Renewables
Infrastructure
for a clean and
secure future
TRIG Annual Report 2025
Contents
STRATEGIC REPORT
2025 Highlights 2
At a Glance 4
Chair’s Statement 6
Our Management Structure and Business Model 9
Key Performance Indicators 16
Investment Report 18
Market Trends and Developments 24
Operations Report 28
Sustainability 35
Valuation of the Portfolio 37
Financial Review 48
Viability Statement 54
Risk and Risk Management 56
TCFD 69
Strategic Report Disclosures 80
GOVERNANCE
Compliance with the AIC Code 83
Board of Directors 84
Corporate Culture 88
Corporate Governance Statement 93
Committees of the Board 97
Audit Committee Report 99
Remuneration Committee Report 103
Report of the Directors 106
Directors’ Statement of Responsibilities 110
FINANCIALS
Independent Auditor’s Report to TRIG 112
Financial Statements 120
Notes to the Financial Statements 124
APPENDICES
Appendices (unaudited) 153
Glossary 160
Directors and Advisers 161
Key Company Data 162
Front cover image: Garreg Lwyd, Wales
Inside cover: Malabrigo, Spain
1
Renewable energy is
essential to promote
energy security and for the
decarbonisation of economies.
TRIG develops, constructs
and operates a portfolio
of renewable energy
infrastructure that creates
value for its shareholders
and generates secure, clean
electricity that benefits both
society and the environment.
TRIG Annual Report 2025
2025 Highlights
104.0p
Net Asset Value
(“NAV”) per share
1
(2024: 115.9p)
£2,488m
Net assets
(2024: £2,856m)
7. 55p
2026 Dividend target
2
(2025 target: 7.55p)
-5.4p
Earnings per share
(2024: -4.7p)
7.6p
Distributable cash
flowpershare
3
(2024: 7.5p)
1.0x
Net dividend cover
4
(2024: 1.0x)
£2,875m
Directors’ portfolio
valuation
5
(2024: £3,116m)
£103m
Debt reduction
6
(2024: £261m)
Successful £200m private debt placement signed post-period-
end, upsized from £150m with significant over-subscription.
Ungeared projects with fixed price revenues, such as Egmere
Airfield solar park, provide debt capacity to the group
Debt capacity
Proceeds of €100m received during the year for 15.2% stake
sold in Gode
Portfolio rotation
Egmere Airfield solar
project, England
21MW
Gode offshore wind farm,
Germany
330MW
This Annual Report and Financial Statements contain Alternative Performance Measures
(“APMs”), which are financial measures not defined in International Financial Reporting
Standards (“IFRS”). The definition of each of these measures is shown on page 53.
1 The NAV per share as at 31 December 2025 is calculated on the basis of the
2,392,465,971 Ordinary Shares in issue as at 31 December 2025 (see Note 11).
2 The 7.55p per share dividend delivered related to performance during the 2025 financial
year. The 7.55p is a dividend per share target for financial performance during 2026.
This is a target only and not a profit forecast, and there can be no assurance that this
target can, or will, be achieved. It should not be seen as an indication of the Company’s
expected or actual results or returns.
3 This is the distributable cash flow figure reported on an Expanded basis shown in
the Financial Review section on page 51, divided by the weighted average number
ofshares in issue during the year of approximately 2,415.8 million shares.
4 Dividend cover reported on an Expanded basis, being distributable cash flow divided
by dividends paid during the period. Please refer to the Financial Review section for
an explanation of the Expanded basis. The figure of 1.0x (2024: 1.0x) is stated after
repayments of project debt and is on the basis of dividends paid during the year.
5 On an Expanded basis. Please refer to the Financial Review section for an explanation
of the Expanded basis.
6 Includes repayments of project-level debt of £192m (2024: £206m) and £89m increase
(2024: £55m reduction) of revolving credit facility drawings during the year. Debt
reduction figure of £340m reported in the 2024 Annual Report highlights included
£84m of value achieved from the part disposal of Gode, which exchanged in 2024.
2 TRIG Annual Report 2025
Signing of a ten-year corporate power purchase agreement
with Virgin Media O2, fixing the price for 2% of TRIG’s
annual generation
Development and construction
Construction substantially complete with the project entering
the final stages of being energised
Repowering commenced with the old turbines dismantled,
foundations upgraded and new equipment arriving on site
ahead of installation
Groundworks underway
Revenue management
Operational enhancements for blades rolled out across 224MW
of onshore wind generation capacity, increasing the energy
produced by each wind turbine
Operational enhancements
Garreg Lwyd onshore
wind farm, Wales
34MW
Ryton battery project,
UK
78MW
Cuxac onshore wind farm,
France
25MW
Spennymoor battery
project, UK
100MW
Roos onshore wind farm,
England
17MW
3TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
A robust investment proposition
TRIG has a 12-year track record, of providing a resilient dividend to
shareholders. Through active management of a diversified operational
portfolio and development pipeline, TRIG has a clear route to delivering
long-term earnings and cash flow growth.
These returns are generated by TRIG’s Managers through theactive
management of our portfolio of renewables infrastructure that is
diversified across technologies, geographiesand revenue types.
TRIG’s two Managers, InfraRed and RES, bring extensive
expertise in investments and operations tothe delivery of
theCompany’s business model.
The Managers create value for shareholders through:
– The successful delivery of development and construction
projects through to operations
– Rotation of the portfolio to maximise investment value
– Implementation of commercial and operational enhancements
Diversification
Our shares provide liquid access
to a 2.7GW diversified portfolio of
over 80 renewables infrastructure
assets, with
5.4TWh
of clean electricity generated
in 2025
Resilient income
7. 55p
dividend per share target for
2026, which represents an
11%dividend yield
1
Strong cash flow
generation
2.1x
gross cash cover of the
2025dividend
Inflation
correlation
Over the next ten years,
56%
of projected portfolio revenues are
directly linked to inflation indices
Growth pipeline
900MW
of projects within the portfolio that
could enter construction by 2030
and be fully funded from retained
cash and debt capacity
Prudent balance sheet
Average cost of debt
2
:
3.8%
c.90% of debt is
fixed rate and amortising over
duration of government or
corporate-backed fixed-price
revenue contracts
1 The 2026 target represents an 11.0% dividend yield when referenced to the share price at 31 December 2025.
The 2026 target should not be seen as an indication of the Company’s expected results or returns.
2 Figure includes project level debt, private placement and current drawings and cost of the RCF.
At a Glance
Learn more about our Management team on page 9.
4 TRIG Annual Report 2025
1 Segmentation by Portfolio Value as at 31 December 2025 on a fully committed basis.
2 Colours indicate jurisdiction / power market.
A diversified investment portfolio
1
TRIG owns a large portfolio of renewable energy investments
that is geographicallyand technologically diverse. Our portfolio
provides investmentexposure to established technologies including
operational onshoreand offshorewind farms, solar parks and
battery storage projects intheUK andacross mainland Europe.
Income from the Company’s portfolio is correlated to inflation both through government-backed revenue
contracts and exposure to energy prices. Disciplineddebt management ensures that the portfolio has
minimal cashflowexposure to changes in interest rates or refinancing risk.
England and Wales 36%
Scotland 22%
Sweden 14%
France 11%
Germany 9%
Spain 7%
N. Ireland 2%
Balance does not cast due to rounding.
Multiple
countries
Fixed price 75%
Merchant 23%
Battery revenues 2%
1. Hornsea One 10%
2. Merkur 7%
3. Jädraås 6%
4. East Anglia One 5%
5. Beatrice 5%
6. Garreg Lwyd 4%
7. Grönhult 3%
8. Solwaybank 3%
9. Ranasjö 3%
10. Blary Hill 2%
Other projects 50%
Balance does not cast due to rounding.
Top 10 assets
2
Revenues to
Dec 2030
Solar PV 13%
Onshore Wind 47%
Offshore Wind 32%
Battery 8%
Established
renewable
technologies
Read more about our investment
portfolio on page 45.
5TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Chair’s Statement
The Renewables Infrastructure Group’s
strategy presents a vision to offer a
compelling total return proposition
for shareholders. We seek to do this
by enhancing the existing portfolio
and reinvesting at double-digit returns.
This is funded organically through
retained cash, portfolio rotation and
debt capacity.
Overview
2025 was, in many ways, a frustrating year for The Renewables
Infrastructure Group and I would like to extend my thanks to our
shareholders for their support throughout. A combination of external
factors including macroeconomic and public policy uncertainty
(particularly in the United Kingdom); exceptionally low wind speeds;
and reductions in power price forecasts all resulted in a lower
Net Asset Value (“NAV”) of the Company and a tightening of the
dividend cover.
The withdrawal of HICL from the proposed combination with TRIG
late in the year was disappointing. While the combination process
has delayed the implementation of TRIG’s standalone strategy that
was set out at the Capital Markets Seminar in May 2025, including
targeted asset sales and debt financing, the Board remains
convinced that TRIG is well positioned as an independent business.
Our confidence is underpinned by a clear strategy, a high-quality
portfolio and shareholder support.
Our 2025 results reinforce the resilience and robustness of TRIG’s
business model, reflected in £375m of operational cash generated
1
,
which funded a fully covered dividend in line with expectations and
the repayment of £192m of project-level debt. We are pleased to
have completed the £200m private placement debt issuance, which
was announced on 12 February 2026. Disposal activity remains a
key priority.
The Board remains committed to delivering capital and income
growth to shareholders. Central to this is our policy of increasing
the dividend to the extent it is prudent to do so, while retaining the
flexibility to invest for attractive capital growth and desire to build
cash dividend cover
2
. The Board has decided to maintain the target
dividend for 2026 at 7.55p per share. Having discussed the rate
of dividend progression with shareholders over recent months,
the Board has concluded that there is recognition that the current
dividend level is already at a highly attractive level, which represents
7% of NAV and a c.11% dividend yield.
3
The Board considers it
important to prioritise restoring net dividend cover to the range
1.1x–1.2x to generate sufficient cash to fund investments that will drive
future growth of the NAV. The Board will continue its open dialogue
with shareholders on the Company’s strategy in 2026.
Facilitating long-term growth through active portfolio management
iscore to TRIG’s strategy. This strategy is underpinned by debt
capacity and active portfolio rotation, accretive reinvestment and
additional commercial and operational levers. It is anchored by
a robust approach to capital allocation and a resilient dividend.
Feedback from shareholders has been supportive of this strategy.
Key highlights of strategic progress made by the two Managers
in 2025:
– Rolled out £32 million of value-enhancing commercial and
operational enhancements developed by InfraRed, TRIG’s
Investment Manager, and RES, TRIG’s Operations Manager
– Secured a value-accretive, ten-year, fixed-price power purchase
agreement with Virgin Media O2, being TRIG’s fifth offtake
arrangement signed with a corporate counterparty. It is
encouraging that corporate counterparties still very much value
clean energy offering
– Progressed our development projects with over 200MW of TRIG’s
pipeline now in construction. Batteries for the Ryton project are
onsite with energisation expected in the summer. The Cuxac
project is now decommissioned ahead of repowering in 2026
– Completed the €100m partial sell-down of Gode offshore
wind farm
– Post-period-end, the Company raised £200m private placement
debt with a repayment profile that ensures TRIG continues to have
low interest rate and low refinancing risks.
In 2025, our 2.3GW portfolio generated 5.4TWh of clean electricity,
the equivalent of 2% of the UK’s total electricity generation.
4
TRIG’s
high-quality portfolio located across the UK and Europe is the
Company’s bedrock. Over 65% of the portfolio’s revenues are fixed
per MWh generated over the next ten years, and c.90% of debt is
fixed rate and fully amortising in line with the profile of fixed-price
revenues. This deliberately considered approach to revenue and
balance sheet management is unique among listed renewables
investment companies and gives the Board maximum flexibility
whenevolving the strategy and appraising the options for the
Company in order to maximise long-term returns for shareholders.
During the year, the Board secured a reduction in management
fees for TRIG, amounting to c.£8m p.a. (a 28% reduction), which
contributes to the cost efficiency of the Company.
5
The total operating
expenses ratio for 2025 was 0.94%. Good and efficient governance
remains a focus and the breadth of skills of the Directors means that
TRIG is able to deliver a diversified, active-management strategy at
scale with a lean Board of Directors.
6 TRIG Annual Report 2025
TRIG’s portfolio is highly cash
generative with operational
cash flows generated in 2025
totalling £375m, representing
2.1times gross cash cover of
the2025dividend
Financial performance
TRIG’s portfolio is highly cash generative with operational cash flows
generated in 2025 totalling £375m, representing 2.1 times gross cash
cover of the 2025 dividend. After project-level debt repayments of
£192m across the Group
6
, net dividend cover was 1.0 times.
As signalled in the Company’s 2025 Interim Results, dividend cover
for 2025 was moderated by below budget portfolio generation
predominantly due to significantly lower than average wind speeds
in H1. Meanwhile, actual power price levels achieved during the year
were broadly in line with budgeted levels.
The Company’s Net Asset Value per share as at 31 December 2025
was 104.0p, an 11.9p reduction to the prior year driven principally
by macro and external factors. The external factors that weighed
on the valuation included lower revenue price forecasts (-6.5p), low
wind resource in the year and unscheduled, uncompensated grid
outages (-4.2p) and higher discount rates reflecting the increase in
European reference rates and the softer market for UK offshore wind
investments (-2.4p). The Managers’ value enhancement activities
including improving energy yields through software and hardware
upgrades and entering into fixed power price arrangements added
1.3p to NAV. Earnings per share for the year was -5.4p, reflecting the
reduction in valuation.
Capital allocation
Given the prevailing weakness in the TRIG share price, which
is consistent with the broader sector, the Board recognises the
extraordinary value offered through buying back the Company’s
shares. £80m of the Company’s £150m share buyback programme
has been completed, consistent with the proceeds from the €100m
partial sell-down of the Gode offshore windfarm. The Board has
varied the pace of the buyback programme throughout the year in
response to TRIG’s share price, while being mindful of the Company’s
cash resources. New investments entered into exceeded thehurdle
rate set by share buybacks.
With the private placement debt now raised, the Board is increasing
the pace of the buyback. A further assessment will be made as to
the size and pace of the share buyback programme as disposals
are executed. The Board remains focused on disciplined capital
allocation to drive shareholder returns and will continue to consider
carefully the right balance between retaining capital for accretive
growth and returning capital to shareholders through dividends
andshare buybacks.
Equipment arriving on site ahead of installation.
Transformer foundations are shown in the bottom
right of the image.
Installed battery and Power Conversion Systems (“PCS”)
units in place. An acoustic barrier has been installed
around the perimeter of the site, which can be seen in
theback of the image.
PCS being put in place with foundations in the foreground.
The Ryton project uses screw pile foundations instead of
traditional concrete foundations, a lower carbon and more
cost efficient groundwork solution.
Construction at Ryton battery
storageproject
7TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Renewables capacity continues
to grow, with capacity expansions
setting records for 22 years
running. TRIG is actively
participating in this transition,
reinvesting into new capacity
toextend the life of our
portfolio, while continuing to
offer shareholders an attractive,
resilient dividend alongside the
potential for capital growth
Outlook
Every asset class is defined by its return relative to the risk taken.
It ishow opportunities are pursued and risk is managed that defines
the success of any investment strategy over the longer term.
Renewables assets are subject to the same principal risks today as in
2013, when the first renewables infrastructure investment companies,
including TRIG, were launched. This principally includes exposure to
movements in power prices, underlying portfolio performance, and
regulatory and public policy risk. The increased risks have weighed on
sector NAVs and sentiment over the past 24 months, overlaid with an
increase in the cost of capital to levels not seen for almost 20 years.
The TRIG Board believes the companies that will weather these
challenges and deliver long-term value to shareholders are those
that can operate at scale with a growth investment pipeline, remain
diversified across geographies and technologies, provide clear
cash flow visibility, resilient portfolio earnings and a robust capital
structure. TRIG is the only London-listed renewables investment
company fulfilling all of these criteria, managed by its unique dual
manager structure.
1 On an Expanded basis. Please refer to the Financial Review section for an explanation of the Expanded basis. Operational cash flow generated is reconciled to the cash flow statements
asfollows: cash received from investments £228m less Company (including its immediate subsidiaries TRIG UK and TRIG UK I) expenses £45m plus project-level debt repayments £192m.
2 The Company’s dividend policy is to increase the dividend when the Board considers it prudent to do so, considering forecast cash flows, expected dividend cover, inflation across TRIG’s key
markets, the outlook for electricity prices and the operational performance of the Company’s portfolio.
3 Referenced to TRIG’s 65.0p share price as of 25 February 2026.
4 5.4TWh represents 1.89% of the UK’s 285TWh total electricity generated in 2024 (Department for Energy Security and Net Zero (“DESNZ”), UK Energy in Brief 2025).
5 Upon announcement 26 March 2025, at the prevailing share price, the change represented a reduction in the ongoing, annualised Management fee by 28% or 0.3p per share, compared
totheManagement fee paid in 2024. The Management fees are paid by TRIG Limited and TRIG UK Limited, and so the number quoted refers to the sum of both and is on the Expanded Basis.
6 The Company, TRIG UK, TRIG UK I and its portfolio of investments are known as the “Group”.
7 Imperial College London for Drax Electric Insights, Quarterly Electric Insights, December 2025.
8 International Energy Agency, Global Energy Review 2025, March 2025, and Electricity 2026, February 2026.
The Company will have its first Continuation Vote at the Annual
General Meeting in June 2026. Ahead of that vote, the Board will
present a fulsome update on strategy to shareholders at a Capital
Markets Seminar in May 2026, which will seek to give investors
the opportunity to support the Company’s long term future
with confidence.
Looking forward, the energy transition remains embedded within
government policy and central to corporate strategies across Europe.
Society continues to demand more secure and cleaner electricity
generation. TRIG provides investors with access to the megatrend
of global electrification and the UK’s desire for a cleaner, secure and
affordable energy system.
In 2025, energy demand in the European Union returned to growth
for the first time since 2017 and electricity demand is forecast to
increase by around 2% per year through 2030. While Britain recorded
a second consecutive year of power demand growth and the fastest
annual growth for the first time in over two decades.
7
Renewables
capacity continues to grow, with capacity expansions setting records
for 22 years running.
8
TRIG is actively participating in this transition,
reinvesting into new capacity to extend the life of our portfolio, while
continuing to offer shareholders an attractive, resilient dividend
alongside the potential for capital growth.
Richard Morse,
Chair
26 February 2026
Chair’s Statement continued
8 TRIG Annual Report 2025
We seek to protect and grow the income from, and the capital value of, TRIG’s
portfolio through active management and new investments. This is achieved
through the expertise of TRIG’s Managers, InfraRed and RES.
Key roles
– Manage the governance
of the Company, in the
interests of shareholders
and other stakeholders
– Monitor adherence to the
Investment Policy and
corporate policies
– Set the Company’s capital
allocation priorities
– Determine the risk appetite of
the Group (the Company, all of
its subsidiaries, and investments)
– Monitor the performance
of the Investment Manager,
the Operations Manager and
other key service providers
Key roles
– Overall responsibility for
day-to-day management
– Advising the Board
on strategy and
dividend policy
– Sourcing, transacting
and approving
new investments
– Investment decisions under
delegated authorities from the
Board, including in relation to
new investments, divestments
and development activities
– Origination and
execution ofelectricity
sales opportunities
– Capital raising,
investor relations and
investor reporting
– Risk management and
financial administration
– Appoints all members
of the Investment
Committee
Key roles
– Managing performance
of the portfolio
– Collaborating with asset
managers to target
best practice
– Health and safety
and sustainability
– Advising on and implementing
the electricity sales strategy
– Securing portfolio
scale benefits
– Identifying and driving
technical and commercial
value enhancements
– Delivering high-quality
project governance
– Supporting technical
due diligence for potential
acquisitions (where
RES isnot the seller)
– Appointing senior
individuals to the
Advisory Committee
alongside InfraRed
– Appointing experienced
personnel to act as
directors on all
project companies
– TRIG benefits from a
right of first offer on
RES’s UK and Irish pipeline
of new generation assets
Minesh Shah
Managing
Director
Phil George
Chief Financial
Officer
25+
years track record
Independent
Board of Directors
See the Board of Directors
section for biographies of
the TRIG Board.
See page 10 for more detail
on the Investment Manager.
Investment Manager
InfraRed Capital
Partners Limited
Operations Manager
Renewable Energy
Systems Limited
See page 12 for more detail
on the Operations Manager.
40+
years heritage
Chris Sweetman
Chief Operations
Officer
David Bruce
Director,
Operations
Management
Our Management Structure
9TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Our Investment Manager
InfraRed Capital Partners Limited (“InfraRed”) is
TRIG’s Investment Manager. InfraRed has day-to-day
responsibility for the investment management of TRIG.
