Directors' expenses of £5,966 (2014:
£6,506) were also paid in the period.
All of the above transactions were undertaken on an arm's length basis.
19. Guarantees and other commitments
As at 31 December 2015, the Company and or TRIG UK, its single, direct subsidiary, had provided £18.5m (2014: £11.6m) in
guarantees to the projects in the TRIG portfolio.
The Company also guarantees the revolving acquisition facility, entered into by TRIG UK, which it may use to acquire
further investments.
20. Contingent consideration
The Group has performance-related contingent consideration obligations of up to £13.9m (2014: £17.6m) relating to
acquisitions completed prior to 31 December 2015. These payments depend on the performance of certain wind farms and solar
parks and other contracted enhancements. The payments, if triggered, would be due between 2016 and 2017. The valuation of
the investments in the portfolio does not assume that these enhancements are achieved. If further payments do become due
they would be expected to be offset by an improvement in investment. The arrangements are generally two way in that if
performance is below base case levels some refund of consideration may become due.
21. Events after the balance sheet date
On 28 January 2016, TRIG acquired, from Akuo, a 49% equity interest and a 100% shareholder loan interest in 15 French solar
parks (Broussan Solar, Chateau Solar, Plateau Solar, Borgo Solar, Olmo 2 Solar, Pascialone Solar, Santa Lucia Solar,
Agrinergie 1&3 Solar, Agrinergie 5 Solar, Agrisol Solar, Chemin Canal Solar, Ligne des 400 Solar, Logistisud Solar, Marie
Gallante Solar and Ste Marguerite Solar) for consideration of E57.2m.
On 11 February 2016, the Company declared an interim dividend of 3.11 pence per share for the period 1 July 2015 to 31
December 2015. The total dividend, £22,791,265, payable on 31 March 2016, is based on a record date of 19 February 2016 and
the number of shares in issue at that time being 732,838,095.
There are no other events after the balance sheet date, which are required to be disclosed.
22. Subsidiaries
As a result of applying Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) and Investment Entities: Applying
the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28), all subsidiaries are held at fair value as opposed
to being consolidated on a line-by-line basis. The following subsidiaries have not been consolidated in these Financial
Statements;
Name Country OwnershipInterest
The Renewables Infrastructure Group (UK) Limited UK 100%
The Renewables Infrastructure Group (UK) Investments Limited UK 100%
Roos Energy Limited UK 100%
Grange Renewable Energy Limited UK 100%
Hill of Towie Limited UK 100%
Green Hill Energy Limited UK 100%
RES Wind Farm Holdings Limited UK 100%
Forss Wind Farm Limited UK 100%
Altahullion Wind Farm Limited UK 100%
Lendrum's Bridge Wind Farm Limited UK 100%
Lendrum's Bridge (Holdings) Limited UK 100%
Lough Hill Wind Farm Limited UK 100%
MHB Wind Farms Limited Republic of Ireland 100%
MHB Wind Farms (Holdings) Limited Republic of Ireland 100%
The Renewables Infrastructure Group (France) SAS France 100%
CEPE de Haut Languedoc SARL France 100%
CEPE du Haut Cabardes SARL France 100%
CEPE de Cuxac SARL France 100%
CEPE des Claves SARL France 100%
CEPE de Puits Castan SARL France 100%
European Investments (SCEL) Limited UK 100%
European Investments (Cornwall) Limited UK 100%
Churchtown Farm Solar Limited UK 100%
East Langford Solar Limited UK 100%
Manor Farm Solar Limited UK 100%
European Investments Solar Holdings Limited UK 100%
Sunsave 12 (Derriton Fields) Limited UK 100%
Sunsave 25 (Wix Lodge Farm) Limited UK 100%
Parley Court Solar Park Limited UK 100%
Egmere Airfield Solar Park Limited UK 100%
Penare Farm Solar Park Limited UK 100%
European Investments (Earlseat) Limited UK 100%
Earlseat Wind Farm Limited UK 100%
European Investments Solar Holdings 2 Limited UK 100%
BKS Energy Limited UK 100%
Hazel Renewables Limited UK 100%
Kenwyn Solar Limited UK 100%
MC Power Limited UK 100%
Tallentire Energy Limited UK 100%
Taurbeg Limited Republic of Ireland 100%
Fred. Olsen Wind Limited UK 49%
Fred. Olsen Wind Holdings Limited UK 49%
Crystal Rig Windfarm Limited UK 49%
Rothes Wind Limited UK 49%
Paul's Hill Wind Limited UK 49%
