REG - Renew Infra Grp Ld - Commencement of Share Buyback Programme

Renewables InfrastructureAnnouncement

09/08/2024 07:15

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RNS Number : 8150Z  Renewables Infrastructure Grp (The)  09 August 2024

 

 

9 August 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.

Commencement of Share Buyback Programme

The Renewables Infrastructure Group ("TRIG" or the "Company") announced on 1
August 2024 its intention to commence a share buyback programme (the
"Programme") for up to £50m of its issued share capital ("Shares"), following
successful divestments completed in the last twelve months and significant
progress made to reduce the Company's floating rate borrowings under its
Revolving Credit Facility ("RCF"). The Company today announces the
commencement of this Programme.

The Board of the Company will keep the Programme under regular review and
continue to assess it against its capital allocation priorities, including
both attractive investment opportunities and further disposal activities, as
well as considering prevailing market conditions.

Details of the Programme

The Programme will commence today and end no later than 31 May 2025, subject
to market conditions. Under the terms of the Programme, Shares will be
purchased on the London Stock Exchange and/or other trading venues(1) for
subsequent repurchase by the Company. Repurchased Shares will be held in
Treasury.

The Programme will be executed under the authority granted by shareholders at
the TRIG annual general meeting on 15 May 2024 to acquire up to 372,523,170
shares, equating to c.14.99% of the issued share capital at the time.

The Company has entered into a non-discretionary arrangement with BNP Paribas
S.A. and Investec Bank plc, which will enable the purchase of ordinary shares
for the Programme to continue through closed periods. Any purchase of shares
during a closed period pursuant to the Programme shall be made independently
of the Company.

Any purchase of ordinary shares pursuant to the Programme will be announced no
later than 07:30 am on the business day following the calendar day on which
the purchase occurs.

The Programme will be conducted within certain pre-set parameters, including
those prescribed by the Market Abuse Regulation 596/2014 (as it forms part of
domestic law by virtue of section 3 of the European Union (Withdrawal) Act
2018 (as amended)) and Chapter 12 of the UK Listing Rules.

There is no guarantee that the Programme will be implemented in full or that
any Shares will be bought back by the Company.

(1)Other trading venues: CBOE-BXE, CBOE-CXE, Aquis and Turquoise

 

Enquiries

InfraRed Capital Partners
Limited                           +44 (0) 20 7484
1800

Minesh Shah

Phil George

Mohammed Zaheer

 

Brunswick
+44 (0) 20 7404 5959 / TRIG@brunswickgroup.com

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
2.7GW; enough renewable power for 1.8 million homes and to avoid 2.2 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
(http://www.trig-ltd.com) .

 

Investment Manager

 

InfraRed Capital Partners is an international infrastructure investment
manager, with more than 160 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$13bn+ of equity capital(1) 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
rating(2) for its infrastructure business for seven consecutive assessments,
having secured a 5-star rating for the 2023 period(3). 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
(http://www.ircp.com/)

 

(1) Uses 5-year average FX as at 31st March 2024 of GBP/USD of 1.2839; EUR/USD
1.1179. EUM is USD 12.927m.

 

(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 (https://www.unpri.org/about-the-pri%C2%A0%0d3) ) ( )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/
(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
(http://www.res-group.com/) .

 

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