InfraRed Capital Partners is a leading
international mid-market infrastructure
asset manager with more than 160
professionals operating worldwide from
offices in London, Frankfurt, Madrid,
New York, Miami, Sydney and Seoul.
Over the past 25 years, InfraRed has
established itself as a highly successful
developer, particularly in early-stage
projects, and an active steward of
essential infrastructure.
InfraRed manages US$13bn of equity
capital
1
for investors around the globe,
in listed and private funds across both
core and value-add strategies.
www.ircp.com
1 Uses five-year average FX as at 30 June 2025 at GBP / USD of 1.2851; EUR / USD 1.1071. EUM is USD 13.217bn.
2 Principles for Responsible Investment (“PRI”) scores are expressed in stars, with five stars being the maximum. The latest scores were received in 2024 and represent an assessment
ofInfraRed’sactivities for the calendar year 2023. The PRI conducts the largest global assessment on responsible investment; the methodology is available here: www.unpri.org.
10 TRIG Annual Report 2025
25+
years track record
$13bn
equity under
management (USD)
160+
strong expert team made
upof 25+ nationalities
5*
PRI rating
2
for infrastructure achieved
for ten consecutive assessments
11TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Our Operations Manager
RES is the world’s largest independent
renewable energy company and is
active in wind, solar, energy storage,
green hydrogen, transmission, and
distribution. An industry innovator
for over 40 years, RES has delivered
more than 29GW of renewable energy
projects across the globe and supports
45GW of renewable assets worldwide.
RES employs over 4,500 people
across 24 countries, including teams
of personnel in every country in which
TRIG is invested.
www.res-group.com
Renewable Energy Systems Limited (“RES”) is TRIG’s
Operations Manager. RES’s dedicated management
team undertake the day-to-day monitoring and
oversight of operations for the Group’s portfolio
of investments. RES draws upon a wide range of
specialist expertise from across their business, in
addition to having renewables professionals to act
as TRIG project Company Directors.
12 TRIG Annual Report 2025
29GW+
projects developed
and / or constructed
4,500+
employees across
24 different countries
45GW+
operational assets
supported
40+
years heritage
The RES factor
DNV, a leading independent energy expert, analysed RES’s
performance against industry peers. DNV found that projects for
which RES is the asset manager, perform roughly 1% better than
the industry standard – enabling its clients to achieve £25 million
increase in revenue for every GW installed. RES is the asset
manager for 35 of the 85 projects owned by TRIG.
RES achieves this advantage through a holistic approach
to renewables investments, with the capabilities to provide
end-to-end services across the full lifecycle of every project.
Beyond the headline figure, this advantage speaks to the deep
commitment to optimising every facet of TRIG’s assets. RES’
holistic approach, encompassing everything from the initial
development to long-term operations allows them to identify
andcapitalise on every opportunity.
RES Safety Focus Event
RES’ commitment to the highest safety
standards is exemplified through the
annual RES Safety Focus Event. In 2025
over four thousand colleagues across
24 countries all stood down for one day
to receive safety training from industry
leaders. This event benefits the whole
industry, improving the awareness of
safety for employees and improving
safety performance, something that
hasbeen seen year on year since the
events were first held.
13TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Our Business Model
We invest in infrastructure that generates
electricity from renewable sources,
with a particular focus on wind farms
andsolarphotovoltaic (“PV”) parks.
The Company also invests in proven technologies
that support the energy transition, including
flexible capacity such as battery storage.
1.
Our investment
criteria…
2.
to deliver on
our strategy…
Key investment policies
– Investments are made in the UK
and European countries, with up to 65%
of the Portfolio Value invested in projects
that are located outside the UK
– Investments are predominantly made
in wind farms and solar projects, with
other energy technologies, such as flexible
capacity, limited to 20% of Portfolio Value
– Up to 25% of the Portfolio Value may be
investedin development or construction projects
– No more than 20% of Portfolio Value
may be invested in any single project
– Short-term debt limited to 30% of the
Portfolio Value and long-term debt limited
to 50% of the Gross Portfolio Value
Delivering long-term,
resilient dividends
Annual aggregate distributions to
shareholders of at least that achieved
in the prior year, cash covered and supported
by long-term cash flow projections.
Growing Net Asset Value
Active management to preserve
and grow the capital value
of the investment portfolio.
Managing risk through
portfolio diversification
High-quality renewables and supporting
infrastructure assets spanning different
technologies and European geographies.
Managing prudently
and efficiently
A self-funded growth strategy built
onaconservative balance sheet
management approach.
Our strategy is to provide shareholders
with attractive, long-term returns by:
The key policies above provide a summary of the parameters
within which investments are made. The full wording of the
Investment Policy can be found on the Company’s website:
www.trig-ltd.com/about-us/why-invest-with-trig/business-
model/investment-policy.
14 TRIG Annual Report 2025
3.
through our sustainable
approach to value creation…
4.
to benefit key
stakeholders
Shareholders
Partners
Local
communities
Suppliers
Customers
Government
and authorities
See page 88 for more detail.
Balanced portfolio
Our well-diversified renewable infrastructure
portfolio increases the resilience offinancial
performance by reducing risk across power
markets, regulatory frameworks, weather
patterns and technologies.
Responsible investment
We have a disciplined approach to capital
allocation and decision making, focused on
delivering attractive shareholder returns.
Weproactively engage with our stakeholders
and integrate sustainability considerations.
Operational excellence
Active asset management by RES preserves
and enhances investment value, and ensures
the successful development of new projects.
We aim to minimise the impact on the natural
environment and to be a good neighbour
throughcommunity engagement.
A strong health and safety culture and sustainability considerations are at the heart of TRIG’s
business model. Read more on page 35 and in our Sustainability Report.
The three pillars of TRIG’s business model: Considering the impact
of our business on our
key stakeholders is integral
to how we do business.
TRIG has a wide range
of stakeholders:
1
2
3
15TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Key Performance Indicators
The following metrics
measure TRIG’s
financial performance
including the results
for the year ended
31 December 2025:
Dividends
7. 55p
2024: 7.47p
Aggregate interim dividends declared
pershare for the year.
6.76p
6.84p
7.18p
7.47p
7.55p
2022
2023
2024
2025
2021
Net Asset Value (“NAV”) return
7.0%
2024: 7.6%
Annualised internal rate of return
since IPO based on NAV per share
appreciation plus dividends paid.
2022
2023
2024
2025
2021
9.5%
9.1%
8.4%
7.6%
7.0%
Dividend yield
11.0%
2024: 8.7%
Aggregate interim dividends declared
per share for the year expressed as a
percentage of closing share price for
the year.
5.1%
5.5%
6.6%
8.7%
11.0%
2022
2023
2024
2025
2021
Dividends cover
Net
1.0x
2024: 1.0x
Gross
2.1x
2024: 2 .1x
Gross cash cover prior to project-level
debt repayments and net dividend
cover during the year.
1
Reported on
anExpanded basis.
Key:
Net Gross
1.1x 2.1x
1.5x 2.6x
1.6x 2.8x
1.0x
1.0x
2.1x
2.1x
2022
2023
2024
2025
2021
Operating expenses ratio
0.94%
2024: 1.04%
Annualised ongoing operating expenses
(i.e., excluding acquisition costs and
other non-recurring items) divided by
the average published undiluted NAV
in the period.
2022
2023
2024
2025
2021
0.97%
0.93%
1.04%
1.04%
0.94%
1 Net dividend cover is calculated as distributable cash flow divided by Dividends paid in the year. Gross cash cover is this figure prior to the repayment of project-level debt.
16 TRIG Annual Report 2025
Total Shareholder Return
3.2%
2024: 4.5%
Annualised internal rate of return since
IPO based on the share price at the
beginning and end of the financial
year, together with dividends per share
reinvested in the Company (share
price basis).
2022
2023
2024
2025
2021
9.5%
8.7%
7.1%
4.5%
3.2%
Project-level gearing
37%
2024: 37%
Project-level gearing as a percentage of
enterprise value (calculated as Portfolio
Value plus project-level debt).
Post year-end the Company entered into
£200m of private placement debt which
is long-term and amortising. Project-level
debt plus private placement debt as a
proportion of Enterprise Value is 41%.
The Company intends to reduce the RCF
balance remaining through disposals,
however if this is included in the ratio this
would increase the figure to 46%.
40%
38%
37%
37%
37%
2022
2023
2024
2025
2021
Investment concentration
50%
2024: 51%
Percentage of Portfolio Value, including
investment commitments, represented
by the ten largest investments.
2022
2023
2024
2025
2021
51%
49%
49%
51%
50%
Investments made
£116m
2024: £48m
Value of investments made
during the year.
2022
2023
2024
2025
2021
£479m
£694m
£92m
£48m
£116m
Construction and
development exposure
9%
2024: 6%
Percentage of Portfolio Value, including
investment commitments, represented
by construction / development assets
where TRIG retains construction or
development risk.
11%
8%
7%
6%
9%
2022
2023
2024
2025
2021
Divestments
£84m
2024: £104m
Value of projects divested during
the year.
2022
2021
£0m
£0m
£22m
£104m
£84m
2022
2023
2024
2025
2021
17TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Investment Report
Financial highlights
Financial performance and near-term outlook
Key underlying portfolio metrics Definition 2024 2025 Commentary 2026 outlook
Pro-forma portfolio
revenue (£m)
TRIG’s share of revenues for
each project in the portfolio
671 642 Reduction due to low wind
resource in H1 2025 and grid
downtime. Lower share of
Goderevenue post sell down
Expected to improve if
weather resource is normal
and lower grid downtime
Fixed revenues % 75% 80% 82%
Cash and debt metrics
Pro-forma portfolio
EBITDA (£m)
Revenue less operating
costs such as operations,
maintenance, rent, business
rates and insurance
493 459 Flow through of lower
revenues;partly offset by
lowertax (reflecting lower
profits) and lower percentage
share of debt repayment at
Gode post sell down
Expected to improve if
revenues normalise
Pro-forma portfolio
EBITDA margin
EBTIDA as a percentage
of total revenues
73% 71%
Cash from projects
before debt
repayments (£m)
EBITDA less interest payable
by projects on project finance
debt, tax payments and
working capital movements
444 420
Operational cash
flows (£m)
1
Operational cash flows after
deducting operating and
finance costs from the fund
390 375
Gross cash cover 2.1x 2.1x
Distributable cash
flows (£m)
Operational cash flows less
project-level debt repayments
made during the year
184 183
Net dividend cover 1.0x 1.0x As above c.1.1x
Total project-level
gearing
£1.8bn £1.7bn c.£190m repaid per annum Reducing further to
£1.5bn by December 2026
Revolving credit
facility (£m)
2
309 398 £200m of debt private
placement proceeds applied
to reduce the RCF borrowings
toc.£200m post-year-end
Expected to be between
£100m and £200m,
subjectto disposals
quantumandtiming
Achieved merchant power price (£ / MWh)
GB 70 68 Lower with
reduced gas prices
Spain 29 27 Level pricing assumed
Sweden 22 23 Expected to improve
on theback of lower
precipitation reducing
hydroelectric output
The Company expects to sell assets in line with the portfolio rotation strategy, which can be expected to reduce revenue, EBITDA,
projectand fund-level debt. New higher returning projects can be expected to grow revenue and EBITDA as these come into operation
oncethrough construction.
1 On an Expanded basis. Please refer to the Financial Review section for an explanation of the Expanded basis. Operational cash flow generated is reconciled to the cash flow statements as
follows: cash received from investments £228m less Company (including its immediate subsidiaries TRIG UK and TRIG UK I) expenses £45m plus project-level debt repayments £192m.
2 As at 31 December.
18 TRIG Annual Report 2025
Cash flows and near-term outlook
The Group’s operational cash flow for the year was £375m,
whichrepresents 2.1 times gross cover of the £182m cash dividend
paid to shareholders. Operational cash flows were used to repay
£192m project-level debt. After operating expenses, finance costs
and working capital, the Group’s distributable cash flow of £183m
(2024: £184m) covered the cash dividend 1.0 times.
Pro-forma portfolio EBITDA for the year was £459m (2024: £493m).
The table on the previous page shows TRIG’s share (pro-rated for
TRIG investment %) of revenues, portfolio EBITDA and cash received
from investments. The reduction from 2024 is predominantly due to
a combination of the partial sale of Gode (c.£25m of the reduction) in
addition to low wind resource, low power prices in Sweden (resulting
in economic curtailment) and higher uncompensated grid downtime
during 2025.
The balances on the opposite page are not on a statutory IFRS basis,
but are pro-forma portfolio balances, which show the Group’s share
of the revenue and EBITDA for each of the projects. These balances
have been provided to give shareholders more transparency as to the
Group’s underlying portfolio performance, capacity for investments
and resilience to service the dividend.
In the absence of any disposals or assets entering operations, and
assuming the normalisation of wind resource and recognising that the
more significant grid outages experienced in 2025 are being resolved,
revenues are expected to improve from 2025 to 2026.
Revenues were lower in 2025 compared to 2024, driven by
the same factors as covered above for portfolio EBITDA (Gode
disposal, wind resource, economic curtailment and grid downtime).
Distributable cash flow reduced less than revenue and portfolio
EBITDA from 2024 to 2025, principally as a result of taxes and debt
service paid at Gode reducing the impact with the sell down of
the investment.
Portfolio EBITDA margin was strong at 71% reflecting the high capital
expenditure and low operational gearing of renewables projects.
After servicing project finance interest and debt repayments, tax
andworking capital, cash is distributed from the portfolio to TRIG.
Valuation
The Company’s Net Asset Value as at 31 December 2025 was
104.0p per share (31 December 2024: 115.9p per share) and the
Company’s portfolio valuation was £2,875m. Earnings for the year
were -5.4p per share (2024: -4.7p), principally due to macro and
external factors.
InfraRed and RES continue to actively manage TRIG’s portfolio
to reduce the impact of the macro environment and external
factors on the portfolio valuation, adding c.£32m in the year to
portfolio valuation.
Active management of TRIG’s financial and operational
activities includes:
– Energy yield enhancements across several assets have been
incorporated into the valuations where they are well progressed,
resulted in a positive impact of 0.8p per share
– Profit on disposal for the partial stake in Gode resulted in a
positive impact of 0.1p per share, which was in addition to profits
recognised in 2024
– Active revenue management across the portfolio, including power
price fixes struck on Jädraås and Grönhult, as well as entering into
a corporate PPA for Garreg Lwyd and Earlseat with Telefonica UK
/ Virgin Media O2, resulting in a positive impact of 0.3p per share
– Value addition in relation to a planned adjacent battery project to
the existing Valdesolar solar farm in Spain with a positive impact
of0.2p per share
In addition to the above, which are recognised in the Portfolio
Valuation, share buybacks added 0.8p per share to NAV.
Macroeconomic movements and changes in government policy
adversely impacted the Portfolio Valuation, and, therefore, earnings,
by7.6p per share were:
– Reductions in revenue forecasts, which reduced the NAV by 6.5p
per share
– Increases in European discount rates by 30 basis points, which
reduced the NAV by 1.2p per share, and increases in discount
rates for UK offshore wind assets by 50 basis points, which
reduced the NAV by 1.2p per share. The portfolio’s weighted
average discount rate increased to 9.0% as at 31 December 2025
(31 December 2024: 8.6%). As at 31 December 2025, the implied
equity risk premium above long-term government benchmark
yields was 5.1% (31 December 2024: 4.7%)
– The impact of the UK Government’s change in indexation basis
(from RPI to CPI) for Renewable Obligation Certificates and
Feed-in-Tariff in the UK reduced the NAV by 0.6p per share.
The reduction in capital allowances and increase in business
rates announced in the UK Government’s Autumn 2025 Budget
reduced NAV by an additional 0.3p per share
Other factors impacting the Portfolio Valuation, which principally
related to lower than forecast generation as a result of low UK wind
speeds, reduced the NAV by 6.3p per share.
Greater detail on the valuation movements for the year ended
31 December 2025 can be found in the Valuation of the Portfolio
section on page 37.
Capital allocation
Responsible balance sheet management and disciplined capital
allocation are important factors to help address TRIG’s 38% share
price discount to Net Asset Value as at 25 February 2026.
In March 2025, €100m of proceeds were received from partial sale of
a stake in the Gode offshore wind farm at a 9% premium to NAV to
the valuation of the investment as at 31 December 2023.
In February 2026, TRIG issued a £200m debt private placement.
Following strong demand, the issuance was upsized from the £150m
target and pricing tightened to a weighted average interest rate of
5.23%. The debt has an amortisation profile aligned with the term
of TRIG’s current fixed-revenue arrangements that ensures TRIG
continues to have low interest rate and low refinancing risks.
The market for secondary renewables transactions has evolved over
the past couple of years with an oversupply of renewables assets,
in particular resulting from developers selling positions to strengthen
their balance sheet, relative to the capital looking to deployinto
renewables investments. An imbalance partly caused by regulatory
uncertainty, which has particularly been the case in the UK. While it
was positive for the market that potential plans to overhaul and
disrupt the electricity market were abandoned by the UK Government
during the summer this was promptly followed by a consultation
to retrospectively change the basis of indexation for Renewable
Obligation (“RO”) and Feed-in-Tariff (“FIT”) arrangements, which has
continued to depress sentiment towards the sector going into 2026
despite robust underlying performance of investments.
19TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
During 2025, the Board has progressed its capital allocation priorities.
– Share buybacks: Share buybacks have delivered 0.8p of NAV
per share accretion in the year to 31 December 2025 from the
repurchase of 73 million shares for £57m. Buybacks at a significant
discount to NAV are accretive to NAV per share and distributable
cash flow per share. The buyback programme was suspended
from 17 November 2025, while the proposed combination
with HICL was announced, before being recommenced on
12 January 2026.
– Durable balance sheet: The vast majority of TRIG’s debt is
long-term, fixed-rate, amortising project-level debt. The average
interest rate on TRIG’s overall debt is 3.8%. This figure includes
project level debt, private placement and current drawings and
cost of the RCF. Project-level debt was reduced by £192m in the
period and was £1.7bn as at 31 December 2025, which represents
37% of enterprise value. If this was to include the £200m private
placement, signed post-year-end, which has been designed to
mirror the fixed-rate, amortising nature of project finance, then
thisstructural debt would represent 41% of enterprise value.
TRIG’s exposure to floating-rate debt and refinancing risk is
limited to the Company’s Revolving Credit Facility (“RCF”).
Borrowings under the RCF were £213m on 26 February 2026
following receipt of proceeds from the private placement issuance.
The interest rate on the RCF is currently c.5%, which is drawn in
both Sterling and Euros.
– Construction spend: £116m of construction spend was incurred
during the year, mostly relating to the Ryton and Spennymoor
battery storage projects and the repowering of the Cuxac onshore
wind farm. Development and construction stage investments are
a strategic priority of the Company to enhance returns, extend
the life of the portfolio and progress technology diversification.
New investment decisions are benchmarked against alternative
uses of capital, particularly share buybacks.
As at 31 December 2025, the Company had outstanding investment
commitments of £114m, principally relating to construction activities.
2026 2027 Tot al
Outstanding commitments (£m) 76 38 114
Dividend
The Company’s dividend policy is to increase the dividend when
theBoard considers it prudent to do so, considering forecast cash
flows, expected dividend cover, inflation across TRIG’s key markets,
the outlook for electricity prices and the operational performance of
the Company’s portfolio. The dividend target for 2026 has been set at
7.55p per share, maintaining the level of the 2025 dividend. The Board
has discussed the rate of dividend progression in detail with
shareholders during 2025 and there is recognition that this dividend
level, which represents 7% of NAV, is at a highly attractive level
while prioritising restoring net dividend cover to 1.1x–1.2x. The 2026
dividend target represents a c.11% yield to TRIG’s closing share price
on 25 February 2026.
Investment highlights
The Investment Manager takes a careful and considered approach to
portfolio composition, ensuring TRIG maintains a diversified portfolio.
Investments are spread across different geographies, technologies,
revenue types and project stages to mitigate risk.
The Managers’ ability to successfully guide projects from
development through construction and into operations is an
important driver of shareholder value. Doing so from organic cash
flows and debt capacity allows TRIG to reinvest at double-digit
returns, extend the life of the portfolio and deliver long-term growth.
For TRIG, this means leveraging the collective experience of its
Managers, InfraRed and RES, to support the effective management
of risk and optimisation of returns. TRIG has an attractive
development pipeline. The process of bringing these projects
fromdevelopment into construction continues to progress well.
– The 78MW Ryton battery storage project in the UK is in the final
stages of construction and commissioning. Energisation was
scheduled for late 2025; however, grid delays and a change
in an electricals contractor towards the end of construction
has delayed this into Q2 2026. Despite these challenges, the
project is expected to be completed in line with budgeted cost.