Crystal Rig II Limited UK 49%
Rothes II Limited UK 49%
Mid Hill Wind Limited UK 49%
DIRECTORS
Helen Mahy (Chairman)
Jonathan (Jon) Bridel
Shelagh Mason
Klaus Hammer
REGISTRAR
Capita Registrars (Guernsey) Limited
Mont Crevelt House
Bulwer Avenue
St. Sampson
Guernsey GY2 4LH
ADMINISTRATOR TO COMPANY, DESIGNATED MANAGER, COMPANY SECRETARY AND REGISTERED OFFICE
Dexion Capital (Guernsey) Limited
1, Le Truchot
St Peter Port
Guernsey GY1 1WD
+44 1481 743 940
INVESTMENT MANAGER
InfraRed Capital Partners Limited
12 Charles II Street, London SW1Y 4QU
OPERATIONS MANAGER
Renewable Energy Systems Limited
Beaufort Court, Egg Farm Lane
Kings Langley, Hertfordshire WD4 8LR
FINANCIAL PR
Tulchan Communications LLP
85 Fleet Street, London EC4Y 1AE
UK TRANSFER AGENT
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Helpline: 0871 664 0300
AUDITORS
Deloitte LLP
Regency Court, Esplanade
St Peter Port
Guernsey GY1 3HW
BROKERS
Canaccord Genuity Limited
9th Floor, 88 Wood Street
London EC2V 7QR
Liberum Capital Limited
Ropemaker Place
25 Ropemaker Street
London EC2Y 9LY
1 Source: Total Shareholder Return ("TSR") for TRIG from Thomson Reuters
2 Source: TSR for FTSE All-Share obtained from the FTSE index data series
3 Being the £20.2 million adverse impact on portfolio valuation divided by the number of shares in issue at the time of the
UK Summer Budget announcement (524.7 million shares)
3 The portfolio at 31 December 2015 comprised 36 projects valued at £712.3 million, which was increased by the investment
by TRIG in January 2016 in a further 15 solar PV projects in France valued at approximately £44 million.
4 Achievement of these long-term targets is not guaranteed and may be dependent on a number of factors, not least the
reversion of wholesale power prices, after their recent falls, to an expected long-term growth trend at a rate above
prevailing inflation.
5 Source: EWEA Annual Statistics 2015 (Copyright: The European Wind Energy Association)
6 Source: DECC / 2 July 2015
7 Where a project has been commissioned in stages, this refers to the earliest commissioning date.
8 Where a project has been commissioned in stages, this refers to the earliest commissioning date.
9 All ground-mounted projects except where noted "R" for roof-mounted projects.
10 Segmentation by Jurisdiction / Power Market and by Technology / Weather System is calculated by portfolio valuation
(or cost of acquisition in the case of the Akuo Energy portfolio investment in January 2016); segmentation by Project
Revenue Type is by 2016 expected revenue to be received by the project companies.
11 Based on the Directors' valuation of the portfolio as at 31 December 2015.
12 Based on the Directors' valuation of the portfolio as at 31 December 2015 plus the Akuo Energy portfolio investment at
cost.
13 Northern Ireland and the Republic of Ireland form a Single Electricity Market ("SEM"), distinct from that operating in
Great Britain.
14 Dominant winds in the British Isles are from the south-west and are generally driven by the passages of Atlantic
cyclones across the country. Dominant winds in Southern France are associated with gap flows which are formed when north or
north-west air flow (associated with cyclogenesis over the Gulf of Genoa) accelerates in topographically confined
channels.
15 Individual entries may not aggregate to 100% due to rounding.
16 Previously the investment policy limited the total investments in such portfolio companies to 15% which, when
calculating the limit, would have included the total value of the portfolio company, including its operational components
and not just the value attributable to the relevant development or construction. The Board has made this change, taking
into account advice from the Investment Manager and the Operations Manager, as it considers this better reflects the intent
of the restriction to manage development and construction risks. The Board considers this change to be in the best
interests of the Company and does not consider it to be a material change to the existing investment policy which would
require the prior approval of shareholders in accordance with the Listing Rules. This change is effective from the date of
this report.
This information is provided by RNS
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