Challenges in UK supply chains – both with contractors and grid
companies – remain among the most significant risks to delivering
new energy projects on time.
– Construction has commenced for the repowering of Cuxac
onshore wind farm in France after final investment decision
was approved in 2025. The repowering will increase the
project’s capacity from 12MW to 25MW. The old site has been
decommissioned. The new site’s foundations and cabling are in
place ahead of turbine equipment arriving on site.
– The construction of the 100MW Spennymoor battery storage
project in the UK was approved in the year with early ground
enabling works now completed.
– The 13MW Claves onshore wind repowering project in France
secured a new 20-year inflation-linked feed-in-tariff at €87/MWh.
– The Ryton, Spennymoor and Templeton projects all secured
15-year Capacity Market contracts in the year.
Under NESO’s ongoing Connections Reform process in the UK,
419MW of TRIG’s two and four-hour battery pipeline met the Gate 2
criteria to secure a pre-2035 grid connection date. While less than
the quantum submitted into the process, of this capacity 232MW
qualified for priority grid connection before 2030 (known as Gate 2
Phase 1 projects) and 187MW qualified for grid connections between
2031 and 2035 (known as Gate 2 Phase 2 projects). This is in addition
to the 178MW two-hour batteries currently in construction (Ryton
and Spennymoor).
During the year, two battery projects in Spain were added to TRIG’s
development pipeline. These brownfield projects will be co-located
alongside TRIG’s existing solar projects and present an opportunity
to significantly enhance returns. The batteries will take advantage of
existing grid connections and will provide the opportunity to store
electricity generated in the middle of the day when prices are lower
and export when electricity is needed in the evening and prices
are higher. In addition, the batteries will provide grid stabilisation
services. The first of these projects is a 200MW two-hour battery
being developed with Repsol for the 264MW Valdesolar project,
inwhichTRIG has a 49% shareholding.
Investment Report continued
20
TRIG Annual Report 2025
Taking into account these changes to the pipeline, TRIG’s portfolio
of development projects that are either in construction or could start
construction by 2030 is now c.900MW, of which 203MW is currently
in construction and a further 133MW is expected to be presented
to the Board for final investment decision to start construction
during 2026. TRIG retains the option to build or sell assets in the
development pipeline, with investment decisions being appraised
against alternative uses of capital, including share buybacks.
Revenue profile
TRIG’s portfolio benefits from diversification across several power
markets, with projects in Great Britain, the Single Electricity Market
(Northern Ireland), the main continental European power market
(France and Germany), the Nordic market (Sweden) and the Iberian
market (Spain).
TRIG’s portfolio cash revenues have substantial medium-term
protection from movements in power prices as the portfolio receives
a high proportion (in excess of 65% over the next ten years) of its
revenue from government subsidies such as Feed-in-Tariffs (“FiTs”),
Contracts for Difference (“CfDs”), Renewable Obligation Certificates
(“ROCs”) or from selling electricity generated via power purchase
agreements (“PPAs”) with fixed prices or from other hedges, together
referred to as fixed revenues.
The Managers take an active approach to revenue management.
During the year, the Managers secured:
– A ten-year, fixed-price contract to sell the power generated by the
34MW Garreg Lwyd and 16MW Earlseat onshore windfarms in the
UK to Virgin Media O2. This contract, which is accretive to TRIG’s
forecast revenues, represents TRIG’s fifth arrangement with a
corporate secured in the past three years by the Managers
– The aforementioned long-term, fixed-price, government-backed,
and inflation-linked Capacity Market contracts for the Claves,
Ryton, Spennymoor and Templeton development projects
Foreign exchange
The Group
1
receives a portion of its revenues in Euros; 41% of the
portfolio by value is invested in Euro-denominated assets
2
, the Group
employs foreign exchange hedging to significantly mitigate the cash
flow and valuation exposure to this risk, as expanded upon in the
Valuation of the Portfolio section on page 38.
The Investment Manager implements the Company’s foreign
exchange hedging policy through Sterling-Euro swaps for up to four
years forward. As a result of the interest rate differential between
UK and the Eurozone, forward foreign exchange contracts over the
next four years have been struck at levels better, in Sterling terms,
compared to the foreign exchange rate as at 31 December 2025.
This carry benefit is not included in the Portfolio Valuation.
1 The Company, TRIG UK, TRIG UK I and its portfolio of investments are known as the “Group”.
2 Including Sweden, which receives electricity revenues from Nord Pool in Euros.
’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34 ’35 ’36 ’37 ’38 ’39 ’40 ’41 ’42 ’43 ’44 ’45 ’46 ’47 ’48 ’49 ’50
Fixed revenue Merchant revenue
£100m
£200m
£300m
£400m
£500m
£600m
£700m
£800m
£900m
12 months
to Dec ‘30
to Dec ‘35
to Dec ‘45
Fixed 82%
Merchant 18%
Battery revenues 0%
Fixed 75%
Merchant 23%
Battery revenues 2%
Fixed 68%
Merchant 30%
Battery revenues 2%
Fixed 45%
Merchant 52%
Battery revenues 3%
Split of project revenues by contract type for the portfolio
Forecast proportion of fixed vs. merchant revenues
21
TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Power price forecasting
TRIG uses the average of three power price forecasters’ projections
adjusted for the lower price that a variable renewables project
captures compared to a baseload generator (the resulting discount
is known as cannibalisation). This means that TRIG captures the
breadth of views on the evolution of the electricity market and
supply-demand dynamics. This is important as these views may
diverge over time.
The spread of forecast power price forecasts has varied during
the year with a particularly large difference between the average
and lowest forecast at June 2025 that had reduced somewhat by
December 2025. The movements in the power price forecasts are
more fully described in the Valuation of the Portfolio section.
The table below shows the spread in portfolio value were the lowest
and highest forecaster to be adopted alone (relative to the average of
the three forecasters), expressed as a percentage and £m change.
31 December
2024
30 June
2025
31 December
2025
Lowest forecaster (9)% / £(179)m (14)% / £(290)m (10%) / £(196)m
Highest forecaster 9% / £178m 10% / £207m 8% / £163m
The potential impact on projected returns from the spread of
forecasts is shown below.
31 December
2024
30 June
2025
31 December
2025
Potential impact on
projected returns
(0.8)% to 0.9% (1.4)% to 1.0% (1.1)% to 0.8%
Competitive forces may result in assets trading on the higher
curves when there is healthy buyer competition. TRIG’s approach
of incorporating a range of market views through three power
price forecasters and a high level of assumed cannibalisation is not
adopted by all renewables investment companies, which may lead to
differences in impact on portfolio valuations. Should a higher power
price forecast come to pass, this could present a material upside
to TRIG’s projected returns as demonstrated by the sensitivities
provided above.
In addition, TRIG’s approach of using a more cautious average of the
main forecasters means that our cash flow forecasting is undertaken
on a more conservative basis resulting in a more sustainable dividend
policy. Equity investors that use one or two power price forecasts
typically do not use the lowest of the three forecasters.
The chart below sets out TRIG’s power price forecasts by region and
technology, net of cannibalisation and before PPA discounts.
Principal risks and uncertainties
TRIG’s principal risks, approach to risk management and
counterparty exposures are set out in the Risk and Risk Management
section of this report. Below is a commentary on the key movements
in these risks in the period.
In a macroeconomic environment where inflation and interest rates
remain uncertain, the correlation of portfolio returns to inflation and
the Company’s approach to long-term, fixed-rate and amortising
structural debt are key risk mitigants.
Political and regulatory
The risk of government or regulatory support
for renewables changing adversely.
In the UK, 2025 saw the outcome of the Review of Electricity
Markets Arrangements (“REMA”) consultation with the government
confirming that a single national electricity price system will remain
in the UK rather than moving to a zonal system with different prices
for different regions. This was a positive outcome; avoiding upheaval
of the regulatory framework, which could have undermined investor
confidence in the sector.
On 28 January 2026, the government also confirmed the outcome
of the consultation to change the indexation basis for the Renewable
Obligation (“RO”) and Feed-in-Tariff (“FiT”) subsidy regimes from
RPI to CPI. The decision was to bring forward the date on which
indexation for the RO and FiT regimes change from 2030 to 2026.
The change has been reflected in TRIG’s 31 December 2025
valuation with an impact of -0.6p, in line with the estimate presented
in the Q3 2025 NAV announcement and reflecting TRIG’s low
exposure to RO certificate and FiT revenues (19% of 2026 revenues)
given the diversified nature of its portfolio.
The Electricity Generator Levy in the UK remains in place until
31 March 2028; however, current power price forwards and the
forecasts used in the valuation of the portfolio are below the
threshold at which the levy is due (and the now-expired intervention
price levels on TRIG’s other markets). There remains a risk that
further intervention may resultifelectricity prices were to increase
significantly again.
Public debate and shifting political narratives could translate
into adverse policy changes that reduce long-term support for
renewables and related infrastructure. For example in the UK,
Reform UK’s manifesto pledges to scrap the UK’s 2050 net zero
target, stop further government-backed revenue contracts and
redirect support towards North Sea oil and gas licenses as they seek
to frame clean-energy policy as a driver of higher household costs.
Investment Report continued
Forecast power prices major TRIG markets – £ / MWh (real 2024)
Major markets
% Portfolio Value
(Dec 25)
Cannibalisation
(Average)
GB offshore 26% -20%
GB onshore 24% -24%
Spain solar 7% -51%
Germany offshore 9% -19%
France onshore / solar 9% -14%
Sweden onshore 15% -19%
Blended portfolio -26%
2025 2030 2035 2040 2045 2050
20
70
65
60
55
50
45
40
35
30
25
22 TRIG Annual Report 2025
This narrative has contributed to a broader shift in political rhetoric
around climate policy in the UK. Should such positions gain further
traction, the risk increases of policy rollbacks and a weakening of
the UK’s energy policy frameworks. In conversations with industry,
Reform UK has indicated its intention to honour existing contracts
(pre-CfD Allocation Round 7 – TRIG has no exposure to Allocation
Round 7).
TRIG’s geographically diversified portfolio limits exposure to specific
policy interventions in any single market. The Company’s approach
to active revenue management favours a balanced blend of Power
Purchase Agreements (“PPA”) of various durations across a mix utility
and corporate counterparties, further supporting cash-flow visibility
should policy changes weaken existing subsidy frameworks
Government support for renewables remains strong in TRIG’s core
markets, noting in the UK the extension of Contract for Difference
terms from 15 to 20 years starting from auction round (AR7) and
making repowering projects eligible to participate. These measures
evidence that, despite some of the adverse policy measures
mentioned above, government continues to promote new investment
renewables and provide TRIG with another route to long-term,
fixed-price and inflation-linked revenues as the generation fleet in
GB matures.
In December, the National Energy System Operator (“NESO”) also
published initial results from its reformed grid connection process
(aligned to the UK Government’s 2030 Strategic Spatial Energy
Plan (“SSEP”) and Clean Power 2030 objectives). 232MW of TRIG’s
pipeline capacity will receive grid dates for connection before
2030, while another 167MW will receive offers in Q4 of 2026 for
connection between 2031 and 2035. This, in addition to TRIG’s
pipeline of repowering projects and co-located battery prospects on
existing solar sites in Spain, provides a steady flow of development
opportunities over the next five to ten years for TRIG to assess within
its capital allocation framework.
In France, there continues to be political uncertainty given the
lack of clear majority in government; however, long-term support
for renewables remains with TRIG having successfully obtained
long-term (20-year) government subsidy contracts for two onshore
wind repowering projects totalling 38MW of capacity.
In Spain, in the wake of the power outage experienced across
the Iberian peninsula in April 2025, the Spanish Government has
introduced further measures to strengthen the grid against similar
risks in future including greater support for battery projects. TRIG is
in the process of appraising two co-located battery projects on its
Spanish solar sites, which could provide a valuable natural hedge to
the power prices captured by the generating plant.
The Managers will continue to monitor policy developments and
engage on reform consultations across the markets in which TRIG
is invested.
Power prices
The risk of electricity prices reducing or
not increasing as expected.
There has been little change in the long-term fundamentals of
power prices in the period with power price valuation movements
over the year primarily related to near / medium-term assumption
changes. Further detail on power price movements during the period
is provided in both the Market Developments and Valuation of the
Portfolio sections.
The valuation of the Company’s portfolio overlays market derived
forward prices to a blend of cannibalised power price forecast curves
produced by three independent forecasters. There is a risk that actual
power prices achieved are below these forecasts.
As the penetration of renewables increases and, therefore,
intermittency of energy systems increases, TRIG will be more actively
seeking to provide balancing services to the grid through battery
storage. By discharging electricity during periods of low generation
and absorbing excess electricity in periods of high renewable
availability, batteries are able to smooth the intra-day price volatility
associated with variable renewable resource. The inclusion of
batteries in TRIG’s portfolio therefore, provides a valuable natural
hedge against volatility in power prices from generation assets
located in the same market.
Production performance
The risk that portfolio electricity production
falls short of expectations.
Overall, generation for the year was down against budget driven
by low wind resource in H1 2025 in GB, France and Germany,
grid outages, and curtailment due to negative pricing in Sweden.
Further detail on operational performance during the year can be
found in the Operations Report on page 29.
The Operations Manager continues to develop and oversee the
deployment of energy yield value enhancements to improve
generation output, as detailed in the Enhancements section.
Counterparty credit
The risk of failure of a major supplier.
TRIG’s portfolio is weighted towards wind-power assets, a sector
that is dominated by a small number of equipment manufacturers.
Counterparty failure could result in equipment not being supplied to
construction projects or operational and maintenance services not
being provided to commissioned projects or being disrupted.
Turbine manufacturers have experienced financial pressure due to
cost escalation over the past few years of prolonged high inflation.
While this has moderated with trading performance in 2024 and 2025
improving for many of TRIG’s key turbine suppliers, counterparty
risk is still considered to be elevated and will continue to be
monitored closely.
Construction activities are limited by TRIG’s Investment Policy
cap of 25% of Portfolio Value and were 9% of Portfolio Value at
31 December 2025.
Construction projects are in the battery storage sector where there
is a wider range of equipment suppliers compared to the wind
sector. The Ryton battery project in the UK replaced an electricals
contractor in the year; the construction of the project is expected to
be completed in line with budgeted cost.
The increase in independent operations and maintenance
service suppliers reduces dependence on the original equipment
manufacturers, particularly with respect to onshore technologies.
23TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Positioned to leverage the need for
clean renewable energy.
Market Trends
Energy security and
decarbonisation
Mitigating adverse climate change is a considerable
challenge for governments and corporations.
By generating renewable electricity, renewable energy assets
help to reduce the reliance on carbon-intensive fossil fuels
through harnessing clean natural resources. This is supported
by transmission infrastructure that supports the roll-out of
renewable energy.
What this means for TRIG
– Ongoing operational management and enhancement
ofour 2.7GW portfolio of renewables infrastructure
– Continued investment in our pipeline of development and
construction projects
Political and
regulatory support
The scale of meeting decarbonisation commitments
across Europe requires the public and private sectors
to work together to achieve this common goal.
This necessitates an economic environment that is conducive
to investment, and positive policy initiatives that support
renewable energy. The attitudes of governments and
regulators impact planning rules, the availability and pricing
of offtake contracts, and cost inflation, all of which affect the
operations and build-out of renewables.
What this means for TRIG
– Engagement with ministers and officials on energy
market policy
– A balanced approach to portfolio construction across
European countries
Electrification of demand
As abundant green electricity supplied by wind and
solar power is brought online, there is a public policy
desire to electrify traditionally hard-to-abate sectors.
This has the potential to significantly increase electricity
demand, thereby supporting the roll-out of renewables.
New technologies such as cloud computing, artificial
intelligence and data centres further solidify the need for
large amounts of electricity without the carbon emissions
offossil fuels.
What this means for TRIG
– Deepening relationships with corporate counterparties
to support the sale of power and guarantee of
origin certificates
– Expansion of storage investments such as batteries,
recognising that they support electrification and benefit
from the greater build-out of renewables
24 TRIG Annual Report 2025
Market Developments
Power prices
European power-market fundamentals continued to evolve through
2025. The sharp reduction in Russian pipeline deliveries since 2022,
culminating in the end of Russian pipeline gas from 1 January 2025,
has increased Europe’s reliance on imports of Liquefied Natural
Gas (“LNG”). This shift coincided with a structural decline in North
Sea output, reinforcing Europe’s exposure to global LNG balances.
A substantial wave of new liquefaction capacity, and, therefore, LNG
export capacity, led by the US and Qatar is expected to come online
this decade reducing power forward curves in Europe. Nonetheless,
Europe’s reduced supply diversification and greater dependence
on gas storage to maintain balance leaves European gas and
power markets more prone to price volatility driven by unexpected
weather events, geopolitical disruptions and competition for
globalLNG imports.
In December 2025, colder than expected temperatures increased
EU heating and generation demand. At the same time, temporary
weather-related interruptions to North American LNG exports
supported gas prices and accelerating gas storage withdrawals are
pushing storage levels towards the lower end of the ten-year historical
range as shown in the chart below. In the Nordic region, in particular,
lower than average precipitation reduced hydrological storage levels
relative to recent years. Together, these factors supported higher
forward power prices for early 2026 in Sweden’s SE3 region, enabling
TRIG to extend short-term hedges at favourable prices, thereby
strengthening near-term cash flow visibility in line with TRIG’s active
revenue management strategy.
As renewable penetration continues to increase and thermal units exit
the system, the generation mix across TRIG’s markets is expected
to diverge further, driving wider variations in wholesale prices and
amplifying regional differences in price volatility underlying the
importance of a diversified portfolio.
Wholesale electricity prices remained above pre-crisis averages in
markets where marginal prices are more frequently set by gas-fired
generation such as Great Britain and Germany. By contrast,
markets with a higher proportion of inflexible price-taking generation
technologies, such as nuclear in the case of France, experienced
more subdued spot prices and an increase in the frequency of
negative-priced periods during the year, alongside weaker forward
prices for 2026. Northern Sweden (SE2 price zone), in particular,
experienced extended low-price conditions during the Spring
thaw and summer 2025, due to elevated hydrological balance and
lower seasonal demand. This resulted in higher levels of economic
curtailment and lower captured prices for projects relative to the
other markets. Significant rainfall and good wind conditions have
dampened power prices in Spain going into 2026.
Power spot price volatility continued to increase across several of
TRIG’s markets during the year, with short-duration price spikes
becoming more frequent and beginning to appear in historically
more benign summer months. In markets with high renewable
penetration, such as Spain, periods of low wind and solar availability
reduced system flexibility and tightened supply–demand balances,
resulting in sharper price movements and greater sensitivity to
short-term weather conditions. TRIG’s diversified geographic
footprint helps manage exposure to any single power market
or marginal-price-setting fuel. The expansion of the Company’s
battery-storage pipeline beyond Great Britain into Iberia further
enhances this diversification by providing a hedge against differing
volatility patterns across markets and helping to manage the impact
of price cannibalisation in regions with higher merchant exposure or
accelerated renewable build-out.
After several years of weakness, European electricity demand
increased in 2025, suggesting early signs of electrification driven
load growth in transport, heat, and emerging data-centre sectors.
While short-term temperature and economic effects continued to
influence year-on-year demand patterns, structural electrification is
expected to support gradual demand growth over the medium to
long term.
10
0
20
30
40
50
60
70
90
80
100
Jan ‘25 Feb ‘25 Mar ‘25 Apr ‘25 May ‘25 Jun ‘25 Jul ‘25 Aug ‘25 Sep ‘25 Oct ‘25
Nov ‘25 Dec ‘25
£/MWh
Germany 2026 Spain 2026
France 2026
Sweden SE2 2026
GB 2026 Sweden SE3 2026
Jan ‘26
European 2025 power baseload forward prices
Power price forwards have declined gradually in the year. Power prices remain higher in GB and German markets where gas is typically
themarginal price setter; and lower in France, Spain and Sweden markets where gas and carbon prices have less of a marginal price
setting impact on power prices.
Source: InfraRed analysis of Argus Media OTC, and Nasdaq price assessments
25TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Market Developments continued
Source: InfraRed analysis of Gas Infrastructure Europe Aggregated Gas Storage Inventory (“AGSI”)
European gas storage levels
European gas storage levels have declined over the course of the year and are now below the 10-year average. Lower storage levels may
provide support to European power prices in 2026.
100
90
80
70
60
50
40
30
20
10
0
Gas Storage Level (%)
DecJan Feb Mar Apr May Sep Oct NovAugJulJun
10 year range 10 year average 2024 2025
Jan
Mon
Tue
Wed
Thur
Fri
Sat
Sun
Mon
Tue
Wed
Thur
Fri
Sat
Sun
Mon
Tue
Wed
Thur
Fri
Sat
Sun
Mon
Tue
Wed
Thur
Fri
Sat
Sun
Mon
Tue
Wed
Thur
Fri
Sat
Sun
Mon
Tue
Wed
Thur
Fri
Sat
Sun
Feb Mar Apr May Jun Jul Aug
< £0/MWh
Great Britain
Avg. £80.65/MWh
Germany
Avg. £76.81/MWh
Spain
Avg. £55.91/MWh
France
Avg. £52.17/MWh
Sweden - SE2
Avg. £14.24/MWh
Sweden - SE3
Avg. £39.62/MWh
£0/MWh > £120/MWh
Sep Oct Nov Dec
European 2025 daily average day ahead power prices
The heatmap shows average daily spot price by market throughout the year. Difference in colours shows the variability of power spot
prices across the markets in which TRIG invests, with lighter colours representing a lower price, while darker red denotes higher prices.
Blue denotes days where the average daily power price was below £0/MWh.
Source: European Network of Transmission System Operators for Electricity (“ENTSO-e”)
26 TRIG Annual Report 2025
Policy and regulation
United Kingdom
In its July 2025 Summer Update to the Review of Electricity Market
Arrangements (“REMA”) Programme, the UK Government confirmed
that it will retain a single GB-wide wholesale electricity market
and reject zonal pricing proposals. Ministers concluded that the
complexity, investor disruption and transitional risks associated with
zonal pricing outweighed the potential benefits. They determined
instead that market reform can be delivered within the existing
national pricing framework. This decision is broadly positive for
renewables investors and consumers, providing clarity and stability
around future market arrangements and avoiding the introduction
of additional risks that would have raised the cost of capital on
future investment.
The government will proceed with a package of reforms under
“Reformed National Pricing”, centred initially on the forthcoming
Strategic Spatial Energy Plan (“SSEP”), due for publication in 2026.
The SSEP aims to introduce further long-term locational investment
signals for generation, storage and network build. These reforms
will be supported by changes to transmission and connection
charging, designed to improve locational efficiency without
fracturing the national wholesale market. The Managers continue
to engage proactively with policymakers on the design of the GB
electricity market.
Included in the UK and devolved governments’ response to the
ROindexation consultation was a reference to the transition from
ROCs (both Buyout and Recycle elements) to Fixed Price Certificates
(“FPCs”). A longer-term RO wind-down plan was first signalled
during the Electricity Market Reform (“EMR”) in 2014, which gave
the UK Government power to replace traded ROCs withFixed Price
Certificates (“FPCs”) bought by a central counterparty after 1 April
2027. Government has re-emphasised their desire for investor
confidence. Nonetheless, they have indicated an intention to
potentially reduce the tariff. To the extent that a reduction in the tariff
is offset by a commensurate reduction of the offtake discount there
would be no net impact. Offtake discounts for ROCs are currently
being secured at c.2-5%. For each percentage point reduction in the
tariff beyond the offtake discount, the estimated impact on TRIG’s
NAV is c.0.15p per share. The limited impact reflects the diversification
of TRIG’s portfolio across market and government-backed revenue
arrangements. Timelines have yet to be formalised, but industry
consultation is expected in 2026. The Managers will continue to
engage with policymakers to stress the importance of avoiding
additional retrospective changes to existing support schemes,
whichrisks undermining investor confidence in the broader UK
renewable energysupport framework.
In early 2026, the UK Government announced the results of Allocation
Round 7 of the Renewables Contracts for Difference (“CfD”) scheme.
The auction awarded a record 8.4GW of offshore wind and a further
6.2GW of onshore wind, solar and tidal capacity. This unusually large
award is expected to slightly accelerate renewable deployment than
previously assumed and moderately reduce power prices in the early
2030s. Over the longer term, however, prices are expected to stabilise
as electrification of heat and transport, and continued data-centre
growth absorb low-carbon generation capacity additions. In addition
to extending the contract term from 15 to 20 years, repowering
projects are now eligible to participate in future Allocation Rounds.
European Union
EU Bidding Zone Review:
European transmission system operators (“TSOs”) concluded
their 2025 Bidding Zone Review, which assessed the efficiency of
alternative electricity price zone configurations in the Nordics (and
Central Europe). The review concluded that no changes to existing
bidding zone configurations were warranted in Sweden. While the
analysis identified potential efficiency gains from separating the
existing Germany–Luxembourg bidding zone into five smaller zones,
any such change would require approval by the relevant Member
States and would face significant political and practical barriers.
The German Government has rejected proposals to split the existing
market, instead prioritising grid reinforcement and increased system
flexibility over structural changes to bidding zone configurations.
The bidding zone review process is cyclical and is not expected
to be revisited until later this decade. TRIG’s portfolio benefits
from geographic diversification. As a result, the outcomes of the
current review are not expected to have a material impact on TRIG’s
investment strategy or cash flow profile.
Carbon pricing:
As part of negotiations on the EU’s 2040 climate target, EU Member
States and the European Commission agreed a political compromise
on carbon pricing in November 2025. The compromise delayed
the implementation of a second carbon market (“ETS2”), mostly
applicable to emissions from transport and buildings, while deferring
broader ETS1 design considerations to a structured review in
July 2026. High carbon prices have drawn criticism from several
Member States who argue the EU ETS puts the bloc’s industry at a
competitive disadvantage. While a complete reversal of the scheme
is unlikely, reforms aimed to moderate carbon prices are a possibility,
which could reduce power prices when fossil fuel generation
is marginal.
The UK currently operates a separate emissions trading system,
introduced in January 2021. In 2025, the UK and EU agreed to
pursue closer cooperation with a view to linking their ETS regimes.
Although no timetable has been set, linkage would be expected to
support upward convergence of UK carbon prices towards EU levels
in the medium term, increasing wholesale power prices in GB.
Marginal pricing:
The European Commission is expected to consider options for
electricity market design reform at its meeting in March 2026,
including proposals aimed at reducing the influence of gas prices on
wholesale power prices. The EU’s current electricity market design
framework entered into force in 2024 in response to the energy crisis
and sought to mitigate short-term price volatility through greater
use of long-term contracts, such as power purchase agreements
and contracts for difference, alongside increased emphasis on grid
reinforcement and interconnection to reduce renewable curtailment
and improve cross-border trading. The reforms did not, however,
alter the marginal pricing system, under which the most expensive
plant required to meet demand, often gas-fired generation, sets the
wholesale power price.
Any changes to EU electricity market design would be subject to a
formal legislative process, including public consultation and approval
by both the European Parliament and the European Council, and are,
therefore, unlikely to be implemented in the near term. Nevertheless,
increased political debate around potential future reforms may
contribute to heightened uncertainty. This could temporarily affect
power purchase agreement liquidity during 2026, as some market
participants may defer entering into long-term contracts pending
greater clarity following the Commission’s deliberations in the first
quarter of the year.
27TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
February
Milestone: Replacement
of all solar panels at Chemin
Canal, delivering a capacity
uplift of 9.6%
Technology: Solar
March
Milestone: TuneUp control
software deployed across
the remaining 13 turbines at
Hill of Towie, with a validated
energy yield uplift of 1.0%
Technology: Onshore wind
January
Milestone: Dynamic
Yaw control implemented
at Altahullion, 1.3%
energy yield uplift
Technology: Onshore wind
May
Milestone: Final Investment
Decision taken at Cuxac
to replace the existing
turbines and infrastructure,
doubling the rated capacity
to 25.2MW
Technology: Onshore wind
Key commercial and operational enhancement milestones in 2025
May
Milestone: Power curve
upgrades at Beatrice and Merkur
achieved 0.9% and 1.15% energy
yield uplifts respectively
Technology: Offshore wind
September
Milestone: Final Investment
Decision taken to construct the
100MW Spennymoor battery
Technology: Battery storage
December
Milestone: Claves secured a
high-quality €87MWh government
electricity sales agreement ahead
of a Final Investment Decision in
2026 to repower the site
Technology: Onshore wind
October
Milestone: Corporate electricity
sales agreement signed with Virgin
Media O2 supplying 15% of its
electricity for ten years at a fixed price,
supplied by two onshore windfarms
Technology: Onshore wind
July
Milestone: Blade Hardware
Enhancements (vortex Generators
and Gurney Flaps) installed across
Earlseat, Tallentire and The Grange,
expected 1.6% energy yield uplift
Technology: Onshore wind
December
Milestone: Gronhult High
Wind Operation upgrade applied,
enabling the turbines to safely
operate in higher wind speeds,
delivering a 3.3% energy yield uplift
Technology: Onshore wind
Members of the TRIG team visiting the decommissioning of the Cuxac onshore wind farm in France ahead of its repowering in 2026
Operations Report
28 TRIG Annual Report 2025
During the year, 5.4TWh of clean electricity was generated,
equivalent to 2% of UK domestic electricity usage. Overall electricity
generation was 7% below budget for the year. Electricity generation
was impacted by a combination of factors, most notably low wind
resource in the first half of the year in the UK, France and Germany
and curtailment of generation in Sweden due to negative market
prices. Periods of negative and very low prices in Sweden meant that
the projects in that region were curtailed and, therefore, unable to
take full advantage of the good wind resource. The average weather
resource variance for the rest of the portfolio (i.e. excluding Sweden)
was –3%.
Unplanned grid outages on transmission and distribution equipment
owned by third parties impacted the ability to export electricity from
various sites during the period. While these events are infrequent
they can have a significant impact on individual projects, TRIG’s
Operations Manager and the affected projects’ asset managers
actively engage with grid companies to shorten outages or to permit
limited electricity to be exported. Where possible, the projects seek
to recover some, or all, of the lost revenue via insurance claims
where the outage was caused by damage to the grid. Claims are
ongoing at several assets including the East Anglia One and Beatrice
offshore wind farms, as well as the Mid Hill onshore wind farm.
Asset managers will also seek to schedule maintenance work to be
performed during outages. Particularly significant outages occurred
at the Mid Hill and Jädraås projects, impacting their generation in
the year.
Commercial and operational enhancements are secured by
dedicated resource within the Managers that actively develops,
implements and validates such enhancements. In the five-year
period to 31 December 2024, the Managers delivered enhancements
to the value of approximately £70m. The Managers are targeting
adding £70m to portfolio value through enhancement opportunities
across 2025 and 2026, of which £32m has been achieved by
the end of 2025 with an active pipeline of further enhancements
being progressed.
Weather resource
divergence vs P50
Net capacity
(MW)
2025
Load factor
Electricity
production
(GWh)
Performance
vs budget
Onshore UK -5% 547 27% 1,274 -13%
France -4% 247 19% 440 -16%
Sweden 7% 401 26% 926 -4%
Offshore GB -3% 376 43% 1,420 -4%
Germany -7% 179 37% 573 -11%
Solar GB, France 6% 176 10% 161 -2%
Spain -1% 363 20% 637 2%
Total -2% 2,289 5,431 -7.3%
Revenue management highlights:
– Signed a ten-year contract with Virgin Media O2 to provide them
with 15% of their total UK electricity needs at a fixed price with an
annual price escalator. This provides price certainty to the 33MW
Garreg Lwyd and 16MW Earlseat onshore wind farms in GB for
c.153GWh of annual generation
– Secured a three-year contract to provide new balancing services
to the French power grid. The participating projects are paid to
adjust their output upon request from the grid operator
– Further fixes placed under the offtake agreement with a French
green hydrogen manufacturer, for 20% of the electricity generated
by two French wind farms during 2026 and 2027
– 15-year, government-backed, fixed-price Capacity Market
contracts secured for three battery projects totalling 208MW
capacity, to support the grid’s security of supply during high or
lowelectricity demand periods
– New 20-year inflation-linked feed-in-tariff secured at €87/MWh
for the repowering of the 13MW Claves onshore wind farm.
Subject to final investment decision, this will be TRIG’s second
repowering project
Key operational enhancements during the year include:
– Upgrades at a German offshore wind farm, increasing the power
output of each turbine from 6.0MW to 6.15MW, and the total site
capacity from 396MW to 406MW. This increases the amount of
electricity generation that the wind farm can generate, particularly
during high wind periods
– Analysis of technical data at a Swedish onshore wind farm
enabled adjustments to operational parameters to keep the
turbines operating in higher winds where they previously
wouldhave needed to shut down to protect them from damage.
This change is expected to increase annual electricity production
by around 3%
– Blade hardware aerodynamic enhancements and software
upgrades have now been deployed at 164MW of onshore wind
sites in the UK and France. Further potential rollouts are underway
across the portfolio on both wholly owned and joint venture wind
farms for a further deployment of up to 143MW. Additions of
hardware to wind turbine blades are often followed by software
upgrades to adjust the way in which the blades are controlled
given their new aerodynamic properties, to achieve further
increases in electricity generation
Further detail on these and other initiatives can be found in the
Enhancements section on pages 33 to 34.
Operational performance
29TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Onshore wind
UK
Performance in the region across the year was lower than anticipated
primarily due to a combination of underlying wind resource being
below expectations and outages in the third-party managed
grid network.
Grid outages impacted production as the process to reinforce the
UK grid and connect new projects continues. Approximately 3%
of production was lost due to these uncompensated outages.
The Operations Manager and project asset managers continue to
engage productively with grid operators and successfully negotiated
reductions in outage durations in addition to moving outages to lower
resource periods.
Generation was impacted by performance challenges at Crystal
Rig 1 due to recurrent technical faults compounded by difficulties in
sourcing spare parts for the older vintage of wind turbines on this site.
Additional specialist resources were deployed, resulting in a material
improvement in site performance. The majority of associated costs for
additional specialist resource have been absorbed by the Operation
and Maintenance contractor.
Other highlights for the region include the signing of new electricity
sales agreements in the first half of the year for two projects
in Northern Ireland. These agreements include provisions for
compensatory payments to mitigate the future impact of grid
restrictions experienced in the region.
France
The primary challenge in France this year was in the South, where
older turbine models fell short of their electricity generation targets.
TRIG is actively addressing performance gaps by refreshing RES’s
Operations and Maintenance contract and by applying an enhanced
spares strategy to reduce lead times for parts, and enable a larger
and more competitive procurement process to be performed early.
Additionally, a significant proactive maintenance campaign has been
completed by RES to address specific reliability issues.
TRIG is increasing the value of its French portfolio through a
repowering programme in which pre-existing wind turbines and
associated infrastructure is replaced with new equipment, securing
future value from the site. The first project to be repowered is the
Cuxac onshore wind farm. Through the repowering, site capacity is
being increased from 12MW to 25MW. The repowered project will
benefit from a new 20-year inflation-linked government tariff at €86
/ MWh. A second 12.6MW project, which has secured a similarly
high-quality government tariff at €87 / MWh, is expected to reach
aninvestment decision later in 2026.
As previously reported, the legal challenge in relation to the Vannier
onshore wind farm in France was heard in court and resulted in the
regularisation process (reinstatement) of the environmental permit
being stopped. The case is being escalated through the courts
system. The wind farm’s generation remains suspended. A provision
of 0.3p per share is included in the NAV.
Upgrades to equipment were delivered to three sites where a
combined software and hardware upgrade is expected to support
a 1.7% annual electricity production increase. Implementation of
the software update has been completed at all three projects,
while aerodynamic hardware improvements to blades have been
completed at one site and significant progress has been made at
a second site. Early results have been promising. Installation will be
completed in 2026.
Repowering at Cuxac, France
Repowering wind farms
‘Repowering’ is the replacement of existing ageing wind
turbines and associated electrical infrastructure with modern,
more efficient and higher-capacity technology. Larger wind
turbines can often be deployed, significantly increasing
electricity generation. Existing infrastructure can also be
re-used, such as site tracks, crane pads and grid connection
points, alongside existing local relationships and detailed
knowledge of the wind resource.
The Cuxac onshore wind farm in southern France is TRIG’s
first repowering. The project’s 12MW capacity is being
increased to 25.2MW. A 20-year, inflation-linked government
tariff will provide stable and predictable revenues.
Construction began in late 2025 with full operationexpected
in 2026.
The Claves onshore windfarm, also in southern France,
secured a new 20-year, inflation-linked government tariff
tosupport the repowering of the 13MW site.
Operations Report continued
30
TRIG Annual Report 2025
-15%
-10%
-5%
0%
5%
10%
15%
20%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20252024
France Onshore Wind UK Onshore WindGermany Offshore Wind Scandinavia Onshore Wind
Solar and Storage Weighted AverageUK Offshore Wind
Sweden
TRIG is actively optimising its Swedish assets to reduce the impact
of regional grid limitations and market changes. Despite good wind
levels, overall output was tempered by external grid restrictions and
low-price periods both resulting in curtailed production.
The Jädraås project was impacted by an external grid export
curtailment between January and November 2025, causing a
generation shortfall across the year of 91GWh. This curtailment
limited generation to 80% of total export capacity for the majority
of the period. Proactive engagement is ongoing with the grid
operator to improve visibility and allow for effective planning of
maintenance works.
In March 2025, the duration of the grid balancing periods in Sweden
was reduced from 60 minutes to 15 minutes and applied individually
to each of the four regional pricing zones rather than across the whole
country. The significant shortening of delivery periods and reduction
in zone size caused an increase in price volatility and imbalance
pricing. All projects within TRIG’s portfolio were protected from the
effects of this volatility by having fixed-price contracts in place for
balancing fees; however, the price of such arrangements is increasing
on renewal.
A campaign to install noise-reducing hardware across all turbines
at Grönhult commenced in November 2025 and is scheduled
to complete in the first quarter of 2026, enabling the site to
maximise generating capacity and reducing the loss of revenue
from curtailments.
Weather analysis
The graph below shows hindcast analysis of annual variances
ofwindspeeds and solar irradiation as a percentage variation to
thelong-term average since 1996 for TRIG’s operating portfolio,
byregion and technology. A long-term analysis of the data reveals
that while individual regions and technologies exhibit fluctuations,
thetotal portfolio remains notably stable, and the average over the
last ten years is consistent with the long-term mean. This reinforces
the benefit of portfolio diversification, with the dashed total portfolio
line consistently showing reduced volatility compared to individual
regions / technologies.
No long-term positive or negative trend is apparent across
thediversified portfolio, due to climate change or otherwise.
Despite the low wind years of 2010 and 2021, the resource has
shown a consistent trend to revert to the mean. Brief periods of
notable positive or negative divergence are typically followed by
a more stable pattern of variance, consistent with the historical
behaviour seen in the early 2010s. This pattern is consistent with
TRIG’s long-term energy yield forecasts.
Hindcast analysis based on industry standards using long-term reference data sources including MERRA-2, ERA-5 and SolarGIS to build localised, site-specific long-term yields.
The chart shows how production has varied compared to this long-term average due to resource only.
31TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Offshore wind
Our GB offshore wind farms finished the year with strong
performance in the final quarter, which helped to somewhat
offsetunusually low wind conditions earlier in the year.
Beatrice suffered a fault in a third-party owned export cable,
which required the project to limit export capacity to 50% between
April and July 2025. A cable repair was completed in July, after
which the project was able to return to full export capacity.
Appropriate insurance to compensate for lost generation, subject
to an excess period, is in place. A claim has been submitted, with
an advance insurance payout received in late 2025. The balance
is expected to be settled in early 2026. Over the period, a repair
campaign was also undertaken at Beatrice on the project-owned
inter-array cables that sit between groups of turbines to ensure the
project can operate at full generation capacity going forward.
At Sheringham Shoal, modifications were made to the turbine
access arrangements to allow larger and more capable vessels to
be used, which can remain in the wind farm vicinity a whole week at
a time, thereby removing daily travel times and weather uncertainty.
Such vessels also enable technicians to walk across from the vessel
to each turbine, which is a safer and faster method to access the
turbines. Sheringham is targeting a 20% access improvement,
whichwill reduce wind turbine downtime.
A software update has been applied at Hornsea One, which
enables the turbines to temporarily increase their rated capacity
during peak wind conditions, increasing total windfarm capacity by
an extra 16MW. A further update is in the final stages of validation
witha potential additional impact of 129MW with the positive effects
alreadybeing realised.
Similar to the GB offshore sites, German offshore wind farms
within TRIG’s portfolio saw strong wind levels in the final quarter
of the year. Overall production was impacted by two main factors:
periods where the projects curtailed generation because market
prices were negative, and times when the local power grid was
unavailable. The affected projects were not compensated for some
of these grid-related curtailments, and legal options for recovery are
being explored.
Solar and storage
Spain
TRIG’s large Spanish solar sites, which make up 80% of total solar
production for the portfolio, delivered excellent reliability in 2025.
Generation was adversely impacted by export curtailment in
response to low power prices for the Cadiz projects in addition to
uncompensated grid curtailments at Cadiz and Valdesolar due to
local lines reaching capacity. Some curtailments were allowed for
within the respective investment cases at acquisition. The curtailment
is anticipated to lessen in future periods as further grid reinforcements
progress alongside the transmission system operator’s mandatory
voltage control service, which will launch in early 2026.
The Cadiz and Valdesolar projects are also developing co-located
batteries, which is expected to materially improve financial
performance by being able to shift electricity export from lower to
higher price periods within each day. The Valdesolar project has
secured import grid capacity meaning the co-located battery will
be able to charge from both the solar plant and the grid, thereby
maximising its flexibility and revenues.
During the period, following a competitive process with
independentoversight, an updated five-year Operation and
Maintenance agreement was signed for the Cadiz projects with RES.
The Arenosas project in the Cadiz region was also selected to trial
a digital monitoring and control platform designed to optimise solar
asset performance and operational reliability. The platform operates
24/7, enabling the identification and remediation of potential issues
before they cause downtime. The trial commenced in the third quarter
of 2025, and results are anticipated during 2026.
GB
GB solar performed above budget across the year. A planned
campaign of panel replacements was completed at the Churchtown
site in 2025; with a programme of works at the Manor Farm site
expected to commence in the first half of 2026. New panels
will provide improved overall efficiency and prolong the life of
the investments.
A trial of inverter temperature management software, initially
launchedin the first quarter of 2025, was extended through to
summer 2026 at GB solar sites in the portfolio. The software seeks
to prevent inverters overheating, thereby prolonging inverter life and
reduce repowering costs. Third-party validation of performance uplifts
is expected post-trial.
France
Module replacement works were completed at Chemin Canal with
works ongoing at Marie Galante with new panels bringing the same
benefits as seen in the GB solar region.
Operations Report continued
32
TRIG Annual Report 2025
Health and safety
TRIG’s commitment to a robust health and safety (“H&S”) culture is
the cornerstone to delivering operational excellence. The wellbeing
of those working on TRIG’s projects is central to how TRIG operates,
enhancing operational efficiency and promoting project success.
TRIG’s Board and the Manager’s leadership team show their
continued support for health and safety by ensuring safety protocols
are rigorously followed across the business and at TRIG’s projects.
This includes use of comprehensive assurance frameworks, regular
independent and internal audits, targeted training programmes and
proactive engagement with asset managers to share best practice
and lessons learned.
During 2025, TRIG and its Managers have reinforced their
commitment to embedding health and safety into every stage of
project delivery. From procurement through to commissioning,
health and safety requirements are integrated into tender evaluations,
supplier selection and contractual obligations to ensure alignment
with TRIG’s standards. During construction, robust processes
including detailed risk assessments and site-specific safety plans are
implemented, these are then monitored through regular audits and
inspections. These practices have contributed to the safe delivery of
projects throughout 2025 and will remain central to TRIG’s approach
as it builds out its development pipeline.
TRIG continues to prioritise communication with its partners and
collaborators, ensuring that lessons learned are communicated and
amplified among all stakeholders. A biannual HSE Coordination
Group, to which all asset managers from the TRIG portfolio, in
addition to members of the TRIG board, are invited, provides a
space for discussion of matters that have arisen on the portfolio
and wider industry. This collaborative approach ensures that safety
culture is not only maintained but strengthened across a diverse and
growing portfolio.
During 2025, there have been two HSE-reportable accidents across
the portfolio. TRIG’s 12-month rolling average seven day Lost Time
Accident Frequency Rate (“LTAFR”) was 0.27 for the 12 months
to December 2025, a c.48% reduction over five years from 0.52
in 2020. This improvement reflects both a long-term reduction in
higher risk construction activity since 2020 and the shift in recent
years to lower-risk construction categories such as battery storage.
While construction activity has increased again in 2025, overall
portfolio risk levels remain lower than in 2020, supported by ongoing
active management of H&S risk by the managers.
Highlights of proactive measures taken in 2025 include:
– In addition to contracted third parties who conduct regular
siteinspections and audits on behalf of TRIG, the Operations
Manager directly undertook 12 assurance visits across the
portfolio in 2025, utilising the assurance process launched in 2024.
The visits covered both in construction and operational assets and
took place through normal operational periods and in conjunction
with notable events such as panel replacement works at a GB
solar site and turbine blade replacements in Sweden
– A variety of exercises and drills took place throughout the year
including a large-scale helicopter rescue emergency exercise
at Merkur in Germany; safety stand down days at East Anglia
One and Hornsea One where activities focused on work safety
and general everyday emergency situations; and a joint HSE
emergency exercise in Northern Ireland involving neighbouring
wind farms and operators
– RES held a UK-Wide safety stand down campaign focusing
on the ‘butterflyeffect’, how a minor unsafe act can lead
to a major incident or a small safety-positive activity such
as positive reporting of a hazard can lead to learnings and
haveamagnifyingeffect across wider activities
By prioritising health and safety, TRIG seeks to promote its supply
chain’s safeguarding of their workforce and supports resilient
operations thereby supporting long-term value for shareholders.
Our approach
RES believes that safety is a shared responsibility. Upholding the
highest safety standards to foster a culture of Zero Harm, placing
a strong emphasis on daily safe practices and continuous
improvement. Achieving Zero Harm requires continuous
dedication to safeguarding the safety, health, and overall
wellbeing of everyone working with RES.
RES has achieved industry-leading health and safety
performance, including playing a founding role in SafetyOn,
thehealth and safety body for the onshore wind industry.
RES has ISO systems in place across parts of the organisation
where they are certified to ISO 9001 (Quality), ISO 55001 (Asset
Management), ISO 14001 (Environmental Management), and ISO
45001 (Occupational Health and Safety), ensuring a consistent,
high-standard approach to project execution.
Enhancements
The Managers, RES and InfraRed, are committed to delivering
enhanced portfolio performance and shareholder returns through
optimised technical, commercial and operational initiatives.
The Managers apply a structured framework to identify, appraise
and implement opportunities at both individual site and wider
portfolio levels. Examples of the enhancements progressed
during2025 include:
Increasing generation output:
Blade hardware improvements, where custom designed parts
are affixed to specific areas of the blade to improve aerodynamic
performance, have been installed at a range of onshore wind sites.
These improvements are designed to reduce drag and increase lift
to increase the amount of energy extracted from the wind flow over
the blade.
– Blade improvements have been installed across a range of UK
onshore wind projects with energy yield gains ranging from 1.6%
to 3.0%. Further aerodynamic improvements are being trialled
– Across a sub-set of French sites, installation of blade
improvements coupled with an associated software upgrade
areexpected to provide an energy yield uplift of 1.7%
– Further potential blade and software upgrades are being identified
– Complementary software upgrades were also installed at a
combination of French and UK onshore wind sites alongside the
blade hardware. The software improvements further augment
the blade hardware additions by identifying improved parameter
settings to enhance generation, for example through an adjusted
angle (pitch) of the blades
Additional wind turbine software upgrades have been rolled out
to improve how wind turbines interact both with the wind and with
each other.
– Two offshore sites in GB and Germany received power curve
upgrades in the period allowing more electricity to be generated at
the same wind speeds with uplifts ranging between 0.5% to 1.2%
– Upgrades allowing wind turbines to better align with the wind
direction have been deployed at several UK sites. These upgrades
improve the way in which the turbines position themselves (yaw)
towards the wind such that they are always facing in the most
33TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
efficient direction, while also optimising the wind flows from one
wind turbine to the next. This approach can increase energy yield
uplifts by up to 1.3%
– Software updates to fine-tune wind turbine parameter settings to
extract more power from the same wind speeds were completed
across multiple UK onshore wind sites. These upgrades adjust
how the turbines operate, for example fine-tuning the angle
(pitch) of blades, to better extract energy resulting in energy yield
increases up to 2.6%
– In Sweden, an enhancement achieved at an onshore wind site is
anticipated to add an additional 3.3% energy production during
periods of high wind speeds in specific directions, in which the
turbines would previously have been unable to generate
– Specialised software collecting live operational data from the
wind turbines has been implemented at a number of sites to help
identify and analyse inefficiencies and mechanical issues more
quickly achieving operational cost reductions and reductions in
lost generation
Additional revenue streams:
In addition to the primary sources of revenue from wind and solar
sites relating to the sale of electricity and / or an enabling subsidy,
additional smaller ancillary revenues can also sometimes be obtained.
– In France, the four southern French sites started providing
grid-balancing ancillary services. A further two sites in the North of
France are expected to start providing the same services in 2026
– In Spain, TRIG has upgraded systems to help the national grid
stay balanced. These solar sites can act as a ‘backup’ source of
power when the grid needs extra support. TRIG is also preparing
to launch new features that help the grid maintain steady voltage
levels, following the schedule set by the national grid operator.
These essential services create additional sources ofincome
forthe projects
Optimising operations:
In addition to wind turbine improvements, TRIG’s solar sites are
alsobeing upgraded to ensure they operate at peak efficiency
whilereducing the long-term wear and tear on critical components.
– A campaign to replace older solar panels in the GB solar portfolio
has commenced where performance had begun to decline.
By investing in newer and more efficient panels now, TRIG can
ensure optimum project performance to take best advantage of
higher near-term revenue streams. One project has now returned
to operations following panel replacement in Q4 2025 with a
second site targeted for late 2026. The investment payback
periodfor both projects is less than one year
– A trial is underway of new software at several GB solar sites,
whichhelps the inverters to operate more intelligently, particularly
in hot weather, by reducing overheating and subsequent need
to shut-down for a cooling period. This also extends the overall
lifespan of this equipment, reducing the ongoing operational costs
The Grange, England
Operations Report continued
34
TRIG Annual Report 2025
As the energy system undergoes rapid transformation, renewable
energy and its storage sits at the heart of both decarbonisation and
the expansion of electricity generation capacity needed to meet
growing demand in a sustainable, secure and affordable way.
The Board and TRIG’s Managers recognise that the renewable
energy and storage assets within the Company’s portfolio are
inherently connected to the communities and environments in
which they operate. This reinforces both the importance and
commercial benefit of proactively taking a long-term perspective –
one that integrates responsible business practices, robust
governance and sustainable supply chain management throughout
each stage of every project’s lifecycle.
Sustainability
Key contributions to two
of the UN’s Sustainable
Development Goals
1
TRIG contributes to the Sustainable Development Goals (“SDG”)
through its investments in renewable energy infrastructure
and supporting the local communities around its assets.
The Company’s portfolio contributes to 11 out of the 17 SDGs,
with the most significant contribution towards:
Affordable and clean energy
By owning and operating renewable energy infrastructure
assets, TRIG is helping to provide clean energy across the UK
and Europe. Providing investment funding for new greenfield
infrastructure and acquiring operational assets allows
developers to recycle capital into the build-out of additional
capacity, which in turn contributes to a reduction in the
overall cost of deploying renewables. TRIG’s current 2.3GW
operational portfolio powered the equivalent of 1.6 million
homes with clean energy in 2025.
2
Climate action
Climate change considerations are integrated into TRIG’s
policies and planning. This includes the assessment,
management and reporting of climate-related risks and
opportunities associated with its portfolio, as well as taking
steps to reduce the portfolio’s carbon footprint. TRIG’s
operational portfolio contributes towards a net zero carbon
future. Since 2018, the Company’s portfolio has generated
35.8TWh of renewable electricity, helping avoid 11.8 million
tonnes of CO
2
e emissions
3
.
Read more about
Affordable and Clean Energy
Read more about
Climate Action
TRIG’s business of generating
and storing renewable electricity
continues to play a pivotal role
towards advancing a sustainable
and affordable energy future
Selina Sagayam
Chair, ESG Committee
26 February 2026
1 Source: https://www.un.org/sustainabledevelopment.
2 As at 31 December 2025, calculated using actual generation figures in accordance with the International Financial Institution (“IFI”) Approach to GHG
AccountingforRenewableEnergytoaidcomparison with other industry participants.
3 Covers the period 2018-2025. 2018 was the first year for which avoided emissions were measured and reported for the TRIG’s operational portfolio.
Full details on the sustainability approaches of TRIG and its
Managers can be found on the respective websites.
35TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
TRIG’s sustainability priorities
This page sets out TRIG’s four sustainability priorities,
and the progress achieved towards them during 2025.
1 Includes compensated production due to grid curtailments, insurance and other availability warranties.
2 Values calculated based on actual and curtailed generation for 2025 and 2024, in accordance with the IFI Approach to GHG Accounting for Renewable Energy.
3 Operational TRIG sites engaged in proactive habitat management plans that exceed standard environmental maintenance.
Priorities Metrics
2024
performance
2025
performance Objectives
Mitigate adverse
climate change
– Investing in the energy transition
– Supporting climate resilience
Renewable electricity generated
1
5,915GWh 5,431GWh
Number of homes (equivalent)
the portfolio powered with clean
electricity during the year
1.6m
homes
1.6m
homes
Carbon emissions avoided
2
2.0m
tonnes
1.8m
tonnes
MW of capacity reaching final
investment decision (“FID”)
– 125.1 ≥100 per annum
Percentage of total portfolio sourcing
electricity under Renewable Electricity
Supply Contracts, or generating for
ownuse
94% 94% 100% of total
portfolio sourcing
electricity under
Renewable Energy
Supply Contracts,
or generating for
own use by 2035
Scope 1 carbon emissions
– direct emissions (tCO
2
e)
– –
Scope 2 carbon emissions
– indirect emissions (tCO
2
e)
– –
Scope 3 carbon emissions – indirect
emissions, within the Company value
chain (tCO
2
e)
0.03m 0.04m
Preserve our natural
environment
– Reducing resource consumption
– Minimising biodiversity loss
Number of active Environmental
Enhancement projects within
the portfolio
3
53 58
Sites with project activities that
are negatively affecting biodiversity
– – Maintain no negative
biodiversity impacts
Positively impact
the communities
we work in
– Community engagement
and support
– Promoting responsible
supply chains
Number of community funds within
the TRIG Portfolio, where there is a
formal agreement to provide funding
to benefit a specific community
46 48 Create two
new voluntary
community funds
a year
Number of sites that have any
outstanding issues with the local
community or other non-contractual
stakeholders
4 3 No issues
with the local
community / local
stakeholders
Community contributions
p.a. in £
£1.8m £1.7m
Maintain ethics and
integrity in governance
– Fostering Diversity, Equity
& Inclusion (DE&I)
– Maintaining health and safety
Seven-day Lost Time Accident
Frequency Rate (“LTAFR”)
0.23 0.27 Maintain an
accident frequency
rate under 0.5
Number of RES HSQE assurance
reviews conducted across portfolio
3 9 ≥3 per annum
Sustainability continued
36
TRIG Annual Report 2025
The Investment Manager is responsible for carrying out a fair market
valuation of the Group’s investment portfolio, which is presented to
the Directors for their approval and adoption. Valuations are carried
out on a six-monthly basis at 30 June and 31 December each year.
For non-market traded investments (being all the investments in
the current portfolio), the valuation principles used are based on
adiscounted cash flow methodology and adjusted in accordance
with the International Private Equity and Venture Capital Valuation
(“IPEV”) guidelines adjusted where appropriate to comply with IFRS
13 and IFRS 9, given the special nature of infrastructure investments.
Where an investment is traded, a market quote is used.
The valuation for each investment in the portfolio is derived from the
application of an appropriate discount rate to reflect the perceived
risk to the investment’s future cash flows to give the present value of
those cash flows. The Investment Manager exercises its judgement
in assessing the expected future cash flows from each investment
based on the project’s expected life and the financial model produced
by each project entity. In determining the appropriate discount rate
to apply to a given investment, the Investment Manager takes into
account the relative risks associated with the revenues, which include
fixed price per MWh income (lower risk) and merchant power sales
income (higher risk).
Balance does not cast due to rounding.
* Foreign Exchange movements in the bridge are stated before the offset of currency hedges, which are held at the Company and its subsidiaries TRIG UK and TRIG UK I.
The valuation gain on the portfolio reduces to £33m with the impact of the hedges included.
Valuation of the Portfolio
Valuation movement
The Directors’ valuation of the portfolio as at 31 December 2025 was £2,875m (31 December 2024: £3,116m)
1
.
The Board regularly engages an independent third-party expert to review the Manager’s valuation and accordingly, the Board commissioned
an independent valuation from the accountants BDO as at 30 June 2025, and a discount rate benchmarking exercise as at 31 December 2025.
BDO’s independent valuation included a review of the key valuation assumptions including discount rates, power price and its cannibalisation
2
,
inflation and other macroeconomic assumptions, operating costs and asset lives. BDO’s work corroborated the TRIG June 2025 valuation and
the key underlying assumptions as adopted by the Board and used within the preparation of these accounts. The discount rate benchmarking
exercise as at December 2025 further corroborated the discount rates and assumptions used.
A breakdown of the movement in the Directors’ valuation of the portfolio in the period is illustrated in the chart and set out in the table below.
Valuation movement during the period to 31 December 2025
3,115.6 2,928.7 2,874.5
31 Dec 24
Valuation
Portfolio Valuation
New
Investments
Disposal
Proceeds
Cash
Distributions
from Portfolio
Rebased
Valuation
Foreign
Exchange
Movement*
Change in
Power Price
Forecast
Movement in
Discount
Rates
Change in
inflation
Assumption
Balance of
Portfolio
Return
Regulatory
Changes
31 Dec 25
Valuation
116.4
(83.7)
(219.5)
£3,500m
£3,000m
£2,500m
£2,000m
£1,500m
£1,000m
£500m
£0m
58.9
(18.2)
15.8
(127.8)
(57.8)
74.8
Valuation movement during the period to 31 December 2025
1 Directors’ Valuation is an Alternative Performance Measure (“APM”). See page 53 for details of APMs. Further, the reconciliation from the Expanded basis financial results is provided
intheFinancial Review section on page 48, and a reconciliation of the Directors’ Portfolio Value (APM) to Investments at Fair Value is provided in Note 12 to the Financial Statements.
2 Cannibalisation describes the effect that renewables (an intermittent generator) can have on the overall power prices, whereby the marginal cost of generation, which in turn drives the
powerprices, is lower than the average that would be expected of a continuous base load generator as a result of the additional supply when renewables are generating. Rates differ
overtimeand between markets but all are affected.
37TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Valuation movement during the period to 31 December 2025
£m £m
Valuation of portfolio as at 31 December 2024 3,115.6
Cash investments 116.4 –
Disposal proceeds (83.7) –
Cash distributions from portfolio (219.5)
Rebased valuation of portfolio 2,928.7
Movement in foreign exchange* 58.9
Change in power price forecast (127.8)
Movement in valuation discount rates (57.8)
Change in inflation assumption 15.8
Regulatory changes (18.2)
Portfolio return 74.8
Valuation of portfolio as at 31 December 2025** 2,874.5
* A net gain of £33m after the impact of foreign exchange hedges held at Company level.
** Table does not cast due to rounding
The opening valuation as at 31 December 2024 was £3,116m.
Allowing for cash investments of £116m, disposal proceeds of £84m
and cash receipts from investments of £220m, the rebased valuation
as at 31 December 2025 was £2,929m.
Investments in the period predominantly related to the construction
of the Ryton and Spennymoor battery projects in the UK and the
repowering of the Cuxac onshore wind farm in France, as well as
limited development expenditures on other battery assets within the
UK, and yield enhancements across a sub portfolio of projects.
Each movement between the rebased valuation of £2,929m and
the31 December 2025 valuation of £2,875m is considered below.
(i) Movement in foreign exchange:
Over the year, Sterling has depreciated 5% against the Euro
compared to the rate as at December 2024 (31 December 2024: EUR
1.2085; 31 December 2025: EUR 1.1472). In aggregate, this has led to
an increase in the valuation of the Euro-denominated investments in
the year of £59m. After the loss on forward currency hedges held at
Company level, the overall foreign exchange gain reduces to £33m.
Euro-denominated investments across France, Germany, Spain and
Sweden
1
comprised 41% of the portfolio by value at the year end.
The Company enters into forward hedging contracts (selling Euros,
buying Sterling) for an amount equivalent to its expected income from
Euro-denominated investments over the next 48 months. In addition,
the Company enters into further forward hedging contracts such that,
when combined with the income hedges, the overall level of hedge
achieved in relation to the Euro-denominated assets has typically
been in the range of 80% to 85% of their valuation. Hedging is also
effected through drawings under the Company’s revolving credit
facility in Euros and post-year-end with a level of Euro drawings
underthe private placement entered into in February 2026.
The Investment Manager reviews the level of Euro exposure
and utilises hedges with the objective of minimising variability in
shorter-term cash flows with a balance between managing the
Sterling value of cash flow receipts and potential mark-to-market
cash outflow.
Valuation of the Portfolio continued
1 The majority of the Swedish wind farm income is from wholesale power sales, which in the Nord Pool are denominated in Euros, accordingly the investment is treated as Euro denominated.
38 TRIG Annual Report 2025
(ii) Change in power price forecast:
TRIG uses the average of three power price forecasters’ projections
adjusted for the lower price that a variable renewables project
captures compared to a baseload generator (the resulting discount is
known as cannibalisation). This means that TRIG captures a breadth
of views on the evolution of the electricity market and supply-demand
dynamics. This is important as these views may diverge over time.
The valuation as at 31 December 2025 is based on updated power
price forecasts from the three forecasters in each of the markets
in which TRIG invests, with consideration of forward market prices
over the next three years. Overall, the forecast prices are significantly
lower than previously expected over the short to medium term.
The resulting impact is a net overall decrease in valuation of the
portfolio by £128m. The vast majority of this impact was due to
significant reductions in the average power price forecasts in the
UKand Sweden.
The drivers of the short to medium-term power price reductions
over the year include a reduction in actual and forecast gas prices,
primarily due to increased LNG supply (particularly from the United
States and Qatar).
Starting from the late 2020s, reduced power demand growth
expectations from the lowest forecaster begin to reduce forecast
prices vs. the forecast at 31 December 2024. Revisions to forecast
renewables build-out begin to close the gap to the previous forecast,
where longer-term power price forecasts reflect the interplay
between increases in the cost of capital and the cost of building new
renewable plants as well as the electrification of demand, greater
interconnection capacity, and increased data centre demand.
Delay in nuclear capacity build-out assumptions in the UK have led
to forecast UK electricity prices remaining elevated into the medium
term before declining as more renewables generation is expected to
be added to the UK system.
Of particular note in this year is that the lowest of the three forecasters
materially reduced their power price projections in Q2 2025,
principally due to reduced expected growth in electricity demand.
In Q3 2025, the lowest of the three forecasters revised some
assumptions affecting cannibalisation rates that had a positive impact
on the valuation, partially offsetting the adverse movement at Q2.
In Q4, all three forecasters reduced their forecasts modestly, primarily
due to lower commodity prices in the near term. The overall valuation
impacts at Q3 and Q4 partially offset each other such that the
majority of the power price movement in 2025 is attributable to the
impact in H1 2025.
The additional caution introduced by the lowest forecaster at
June2025 was estimated to have negatively impacted the portfolio
valuation by c.£60m or c.2.5p per share as at June 2025. However,
accounting for the revised assumptions referenced above, and the
relative movements in other forecasters over the second half of the
year, the negative impact over the course of the year is estimated at
areduced level of c.£15m or c.0.6p per share.
Forecast prices by region (real 2024 price)*
Average
2026–2030
Average
2031–2035
Average
2036–2050
Great Britain (GBP per MWh) 60 54 52
Average of five Euro-denominated markets (EUR per MWh) 51 56 54
* The average forecast price for 2051–2060 is 50 GBP per MWh in Great Britain and 50 EUR per MWh in Europe.
Illustrative blended power price curve (net of cannibalisation assumptions and PPA discounts)
for TRIG’s portfolio
1
70
60
50
40
30
20
10
0
2026 2027 2028 2029 2030 2031 2034 20352032 2033 2036 2039 20402037 2038 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
Blended Curve Dec 24
Real 2024 GBP/MWh
Blended Curve Dec 25
1 Power price forecasts used in the Directors’ valuation for each of GB, SEM Northern Ireland, France, Germany, Sweden and Spain are based on analysis by the Investment Manager usingdata
from forward prices available in the market and leading power market advisers. In the illustrative blended price curve, the power price forecasts are weighted by P50 estimates ofproduction for
each of the projects in the Company’s portfolio as at 31 December 2025. Both the December 2024 and December 2025 curves have the same portfolio composition, beingthe December 2025
portfolio, so that the like-for-like movement can be seen as there have been disposals in the year.
39TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
The table below shows the spread in portfolio valuation were the
lowest and highest forecaster to be adopted alone (relative to the
average of the three forecasters), expressed as a percentage and
£m change.
31 December
2024
30 June
2025
31 December
2025
Lowest forecaster (9)% / £(179)m (14)% / £(290)m (10%) / £(196)m
Highest forecaster 9% / £178m 10% / £207m 8% / £163m
The potential impact on projected returns from the spread of
forecasts is shown below.
31 December
2024
30 June
2025
31 December
2025
Potential impact on
projected returns
(0.8)% to 0.9% (1.4)% to 1.0% (1.1)% to 0.8%
Competitive forces may result in assets trading on the higher
curves when there is healthy buyer competition. TRIG’s approach
of incorporating a range of market views through three power
price forecasters and a high level of assumed cannibalisation is not
adopted by all renewables investment companies, which may lead to
differences in impact on portfolio valuations. Should a higher power
price forecast come to pass, this could present a material upside
to TRIG’s projected returns as demonstrated by the sensitivities
provided above.
In addition, TRIG’s approach of using a more cautious average of the
main forecasters means that our cash flow forecasting is undertaken
on a more conservative basis resulting in a more sustainable dividend
policy. Equity investors that use one or two power price forecasts
typically do not use the lowest of the three forecasters.
The weighted average power price forecast used to determine the
Portfolio Valuation is shown on the prior page in real terms. This is
comprised of a blend of forecasts for each of the power markets in
which TRIG is invested after applying expected PPA power sales
discounts and reflecting cannibalisation
1
.
Wholesale power price assumptions shown in the table on the
previous page are after allowing for cannibalisation and before
allowing for PPA discounts, which vary by project and are typically
inarange of 2% to 10%.
Cannibalisation is assumed within the adopted power price
forecastsacross each jurisdiction. The reduction in captured
wholesale electricity power prices is forecast to be further
impactedineach geography over time as the proportion of
production coming from renewables in each market increases.
(iii) Movement in valuation discount rates:
Valuation discount rates have been increased for European assets
and for UK offshore wind assets during the year.
European government bond yields have increased over the year,
particularly in the first quarter of 2025, beyond the levels seen at
31 December 2024. To reflect the observed differences, European
rates were increased by 0.3% as at 31 March 2025. This increase
reflects the same increase previously applied to UK valuation discount
rates thatwere used for the TRIG valuation at 31 December 2024.
Increases in the discount rates applied to European investments in Q1
led to a reduction in the valuation of the investments of £29min 2025.
Government bond yields in the UK have remained relatively level over
the year, and UK valuation discount rates applied remain unchanged
since December 2024 with the exception of offshore wind assets.
UK offshore wind discount rates have been increased by 0.5% in Q4
2025 to reflect the greater availability of UK offshore wind investment
opportunities in the market relative to the available capital at this
scale. Increases in the discount rates applied to UK offshore wind
investments in Q4 led to an additional reduction in the valuation
oftheinvestments of £28m in 2025.
The weighted average portfolio valuation discount rate as at
31 December 2025 was 9.0% as compared to 8.6% as at
31 December 2024. The discount rates used for valuing each
investment represents an assessment of the annualised rate of
returnat which it is estimated infrastructure investments with similar
risk profiles using a similar basis for cash flow forecasting would
tradeon the open market.
The 0.4% increase in the weighted average discount rate in 2025
principally reflects:
– The progression of time such that assets with fixed-price
arrangements in the earlier years will see their future returns
become proportionally more exposed to market price movements
(unless current arrangements, notably government-backed
contracts, are renewed) and consequently contain an increased
level of risk
– The increase in European valuation discount rates by 0.3% in Q1
2025. At 31 December 2025, European investments represented
41% of Portfolio Value
– The increase in UK offshore wind valuation discount rates by
0.5% in Q4 2025. At 31 December 2025, UK offshore investments
represented 24% of Portfolio Value
During the period, the Investment Manager has continued to see
aslow market for transacting renewables infrastructure projects
amida constrained level of capital available to purchase new projects.
Benchmarks from transactions that have been publicly reported in
the market have been corroborative of the values of TRIG assets in
those relevant markets noting that details of cash flow assumptions
applicable for those assets transacting are not available and so
benchmarks of values per MW adjusted for age / capacity factors
maylead to broad ranges.
The Company commissioned an independent valuation of the
portfolio and a discount rate benchmarking exercise during the year,
which confirmed that the portfolio valuation and the discount rates
applied were reasonable.
The independent valuer also applied benchmarks from transactions
they had seen to inform their valuation range provided.
Valuation of the Portfolio continued
40
TRIG Annual Report 2025
Inflation assumptions used in the Portfolio Valuation
Index
2025 (Dec on Dec) 2026–2030 2030+
Actual (Forecast at Jun 25: Dec 24) Forecasts unchanged
UK Retail Price Index 4.2% (3.65% : 3.25%) 3.25% 2.5%
UK Consumer Price Index 3.3% (2.8% : 2.5%) 2.5% 2.5%
UK Power Price 4.2% (3.65% : 3.25%) 3.25% 2.5%
Europe 1.8% (2.0% : 2.0%) 2.0% 2.0%
(iv) Change in inflation assumption:
Inflation applied to cash flows has been adjusted for actual inflation
in all geographies for 2025 (shown above) with the UK RPI and CPI
significantly higher than December 2024 forecasts and European
inflation slightly lower compared to the December 2024 forecasts.
The longer-term forecast inflation rates for the UK and the European
assets remain unchanged.
The overall impact of changes in actual inflation increased the
valuation by £16m.
(v) Regulatory changes:
On 31 October 2025, the UK Government announced a consultation
in relation to the indexation on Renewables Obligation (“RO”) and
Feed-in-Tariff (“FiT”) schemes. Post-year-end, in January 2026,
the UK Government announced, following the consultation, that it
intended to implement a change in the inflation indexation applying to
ROCs and FiT rates from RPI to CPI, effective April 2026. This change
in future indexation has the effect of reducing the Portfolio Valuation
by £14m (or 0.6p per share). TRIG has relatively limited exposure
to UK ROC and FIT revenues (19% of projected revenues for 2026)
giventhe nature of its diversified portfolio.
In addition, measures introduced in the UK Budget 2025, including a
lower capital allowance rate and higher business rates on the largest
assets, have resulted in a decrease in valuation by £9m. These were
partially offset by a £4m increase in valuation following the reduction
of German corporation tax rates by 1% per year until 2032.
(vi) Portfolio return:
This refers to the valuation movements in the period (excluding (i) to (v)
above) and represents an uplift of £75m and a 2.6% increase over the
rebased value of the portfolio in the year. The majority of the portfolio
return reflects the net present value of the cash flows brought forward
by 12 months at the prevailing portfolio discount rate, which has
increased in the year from 8.6% to 9.0%.
In addition to the unwinding of the discount rate, portfolio return
includes actual performance for the period, which had a negative
impact of c.4.2p per share, with generation materially lower than
forecast due to low wind resource levels for TRIG’s UK, French,
and German wind assets and a more limited net impact from
power prices.
The remaining movements are predominantly attributed to
the following:
– Changes in non-power price revenues assumptions including for
Renewable Energy Guarantees of Origin (“REGO”) / Guarantee
of Origin (“GoO”) certificates and Capacity Market participation
resulted in a negative impact of c.1.2p per share;
– Energy yield enhancements across several assets have been
incorporated into the valuations where they are well progressed,
resulted in a positive impact of 0.8p per share
– Profit on disposal for the partial stake in Gode resulted in a positive
impact of 0.1p per share
– Active revenue management across the portfolio, including
power price fixes struck on Jädraås and Grönhult, as well as
entering into a corporate PPA for Garreg Lwyd and Earlseat with
Telefonica UK / Virgin Media O2, resulting in a positive impact of
0.3p per share
– The development of a co-located 200MW two-hour battery
facilityalongside the existing Valdesolar solar farm in Spain
secured its grid connection with a positive impact of 0.2p
per share
– Energy yield revisions on existing assets at the half year
had a negative impact of 0.5p, principally resulting from the
post-construction energy yield assessment for on the Cadiz
solarassets in Spain
41TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Investment obligations
New construction commitments for the Spennymoor battery
projectand Cuxac repowering project were made during 2025.
This has resulted in the Company having outstanding investment
commitments to construct the Ryton, Drakelow and Spennymoor
battery assets and Cuxac repowering project at the balance
sheet date.
Ryton and Drakelow have 78MW and 90MW of flexible capacity.
Challenges with grid supply chains adhering to agreed connection
dates mean that Ryton is now expected to become fully
commissioned in H2 2026 and Drakelow in 2028.
Spennymoor is a 100MW two-hour battery project that is currently
undergoing site preparation work and has an estimated operations
date in late 2027.
The Cuxac repowering is an onshore wind farm in France.
The repowering requires dismantling of six existing 2MW wind
turbines and installing new larger wind turbines at the same site
withan overall capacity of 25MW. The construction is scheduled
tobe completed in H2 2026.
The timeline of outstanding commitments is presented below:
2026 2027 Tota l
Outstanding commitments (£m) £76m £38m £114m
The Managers are progressing further development projects,
including greenfield UK batteries, brownfield co-located batteries in
Spain and wind farm repowering opportunities in the UK and France.
Construction costs in respect of these projects are not included in
the Company’s outstanding commitments as the final investment
decision is yet to be made.
Investment decisions will be appraised in line with the Board’s capital
allocation principles and strategic priorities.
Fully invested portfolio valuation
The valuation of the portfolio on a fully invested basis can be derived
by adding the valuation at 31 December 2025 and the expected
outstanding commitments as follows:
Valuation of portfolio at 31 December 2025 £2,875m
Outstanding commitments £114m
Portfolio valuation once fully invested £2,989m
Hornsea One, England
Valuation of the Portfolio continued
42
TRIG Annual Report 2025
Key sensitivities
The following chart illustrates the sensitivity of TRIG’s NAV per share to changes in key input assumptions (with the labels indicating the impact
on the NAV in pence per share of the sensitivities):
For each of the sensitivities, it is assumed that potential changes
occur independently of each other with no effect on any other base
case assumption, and that the number of investments in the portfolio
remains static throughout the modelled life.
The sensitivities assume the portfolio is fully invested. As such,
thePortfolio Value for the sensitivity analysis is the sum of the
portfoliovaluation at 31 December 2025 and the outstanding
commitments and disposal as set out above, of £2,989m.
Accordingly, in calculating the sensitivities, which are in the
formof NAV per share movement, it is necessary to make some
assumptions on how the outstanding commitments will be funded.
The calculations assume the issue of further shares to fund the
balance of these commitments.
In practice, the outstanding commitments may be funded by
surplus cash flows and / or proceeds from disposals. If investments
disposed are of a similar nature and sensitivity to the portfolio
average, this would be expected to yield a similar sensitivity to that
presented above.
Further detail explaining each of the above key sensitivities can be
found on pages 133 to 136.
-3.4p 3.6p
-15.5p 16.3p
-7.3p 7.4p
-4.0p 4.8p
-5.0p 5.2p
-0.8p 0.8p
0.3p -0.3p
-1.5p 1.5p
-1.1p 0.9p
Discounted rate +/- 0.5%
Output P90 / P10 (10 year)
Power price -/+10%
Inflation -/+ 0.5%
Operating costs +/- 10%
Exchange rate -/+ 10%
Interest rate +/- 2%
Tax +/- 2%
Asset Life -/+ 1 yrs
Reduction in assumption Increase in assumption
Impact of sensitivity on NAV per share
20p15p10p5p0p-5p-10p-15p-20p
43TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Ten largest investments
Set out below are the ten largest investments in the portfolio. As at 31 December 2025, the largest investment (Hornsea One) accounted
forapproximately 10% of the portfolio. In total, the ten largest projects accounted for approximately half of the project portfolio.
The table below sets out the top ten largest investments in the portfolio, including investment commitments:
Ten largest investments – Committed basis
% of portfolio by value at
Project Location Type
31 December
2025
31 December
2024
Hornsea One England Offshore wind 10% 10%
Merkur Germany Offshore wind 7% 7%
Jädraås Sweden Onshore wind 6% 7%
East Anglia One England Offshore wind 5% 6%
Beatrice Scotland Offshore wind 5% 6%
Garreg Lwyd Wales Onshore wind 4% 4%
Grönhult Sweden Onshore wind 3% 3%
Solwaybank England Onshore wind 3% 3%
Ranasjö Sweden Onshore wind 3% 3%
Blary Hill Scotland Onshore wind 2% 3%
December 2025 largest ten investments 50%*
Sheringham Shoal England Offshore wind 3%
December 2024 largest ten investments 51%*
* Table does not cast due to rounding.
Haut Languedoc, France
Valuation of the Portfolio continued
44
TRIG Annual Report 2025
Investment portfolio
The TRIG portfolio as at 31 December 2025 included 83 equity investments in the UK, France, Sweden, Germany and Spain, comprising
45wind assets, 33 solar PV assets and five battery storage assets. Additionally, the portfolio includes one mezzanine debt investment in
amixed portfolio and the investment in the Fig Power platform.
Project
Market
(Region)
1
TRIG’s equity
interest
2
Net capacity
(MW)
3
Year
commissioned
4
Onshore wind farms
Roos GB (England) 100% 17.1 2013
Grange GB (England) 100% 14.0 2013
Tallentire GB (England) 100% 12.0 2013
Garreg Lwyd GB (Wales) 100% 34.0 2017
Crystal Rig Two GB (Scotland) 49% 67.6 2010
Hill of Towie GB (Scotland) 100% 48.3 2012
Mid Hill GB (Scotland) 49% 37.2 2014
Blary Hill GB (Scotland) 100% 35.0 2022
Paul’s Hill GB (Scotland) 49% 31.6 2006
Crystal Rig One GB (Scotland) 49% 30.6 2003
Solwaybank GB (Scotland) 100% 30.4 2020
Green Hill GB (Scotland) 100% 28.0 2012
Rothes One GB (Scotland) 49% 24.8 2005
Freasdail GB (Scotland) 100% 22.6 2017
Rothes Two GB (Scotland) 49% 20.3 2013
Earlseat GB (Scotland) 100% 16.0 2014
Meikle Carewe GB (Scotland) 100% 10.2 2013
Neilston GB (Scotland) 100% 10.0 2017
Altahullion SEM (N. Ireland) 100% 37.7 2003
Lendrum’s Bridge SEM (N. Ireland) 100% 13.2 2000
Lough Hill SEM (N. Ireland) 100% 7.8 2007
Haut Vannier France (North) 100% 42.5 2022
Venelle France (North) 100% 40.0 2020
Epine France (North) 100% 36.0 2019
Rosières France (North) 100% 17.6 2018
Energie du Porcien France (North) 42% 16.3 2012
Montigny France (North) 100% 14.2 2018
Fontaine-Mâcon France (North) 42% 5.1 2011
Rully France (North) 42% 5.0 2010
Val de Gronde France (North) 37% 4.5 2011
Les Vignes France (North) 42% 4.2 2009
Haut Languedoc France (South) 100% 29.9 2006
Haut Cabardès France (South) 100% 20.8 2006
Cuxac Cabardès
5
France (South) 100% 25.2 2026
Roussas–Claves France (South) 100% 10.5 2006
Jädraås Sweden 100% 212.9 2013
Grönhult Sweden 100% 67.0 2023
Twin Peaks – Ranasjö Sweden 50% 43.4 2024
Twin Peaks – Salsjö Sweden 50% 77.5 2024
Total onshore wind at 31 December 2025 1,221.0
45TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Project
Market
(Region)
1
TRIG’s equity
interest
2
Net capacity
(MW)
3
Year
commissioned
4
Offshore wind farms
East Anglia One GB (England) 14.3% 102.4 2020
Hornsea One GB (England) 10.2% 124.2 2020
Sheringham Shoal GB (England) 14.7% 46.6 2012
Beatrice GB (Scotland) 17.5% 102.9 2018
Merkur Germany 35.7% 144.9 2019
Gode Wind One Germany 9.8% 32.5 2017
Total offshore wind at 31 December 2025 553.5
Solar photovoltaic parks
Parley Court GB (England) 100% 24.2 2014
Egmere Airfield GB (England) 100% 21.2 2014
Stour Fields GB (England) 100% 18.7 2014
Tamar Heights GB (England) 100% 11.8 2014
Penare Farm GB (England) 100% 11.1 2014
Four Burrows GB (England) 100% 7.2 2015
Parsonage GB (England) 100% 7.0 2013
Churchtown GB (England) 100% 5.0 2011
East Langford GB (England) 100% 5.0 2011
Manor Farm GB (England) 100% 5.0 2011
Marvel Farms GB (England) 100% 5.0 2011
Midi France (South) 51% 6.1 2012
Plateau France (South) 49% 5.9 2012
Puits Castan France (South) 100% 5.0 2011
Chateau France (South) 49% 1.9 2012
Broussan France (South) 49% 1.0 2012
Pascialone France (Corsica) 49% 2.2 2011
Olmo 2 France (Corsica) 49% 2.1 2011
Santa Lucia France (Corsica) 49% 1.7 2011
Borgo France (Corsica) 49% 0.9 2011
Agrinergie One & Three France (Réunion) 49% 1.4 2011
Chemin Canal France (Réunion) 49% 1.3 2011
Ligne des 400 France (Réunion) 49% 1.3 2011
Agrisol France (Réunion) 49% 0.8 2011
Agrinergie Five France (Réunion) 49% 0.7 2011
Logistisud France (Réunion) 49% 0.6 2010
Sainte Marguerite France (Guadeloupe) 49% 1.2 2011
Marie-Galante France (Guadeloupe) 49% 1.0 2010
Valdesolar Spain (Badajoz) 49% 129.2 2021
Arenosas Spain (Cadiz) 100% 58.4 2022
El Yarte Spain (Cadiz) 100% 58.4 2022
Guita Spain (Cadiz) 100% 58.4 2022
Malabrigo Spain (Cadiz) 100% 58.4 2022
Total solar at 31 December 2025 519.1
Valuation of the Portfolio continued
46
TRIG Annual Report 2025
Project
Market
(Region)
1
TRIG’s equity
interest
2
Net capacity
(MW)
3
Year
commissioned
4
Battery storage / mixed portfolio
Broxburn GB (Scotland) 100% 20.0 2018
Ryton
6
GB (England) 100% 78.0 2026
Spennymoor
6
GB (England) 100% 100.0 2027
Drakelow
7
GB (England) 100% 90.0 2028
Drax
7
GB (England) 100% 89.0 2029
Fig Platform GB (Various) 100% Various
Phoenix SAS
8
France – – 2015
Total battery storage / mixed portfolio at
31 December 2025 377.0
Total Portfolio at 31 December 2025 2,670.6
Operating assets 2,288.4
Construction assets
6
203.2
Development assets
7
179.0
Total Portfolio at 31 December 2025 2,670.6
1 SEM refers to the Irish Single Electricity Market.
2 This is TRIG’s equity share of the nominal capacity of the asset.
3 This is each project’s generation capacity pro-rated for TRIG’s share of equity capital and subordinated debt.
4 Where a project has been commissioned in stages, this refers to the earliest commissioning date. For construction assets, this refers to expected completion date.
5 The original project is being decommissioned and construction of a repowering project is ongoing with construction of 25.2MW wind turbines expected to be completed by the end of 2026.
6 The Ryton and Spennymoor battery storage projects and Cuxac onshore wind farm (25.2MW) are classified as under construction.
7 The Drax and Drakelow battery storage projects are in development.
8 This investment is in the form of mezzanine-level bonds where the Company does not have an equity stake. The portfolio comprises five onshore wind farms in Northern France with a
combined capacity of 74MW and four operational solar parks with battery storage located on the islands of Corsica and La Réunion with a combined capacity of 29MW (“the Portfolio”).
All the Portfolio assets are backed by the French Government’s Feed-in Tariff subsidy and have an average year of commission of 2015.
47TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Financial Review
At 31 December 2025, the Group had investments in 85 projects. As an investment entity for IFRS reporting purposes, the Company carries
these investments at fair value. The results below are shown on a statutory and on an “Expanded” basis as we have done in previous years.
See the box below for further explanation.
This section contains Alternative Performance Measures (“APMs”), which are financial measures not defined in International Financial Reporting
Standards (“IFRS”), including the non-statutory Expanded basis results shown overleaf. In addition, APMs discussed in this section include
dividend cover, NAV per share and Directors’ Portfolio Valuation. The definition of each of these measures is shown on page 53.
Basis of preparation
In accordance with IFRS 10, the Group carries investments at fair value as the Company meets the conditions of being an Investment Entity.
In addition, IFRS 10 states that investment entities should measure their subsidiaries that are themselves investment entities at fair value.
Being investment entities, The Renewables Infrastructure Group (UK) Limited (“TRIG UK”) and The Renewables Infrastructure Group (UK)
Investments Limited (“TRIG UK I”), the Company’s subsidiaries, through which investments are purchased, are measured at fair value as
opposed to being consolidated on a line-by-line basis, meaning their cash, debt and working capital balances are included as an aggregate
number in the fair value of investments rather than the Group’s current assets. In order to provide shareholders with more transparency into
the Group’s capacity for investment, ability to make distributions, operating costs and gearing levels, adjusted results have been reported in
the pro-forma tables below.
The pro-forma tables that follow show the Group’s results for the year ended 31 December 2025 and the prior year on a non-statutory
“Expanded basis”, where TRIG UK and TRIG UK I are consolidated on a line-by-line basis, compared to the Statutory IFRS financial
statements (the “Statutory IFRS basis”).
The Directors have provided the non-statutory Expanded basis to assist users of the accounts in understanding the performance and
position of the Company by including the cash and debt balances carried in TRIG UK and TRIG UK I and expenses incurred in TRIG UK
and TRIG UK I.
The necessary adjustments to get from the Statutory IFRS basis to the non-statutory Expanded basis are shown for the primary financial
statements. The commentary provided on the primary statements of TRIG is on the Expanded basis.
Income statement
The Statutory IFRS does not include
TRIG UK and TRIG UK I’s costs,
including overheads, management fees
and acquisition costs. The Expanded
basis includes the expenses incurred
within TRIG UK and TRIG UK I to enable
users of the accounts to fully understand
the Group’s costs. There is no difference
in profit before tax or earnings per share
between the two bases.
Balance sheet
The Statutory IFRS basis includes TRIG
UK and TRIG UK I’s cash, debt and
working capital balances as part of
Portfolio Value. The Expanded basis
shows these balances consolidated on a
line-by-line basis. There is no difference
in net assets between the Statutory IFRS
basis and the Expanded basis.
The majority of cash generated from
investments had been passed up from
TRIG UK and TRIG UK I to the Company
at 31 December 2025.
At 31 December 2025, TRIG UK I was
£397.7m drawn on its revolving credit
facility (2024: £309.2m drawn) being
the majority of the difference between
the Statutory IFRS basis and the
Expanded basis.
Cash flow statement
The Statutory basis shows cash
movements for the top company
only (TRIG Limited). The Expanded
basis shows the consolidated cash
movements above the investment
portfolio, which are relevant to users
of the accounts. Differences include
income received by TRIG UK and
TRIG UK I applied to reinvestment and
expenses incurred by TRIG UK and
TRIG UK I that are excluded under the
Statutory IFRS basis.
The purchase of investments on the
Expanded basis is funded by both the
Company’s revolving credit facility,
disposal proceeds and (if applicable)
amounts passed down after capital
raises. The remaining balance is that
of reinvestment.
48 TRIG Annual Report 2025
Income statement
Summary income statement
Year to 31 December 2025
£’m
Year to 31 December 2024
£’m
Statutory
IFRS basis Adjustments
1
Expanded
basis
Statutory
IFRS basis Adjustments
1
Expanded
basis
Operating (loss) / income (104.2) 50.5 (53.7) (158.4) 48.5 (109.9)
Acquisition costs – – – – (0.3) (0.3)
Disposal costs – (0.3) (0.3) – (1.4) (1.4)
Net operating (loss) / income (104.2) 50.2 (54.0) (158.4) 46.8 (111.6)
Fund expenses (6.4) (22.8) (29.2) (2.7) (29.2) (31.9)
Foreign exchange gain / (loss) (19.4) (6.4) (25.8) 45.6 8.0 53.6
Finance income / (costs) 0.1 (21.0) (20.9) 0.3 (25.6) (25.3)
(Loss) / profit before tax (129.9) – (129.9) (115.2) – (115.2)
EPS
2
(5.4)p – (5.4)p (4.7)p – (4.7)p
1 The following were incurred within TRIG UK and TRIG UK I: acquisition costs, disposal costs, the majority of expenses and acquisition facility fees and interest. The income adjustment offsets
these cost adjustments.
2 Calculated based on the weighted average number of shares during the year being approximately 2,415.8 million shares.
Analysis of Expanded basis
financial results
Loss before tax for the year to 31 December 2025 was
£(129.9)m, generating a loss per share of (5.4)p, which compares
to aloss of £(115.2)m and a loss per share of (4.7)p for the year
to31 December 2024.
The EPS of (5.4)p reflects a valuation loss with a reduction in Portfolio
Valuation in the year (which is reflected as an Operating Loss).
Factors adversely impacting valuation in the year include a reduction
in power price forecasts, below budget generation, reduction in
forecasts for renewables guarantee of origin certificates and an
increase in valuation discount rates applied to European assets and
UK offshore wind assets. In addition, the valuation loss includes the
adverse impact of the change in ROC and FiT indexation announced
by the UK Government in January 2026 (which was consulted on in
late 2025). Positive foreign exchange valuation impacts were partly
offset by losses on FX hedging at Company level.
The weighted average Portfolio Valuation discount rate increased
in the year from to 8.6% at 31 December 2024 to 9.0%. The 0.4%
increase in the weighted average discount rate in the year
principally reflects:
– The progression of time such that assets with fixed-price
arrangements in the earlier years will see their future returns
become proportionally more exposed to market price movements
(unless current arrangements, notably government-backed
contracts, are renewed) and consequently contain an increased
level of risk
– Increase in European valuation discount rates by 0.3% in Q1 2025.
At 31 December 2025, European investments represented 41% of
Portfolio Value.
– The increase in UK offshore wind valuation discount rates by
0.5% in Q4 2025. At 31 December 2025, UK offshore investments
represented 24% of Portfolio Value. The factors causing the
movement in the valuation are more fully described in the Valuation
of the Portfolio section onpage 37.
Disposal costs of £0.3m (2024: £1.4m) relate to the disposal of part
ofTRIG’s stake in the Gode German offshore wind farm.
Fund expenses of £29.2m (2024: £31.9m) includes all operating
expenses and £21.6m (2024: £28.4m) fees paid to the Investment
andOperations Managers. Management fees were charged as
follows during Q1 2025: at 1% of Adjusted Portfolio Value up to £1bn,
0.8% of Adjusted Portfolio Value in excess of £1bn, 0.75% of Adjusted
Portfolio Value in excess of £2bn and 0.7% of Adjusted Portfolio Value
in excess of £3bn as set out in more detail in the Related Party and
Key Advisor Transactions note, Note 17 to the financial statements.
A new fee arrangement was introduced from Q2 2025. From 1 of April
2025, management fees payable to managers are applied to an equal
weighting of the average of the closing daily market capitalisation
during each quarter and the published Net Asset Value for the
quarter. The fees are payable in cash and the previous management
fee thresholds and rates are unchanged. The management
fees are capped at the level they would have beenunder the
previous methodology.
During the year, Sterling depreciated against the Euro by 5% resulting
in an increase in the value of the Euro-denominated investments
by £59.0m (2024: £66.4m loss), partially offset by loss on foreign
exchange hedges and cash and debt balances held at Company
levelof £25.8m (2024: £53.6m gain). The net foreign exchange gain
inthe year is hence £33.2m (2024: £12.8m loss).
Finance costs relate to the interest and fees incurred relating to the
Group’s RCF. The RCF interest charge in the year was lower than
the prior year due to lower average drawings on the RCF of £309.5m
(2024 average: £333.0m) and a lower average interest rate of 5.3%
inthe year (2024 average: 6.4%).
Drawings on the RCF are usually made in the currency required to
fund the underlying transaction and so are a mix of Sterling and Euro.
The majority of the drawings were in Sterling at 31 December 2025
(RCF Drawings were 65% Sterling and 35% Euro). The interest rate
charged on Euro amounts is lower than the interest rate for Sterling,
which also leads to a slightly lower interest charge than if the drawings
were entirely in Sterling.
49TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Operating expenses
Ongoing charges (Expanded basis)
Year to 31 December 2025
£’000s
Year to 31 December 2024
£’000s
Investment and Operations Management fees 21,566 28,403
Audit fees 400 414
Directors’ fees and expenses 396 379
Other operating expenses 2,511 2,333
Total expenses
1
24,873 31,529
Average Net Asset Value 2,651,914 3,033,040
Operating Expenses Ratio 0.94% 1.04%
1 Total expenses excludes £4.2m (2024: £0.3m) of lost bid and other abortive and non-recurring spend incurred during the year. The majority of abortive spend in the year (£3.3m) represents
professional advisers fees relating to the proposed combination of TRIG with HICL Infrastructure plc that didn’t proceed.
The Operating Expenses Ratio for the year is 0.94% (2024: 1.04%). The operating expenses have been calculated in accordance with
Association of Investment Companies (“AIC”) guidance and are defined as annualised operating expenses (i.e. excluding acquisition costs and
other non-recurring items) divided by the average published undiluted Net Asset Value in the year. The Operating Expenses Ratio has been
calculated on the Expanded basis and, therefore, takes into consideration the expenses of TRIG UK and TRIG UK I as well as the Company.
The lower Operating Expense Ratio in the year compared to the prior year principally relates to the reduction in management fees applicable
from 1 April 2025.
There is no performance fee paid to the Managers.
Balance sheet
Summary balance sheet
As at 31 December 2025
£’million
As at 31 December 2024
£’million
Statutory
IFRS basis Adjustments
Expanded
basis
Statutory
IFRS basis Adjustments
Expanded
basis
Portfolio value 2,473.8 400.7 2,874.5 2,800.7 314.9 3,115.6
Working capital (1.1) (3.2) (4.3) – (5.8) (5.8)
Hedging asset
1
7.9 – 7.9 43.9 – 43.9
Debt – (397.7) (397.7) – (309.2) (309.2)
Cash 7.1 0.2 7.3 11.7 0.1 11.8
Net assets
1
2,487.7 – 2,487.7 2,856.3 – 2,856.3
Net Asset Value per share 104.0p – 104.0p 115.9p – 115.9p
1 The hedging asset has been shown net above, this consists of current and non-current asset and liability balances relating to FX forward contracts. This is discussed further in Note 16 of the
financial statements.
Analysis of Expanded Basis financial results
Portfolio Value has decreased by £241.1m in the year to £2,874.5m, as a result of a reduction in valuation as described above and as described
more fully in the Valuation of Portfolio section on page 37, and also as a result of the divestment made in the year.
Hedging assets represent the value of outstanding foreign exchange derivatives used to manage the Company’s risk to movements in the
foreign exchange rate between Sterling and Euro. Working capital amounts include debtors, liabilities and capitalised financing costs.
Group cash at 31 December 2025 was £7.3m (2024: £11.8m) and RCF debt drawn at 31 December 2025 was £397.7m (2024: £309.2m).
Net assets decreased by £368.6m in the year to £2,487.7m. The Company, incurred a £129.9m loss in the year, with net assets being stated
after accounting for dividends paid in the year of £182.1m. In addition, share buybacks reduced net assets by the £57.1m invested in the period
to repurchase 72.8 million shares. Other movements in net assets totalled £1.5m, being Managers’ fees partially paid in shares, which were
accrued and settled in the year.
During the year, the Company carried out a £250m transfer from Share Premium Reserve to Retained Reserves to optimise reserves balances.
Financial Review continued
50
TRIG Annual Report 2025
Net Asset Value (“NAV”) and Earnings per share (“EPS”) reconciliation
NAV per share as at 31 December 2025 was 104.0p compared to 115.9p at 31 December 2024.
NAV per share Shares in issue (m) Net assets (£m)
Net assets at 31 December 2024 115.9p 2,463.9 2,856.3
(Loss) / EPS to 31 December 2025 (5.4)p
1
– (129.9)
Shares issued (net of costs) – 1.3 1.5
Shares repurchased 0.8p (72.8) (57.1)
Dividends paid in 2025
2
(7.5)p – (182.1)
Net assets at 31 December 2025
3
104.0p 2,392.5 2,487.7
1 Calculated based on the weighted average number of shares during the year being 2,415.8 million shares.
2 1.8675p dividend per share paid 31 March 2025 related to Q4 2024 (£45.8m), 1.8875p dividend per share paid 30 June 2025 relating to Q1 2025 (£45.7m), 1.8875p dividend per share paid
30 September 2025 relating to Q2 2025 (£45.4m) and 1.8875p dividend per share paid 31 December 2025 relating to Q3 2025 (£45.2m).
3 Balance may not cast due to rounding.
Cash flow statement
Summary cash flow statement
As at 31 December 2025
£’million
As at 31 December 2024
£’million
Statutory
IFRS basis Adjustments
Expanded
basis
Statutory
IFRS basis Adjustments
Expanded
basis
Cash received from investments 186.9
1
41.0 227.9 204.8
1
33.0 237.8
Additional funding received from TRIG UKI 52.0
1
(52.0)
Operating and finance costs (5.2)
2
(39.4) (44.6) (2.0)
2
(51.4) (53.4)
Distributable cash flow 233.7 (50.4) 183.3 202.8 (18.4) 184.4
Debt arrangement costs – (3.8) (3.8) – – –
Foreign exchange gains 16.9
3
(14.4) 2.5 16.3
3
(1.5) 14.8
Issue of share capital (net of costs) 1.5 (1.5) – 2.0 (2.0) –
Shares repurchased (57.6)
5
– (57.6) (20.9) – (20.9)
Acquisition facility drawn / (repaid) – 88.5 88.5 – (55.0) (55.0)
Purchase of new investments
(including acquisition costs) (17.0) (102.2) (119.2) (23.1) (25.8) (48.9)
Divestment of investments
(including disposal costs) – 83.8 83.8 – 102.5 102.5
Distributions paid (182.1) – (182.1) (183.5) – (183.5)
Cash movement in year (4.6)
4
– (4.6) (6.4)
4
(0.2) (6.6)
Opening cash balance 11.7 0.1 11.8 18.1 0.3 18.4
Net cash at end of year 7.1 0.1 7.3
6
11.7 0.1 11.8
The statutory IFRS basis as disclosed above is derived directly from the statutory cash flow statement included within this Annual Report on page 123. However, it includes certain figures and
subtotals that are a summation of a number of the statutory numbers as described in the following footnotes and, therefore, do not tie directly to the statutory IFRS cash flow statement. The Group
considers cash received from investments, being the total cash through both interest and dividends from the investments but also capital repayments of investments, to represent a useful metric for
users of the financial statements, as it is total cash received from investments. Distributable cash flow is also a useful metric as it includes the impact of the operating and financing costs to provide
users of the financial statements the total cash available for reinvestment or distributions. The closest IFRS measure to distributable cash flow is net cash from operating activities. The following
footnotes reconcile these measures and also explain how certain statutory cash flow statement line items reconcile to some of the line items included above within the ‘statutory IFRS basis’ column.
Cash flow from operating activities of £120.8m (2024: £132.1m) (see page 123) is the £233.8m (2024: £202.8m) distributable cash flow less £130.3m (2024: £87.6m) loan stock repayments received as
explained in footnote 1 plus £16.9m (2024: £16.3m) realised exchange gains FX forwards as explained in footnote 3 below.
1 Cash received from investments of £186.9m (2024: £204.8m) under the Statutory IFRS basis is made up of £108.6m (2024: £117.2m) of interest received from investments (included within net cash
from operating activities) and £130.3m (2024: £87.6m) of loan stock repayments received (included within net cash from investing activities) less additional funding received from TRIG UKI of £52.0m
(2024: £0.0m).
2 Operating and finance costs of £(5.2)m (2024: £(2.0)m) under the Statutory IFRS basis is made up of cash generated by operations of £12.0m (2024: £14.6m) plus interest income from cash on
deposit of £0.1m (2024: £0.3m) less the realised exchange gains FX forwards of £17.3m (2024: £16.9m).
3 Foreign exchange gains of £16.9m (2024: £16.3m) is the realised exchange gains FX forwards of £17.3m (2024: £16.9m) plus exchange loss on cash of £(0.4)m (2024: £(0.6)m).
4 Cash movement in the year of £(4.6)m (2024: £(6.4)m) is net decrease in cash and cash equivalents of £(4.1)m (2024: £(5.8)m) plus exchange loss on cash of £(0.5)m (2024: £(0.6)m).
5 Shares repurchased settled in cash of £57.6m (2024: £20.9m), consists of £57.6m (2024: £21.3m) shares repurchased (Note 15) less £0.0m (2024: £0.4m ) shares to be settled after
31 December 2025.
6 Balance does not cast due to rounding.
51TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Analysis of Expanded Basis financial results
Cash received from investments in the year was £227.9m
(2024: £237.8m). The slight decrease in cash received compared
with the previous year reflects the decrease in the size of the portfolio
following the divestment during the year and also reflects unusually
low wind speeds across several geographies during the year.
The adjustments reflect working capital movements and cash flow
available for reinvestment and proceeds in the year as well as funds
advanced from TRIG UK I to TRIG Limited to fund share buybacks.
Dividends paid in the year totalled £182.1m. Dividends paid in the
prior year totalled £183.5m.
Distributable cash flow in the year was £183.3m (2024: £184.4m)
and covers dividends paid of £182.1m in the year (2024: £183.5m)
by 1.0 times, or 2.1 times before factoring in amounts invested
in the repayment in project-level debt. The Group repaid £192m
(2024: £206m) of project-level debt (pro-rata to the Company’s
equityinterest) in the year.
There were no equity funds raised in the year (2024: nil). 72.8 million
shares (£57.6m spent) were repurchased through the share buybacks
in the year (2024: £20.9m).
In the year, £119.2m (2024: £48.9m) was applied to fund
constructionspend at existing investments in line with commitments.
These were funded by the application of disposal proceeds and
drawings under the RCF as were the investment of £57.6m in
share buybacks in the year. The RCF balance net increased by
£88.5m (2024: £55.0m reduced) in the year, and as explained
below, the RCFbalance was materially reduced post-year-end in
February 2026 with the private placement being used to term out a
significantportionof the RCF. Cash balances decreased in the year
by £4.5m (2024: £6.6m decrease).
The Company had outstanding investment commitments of £114m
principally relating to the construction of UK battery storage projects
and the repowering of the Cuxac onshore windfarm in France.
2026
£’m
2027
£’m
Tota l
£’m
Outstanding commitments 76 38 114
Related parties
Related party transactions are disclosed in Note 17 of the
financial statements.
Financing
The Group’s £500m RCF is with a banking group comprising
Royal Bank of Scotland International, National Australia Bank, ING,
Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda
Banken (“SEB”) and Intesa SanPaolo. The facility expiry date is
31 March 2028 with options to extend (with bank consent) for up
to an additional 24 months. The Group has agreed ESG KPIs with
the RCF bank group that may lead to future margins increasing or
reducing (dependent on whether the targets are met) by up to 0.05%.
The base margin before any ESG KPI adjustment is 1.75% over the
relevant reference rate. The Group has met the ESG KPI targets for
2025 and hence expects to achieve a 0.05% margin reduction from
1 April 2026.
The RCF can be drawn in Sterling or Euros and enables the Group
to fund new acquisitions, development and construction activity and
to provide letters of credit should they be required. It also includes a
working capital element.
The short-term financing provided by the RCF is limited to 30% of
the Portfolio Value. It is intended that any drawings used to finance
acquisitions are repaid, through equity fundraisings, excess cash
flows from operations, disposal proceeds and / or new-term debt.
The RCF drawings at 31 December 2025 was £397.7m
(2024: £309.2m), the balance was increased during the year to
fund the share buyback programme and construction spend
(predominately related to the Ryton and Spennymoor battery
storageprojects and the Cuxac wind farm repowering).
Post-year-end, in February 2026, the indirect subsidiary of the
Company (TRIG UK Investments Limited) entered into a £200m
Private Placement (“PP”) with a group of high-quality institutional
lenders and applied the proceeds to significantly reduce the RCF
balance, which itself has been drawn mostly to fund new investments
for the Company. The PP has a fixed interest rate (at a similar level to
the RCF) and has an amortisation schedule spreading the repayment
/ refinancing requirement for this fund-level debt equally over five
years from 2033 to 2038. The PP provides a long-term source of
finance at a competitive cost and reduces short-term financing risk.
The Company expects to repay the PP when repayments become
due principally from forecast surplus cash flows from the investments
but could also expect to fund repayment from disposal proceeds and
/ or refinancing. The PP has been drawn 50% in Sterling and 50% in
Euro and has a weighted average interest rate of 5.23%.
In addition to the RCF and the PP, the projects may have underlying
project-level debt. There is an additional gearing limit in respect
of such debt, which is typically non-recourse to TRIG, of 50% of
the Gross Portfolio Value (being the total enterprise value of such
portfolio companies), measured at the time the debt is drawn down or
acquired as part of an investment. The Group may, in order to secure
advantageous borrowing terms, secure a project finance facility over
a group of portfolio companies.
The majority of the projects within the Company’s investment
portfolio have underlying long-term debt (by value 54% of the Group’s
investments have project finance raised against them and 46%
are ungeared).
The project-level gearing at 31 December 2025 across the portfolio
was 37% (December 2024: 37%). Principal repayments in the year
totalled £192m (2024: £207m), as the debt is retired over the projects’
subsidy periods. The project-level gearing percentage has remained
level while repayments in the period have reduced project-level debt
as the reduction in valuation has reduced the enterprise value of
the portfolio.
The majority of the project-level debt is fixed and has an average
cost of 3.5% (including margin). This figure is 3.8% when including
both the private placement debt entered into post year end and the
RCF balance. The project-level debt is fully amortising and repaid in
each case over the period of the subsidy term. The portfolio weighted
average subsidy life remaining is eight years.
Post year-end the Company entered into £200m of private placement
debt which is long-term and amortising. Project-level debt plus
private placement debt as a proportion of Enterprise Value is 41%.
The Company intends to reduce the RCF balance remaining through
disposals, however if this is included in the ratio this would increase
the figure to 46%.
Financial Review continued
52
TRIG Annual Report 2025
Alternative Performance Measures (“APMs”)
We assess our performance using a variety of measures that are not specifically defined under IFRS. These Alternative Performance Measures
are termed ‘APMs’. The APMs that we use may not be directly comparable with those used by other companies.
These APMs are consistent with prior years and are used to present an alternative view of how the Company has performed over the year
andare all financial measures of historical performance. These are commonly used by investment companies.
The table below defines our APMs and how they relate to the Company’s subsidiaries, The Renewables Infrastructure Group UK Limited
(“TRIG UK”) and The Renewables Infrastructure Group UK Investments Limited (“TRIG UK I”).
Performance measure Definition Calculation Reconciliation to IFRS
Investments made This is a measure of amounts
invested into the portfolio of
investments less any amounts
relating to refinance proceeds
or sell-downs.
It is calculated as £(119.2)m and is reconciled to the
IFRS measure on page 51 in the summary cash
flowstatement.
The IFRS measure of investments
made £(17.0)m consists of funding
into TRIG UK and TRIG UK I which
is shown in more detail in Note 12
ofthese financial statements.
NAV per share Net Asset Value (“NAV”), being the
value of the investment company’s
assets, less any liabilities it has. The
Net Asset Value per Ordinary Share
in the Company.
It is calculated as the NAV divided by the total number
of shares in issue at the balance sheet date and shares
to be issued. The total number of shares in issue and
shares to be issued is 2,392,465,971 as at the balance
sheet date.
The calculation uses IFRS measures
and is set out in Note 11.
Total shareholder
return for the
year (share price
appreciation plus
dividends paid)
fortheyear
The Internal Rate of Return upon the share price at 31 December 2024 (85.8p) of dividends
(quarterly as paid totalling 7.5300p plus the share price at 31 December 2025 (68.9p).
The dividend of 7.5300p can be
reconciled to the sum of the four
quarterly dividends from 31 December
2024 to 30 September 2025 as
detailed in Note 10 of the financial
statements.
Annualised total
shareholder return
since IPO
The annualised Internal Rate of Return upon the share price at 26 July 2013 (100.0p) of
dividends (totalling 81.233p) plus the share price at 31 December 2025 (68.9p). This gives
anannualised total shareholder return since IPO of 3.2%.
There are no IFRS measures in
thisAPM.
Annualised total return
on a NAV per share
plus dividends basis
since IPO
The movement in the NAV per
Ordinary Share, plus dividends per
Ordinary Share paid to shareholders
since IPO.
It is calculated as the extended IRR (“XIRR”) of the
starting NAV at IPO being 98.1p and dividends paid
since IPO (79.345p) and the NAV as at balance sheet
date being 104.0p, plus the quarterly dividend due
perOrdinary Share being 1.8875p, totalling 105.9p.
Thisgives an annualised total return on a NAV per
shareplus dividends basis since IPO of 7.0%.
The calculation of the NAV is in line
with IFRS measures.
Dividend yield The percentage return of the
dividend relative to the share price.
The dividend target for the 2026 financial
year (7.55p) divided by the share price as at
31 December 2025 (68.9p), totalling an 11.0%
dividendyield.
There are no IFRS measures in
thisAPM.
Dividend Cover Dividend Cover when expressed
on a cash basis has cash dividends
paid as the denominator and is
calculated as 1.0 times for 2025.
Dividend Cover is calculated as distributable cash flow
(which is an Expanded basis measure explained in
the Financial Review section on page 48) divided by
Dividends paid in the year.
Distributable cash flow is reconciled to
the IFRS measure onpage 51.
Distributable cash
flowper share
An expression of the Company’s
cash flows available for distributions
and / or investment on a per
sharebasis.
This is the distributable cash flow figure reported on an
Expanded basis shown in the Financial Review section
on page 48, divided by the weighted average number
ofshares in issue during the year of approximately
2,415.8 million shares.
Distributable cash flow is reconciled to
the IFRS measure onpage 51.
Directors’ Portfolio
Valuation
TRIG invests in its portfolio through
its subsidiaries, TRIG UK and
TRIG UK I. This is a measure of
the valuation of the portfolio of
investments only. It is exclusive of
cash, working capital and debt
balances in TRIG UK and TRIG UK I.
Directors’ Portfolio Value (or Portfolio Value) is
reconciled to investments at fair value through profit
orloss in Note 12 of these financial statements.
The IFRS measure of investments at
fair value through profit or loss is the
Directors’ Portfolio Value plus the fair
value of net assets including cash,
working capital and debt held in TRIG
UK and TRIG UK I.
Debt reduction Total debt repaid during the year Sum of project-level debt repayments during the
year of£192m less the increase in Company RCF
borrowings of £89m
There are no IFRS measures in
thisAPM.
Project-level gearing This is a measure of the level of
debt within the portfolio relative to
enterprise value of the portfolio.
Project-level gearing as a percentage of enterprise value
(calculated as Portfolio Value plus project-level debt)
The Expanded Basis Portfolio Value
is used within the calculation, this is
reconciled to the IFRS measure of
Portfolio Value on page 50
53TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Viability Statement
The Directors have assessed the
viability of the Group over a five-year
period to December 2030
In making this statement, the Directors have considered the
resilienceof the Group, taking account of its current position,
theprincipal risks with a high residual impact facing the business
(being the level of electricity production, including as a result
of weather resource and operational performance; the level of
future energy prices; and regulatory change, including continued
government support for renewable subsidy payments and
consideration of intervention by governments in the electricity
generation market, and counterparty credit), in severe but plausible
downside scenarios and the effectiveness of any mitigating actions.
These risks are included among other risks faced by the Group in
theRisk and Risk Management section.
As part of being a self-managed Alternative Investment Fund,
theDirectors, together with the Managers, rigorously assess the
risks facing the Group and consider sensitivity analysis against the
principal risks identified.
The Directors have determined that the five-year period to December
2030 is an appropriate period over which to provide this viability
statement as this period accords with the Group’s business planning
exercises and is appropriate for the investments owned by the Group.
The Group’s risk management processes (described in the Risk and
Risk Management section) consider the key risks during this five-year
period and beyond. These include sustainability-related risks that take
into account environmental, social and governance considerations,
one of which is climate change (in line with the recommendations of
the Task Force on Climate-related Financial Disclosures (“TCFD”)).
See the TCFD section for further details on page 69.
TRIG is the owner of a portfolio of project companies whose
underlying assets are predominately fully constructed and operating
renewable electricity generating facilities with economic lives
significantly in excess of the period being considered. As a result,
TRIG benefits from resilient, long-term cash flows and a set of
risks that can be identified and assessed, noting that, from time to
time, risks may manifest that have not been anticipated. Over the
next five years, 74% of portfolio revenues are fixed per MWh under
government subsidies and fixed-price Power Purchase Agreements
(“PPAs”) assuming expected generation levels. Forecast revenues
for wholesale power prices are based upon independent forecasts.
The projects are each supported by detailed financial models.
The Directors believe that diversification within the portfolio of
projects (including but not limited to technologies, geographies,
andcounterparties) helps to withstand and mitigate for risks it is
mostlikely to meet.
The Investment Manager prepares and considers, and the Directors
review, summary five-year cash flow projections each year, which
are refreshed quarterly as part of management reporting, business
planning and dividend approval processes. The projections consider
cash balances and liquidity, key covenants and limits, dividend cover,
investment policy compliance and other key financial indicators over
the five-year period. Sensitivity analysis considers the potential impact
of the Group’s principal risks occurring (individually and together).
These projections are based on the Managers’ expectations of future
asset performance, income and costs, and are consistent with the
methodology applied to produce the valuation of the investments.
The Directors review significant changes to the Company’s cash
projections each quarter with the Managers as part of the quarterly
Board meetings. The viability assessment assumes continued
government support for existing subsidy arrangements. Generally,
subsidy payments, which comprise an important element of the
Group’s revenues alongside electricity sales into the wholesale
market, are considered to be robust as governments continue
to support the transition towards renewable energy generation.
Subsidy earnings are spread across several jurisdictions (currently
UK, Germany and France) where it is expected that governments
will act consistently with their promises, especially in a sector which
continues to need to mobilise large amounts of capital.
The Directors believe that, while the risk to the value of the Company’s
investments, its ability to operate its projects and generate revenue
presented by the current environment is significant (such as uncertain
future inflation levels and interest rates, global conflicts, potential
global trade tariff increases, regulatory change and global supply
chain issues), there has been limited disruption to the business to
date and the risk-mitigating activities have served to reduce the
impact. The Directors continue to work with the Managers to ensure
that the portfolio of investments is able to operate as effectively as
possible. The Managers have performed downside risk scenario
planning encompassing a range of potential outcomes and these
demonstrate that, while profitability may be adversely affected, the
Company and its investments are expected to remain viable.
The Company has assessed its resilience over the five-year period
against severe, albeit plausible, individual, and combined stress
scenarios
1
covering principal risks the Company faces.
Of the principal risks, the Directors consider the most significant
risk affecting financial resilience to be the level of achieved power
price income.
The investments in renewable energy projects held by the Company
generally have low operating costs as a proportion of expected
income and so a significant reduction in revenues can be sustained
which, while reducing income available to pass up to the Company
including that available to pay dividends, would not be expected
to threaten solvency. Where the investments have long-term debt
financing in place, repayments of principal debt are substantially
covered by projected revenues arising from subsidies and other
fixed-price income (per unit of power generated). This assumes
normal levels of generation. It is expected that government subsidies
will continue to be in place and, in cases where these have been
amended or withdrawn in the past, these have tended to be isolated
or specific cases.
Withdrawal of specific subsidy income from retroactive government
action, should it manifest, may threaten the solvency of individual
projects. The investments with senior debt in place are typically
non-recourse to the Company and so should these projects
become loss-making, the Company would not have an obligation
tofund these.
The Company considers wholesale withdrawal of subsidy income
in any of the countries it operates in as very unlikely, and any
amendment or reduction would be more likely to be in isolated cases.
The downside scenarios run by the Managers, which include cases
with lower revenues, are considered to have a similar or more severe
impact than limited subsidy withdrawal / amendment, and the viability
of the Company continues to be demonstrated in these cases as
described on the following page.
1 The combined scenario identifies the downside case for both the P90 case and the Power Price minus 10% case. This downside scenario assumes both lower power prices (-10%)
andlowergeneration (P90) across the forecast period. See Note 4 in the Financial Statements for sensitivities.
54 TRIG Annual Report 2025
The Company has considered an extreme downside case to be
assuming significantly lower achieved power prices (at half the level
currently forecast). Due to the low operating costs and that the
long-term fixed-rate project-level debt is expected to be covered by
the subsidy streams that would continue to be paid, this scenario
showed that the investments continued to be solvent and able
to pass up distributions to the Company. The cash available to
the Company to pay dividends and to reinvest would be reduced
significantly such that if dividends were not reduced, the dividend
coverage (after project-level debt repayment) would reduce to
below 1.0x (to an estimated level of c.0.8x) and hence the current
level of dividend might not be sustained. However, dividends are
discretionary and hence solvency and resilience in this scenario
are maintained.
The Company takes an average of three power price forecasters’
central cases to include in its valuation to estimate future market
prices. Forecasters include both high and low cases in their forecasts.
A reduction of power prices by half is below the forecasters’ low-case
scenarios. The probability attached to power prices being lower
than the forecasters’ low cases would typically be estimated by
forecasters to be below 10%, suggesting this would be an unlikely
downside case.
Less severe downside cases were run assuming 10% lower power
price projections compared to the base case, reduced generation
levels assuming a P90 case and a combination of these scenarios
were assessed. In all scenarios including the combined downside
case, the Company remained solvent and could continue to pay
dividends at, or close to, current levels.
TRIG has a £500m revolving credit facility (“RCF”) at fund level.
The facility expires on 31 March 2028. The level of amounts drawn
isdetailed on page 52.
Post-year-end, on 11 February 2026, as more fully described
on page 52, an indirect subsidiary of the Company (TRIG UK
Investments Limited) entered into a £200m Private Placement (“PP”)
and applied the proceeds to significantly reduce the RCF balance
to £213m at 26 February 2026. The PP has a fixed interest rate (at a
similar level to the RCF) and has an amortisation schedule spreading
the repayment / refinancing requirement for this fund-level debt over
five years from 2033 to 2038. The Company expects to repay the
PP when repayments become due from forecast surplus cash flows
from the investments but could also fund repayment from disposal
proceeds and / or refinancing.
The Company has historically used the proceeds from equity fund
raises to repay the RCF, as well as operational cash from investments.
Projected reinvestment flows over the next five years continue to
be reasonable. The Company has completed a disposal of an
investment in the year and expects to complete further disposals
during 2026 and to apply these proceeds to reduce the RCF balance
further. In the event that equity fund raises, reinvestment cash flows
and disposal proceeds are not sufficient to repay the RCF balance
by the expiry date, the Company would anticipate either renewing
the RCF and / or raising new debt to repay that balance secured
against ungeared projects within the portfolio (that represent 46%
ofthe portfolio by value) and / or strategic disposals or a combination
ofallthree activities.
Of the renewable energy projects TRIG owns, 54% have long-term,
fixed-rate, amortising senior debt in place. These projects do not
need to be refinanced and the debt within these projects is scheduled
to be repaid, in the main, from expected revenues arising from
subsidies and fixed-price PPAs over the term of that fixed-price per
MWh income. Of the renewable energy projects TRIG owns, 46%
byvalue are ungeared.
The Company’s dividend policy is to increase the dividend when
the Board considers it prudent to do so, considering forecast cash
flows, expected dividend cover, inflation across TRIG’s key markets,
the outlook for electricity prices and the operational performance of
the Company’s portfolio. Dividends are discretionary and declared
quarterly. Each year, as the target dividend for the next financial
year is set, the Directors consider the expected forward-looking
cash flows and consider the sustainability of the proposed dividend.
Each quarter, as dividends are declared, the Directors consider the
projected cash flows, covenants of the Company and dividend cover
levels. Cash dividend cover projections over the five-year period
remain reasonable.
The Company will hold its Annual General Meeting in summer
2026, which will include an ordinary resolution continuation vote.
The Directors intend to recommend that shareholders vote in favour
of continuation, and for the Company to continue its business as
presently constituted. The Directors and Managers regularly meet
shareholders and discuss the Company’s performance, plans and
strategy. Based on feedback from these meetings, the Directors
expect to obtain the support of shareholders for continuation and
hence consider that it remains appropriate to assume the Company
continues to operate as a going concern across the Viability
Statement period.
As explained in the Chair’s Statement and in the Risk and Risk
Management section, the Directors do not consider that the risks
to the Company resulting from the current environment (such as
uncertain future inflation levels and interest rates, global conflicts,
regulatory change, potential global tariff increases and global supply
chain issues), significantly affect the principal risks set out above.
The Group’s projects have continued to operate during this time
and the Managers and Directors believe the risks are reducing
andcontinue to be manageable.
Based on this review, the Directors confirm that they have a
reasonable expectation that the Company will be able to continue
in operation and meet its liabilities as they fall due over the five-year
period to December 2030.
55TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Approach to risk management
TRIG’s risk management framework covers all aspects of the Group’s
business. As TRIG is an Investment Company with key services
outsourced to the Investment Manager, Operations Manager and
other service providers, reliance is placed on the systems and
controls of these service providers.
The identification, assessment and management of risk are integral
elements of the Investment Manager’s and the Operations Manager’s
work in both managing the existing portfolio and in transacting
investment opportunities. The Managers use their combined
experience and input from the Board of Directors to identify risks
through various means, including but not limited to: monitoring of
macroeconomic indicators, insight from transaction processes,
updates on operational performance from project-level Board
meetings, counterparty credit analysis, and monitoring of potential
regulatory and policy changes.
The Company also has a range of advisers in addition to its Managers
that report on key topics and potential events which may present
risks that the Board and the Managers need to monitor and, where
possible, mitigate. In addition, the Company and its Managers
are registered with various industry bodies, which alert both the
Board and the Managers of emerging risks as key events and news
items unfold.
The output of the Managers’ risk assessment is incorporated into the
risk framework, which is maintained by the Investment Manager and
discussed formally on a quarterly basis by the Investment Committee,
Advisory Committee and the Board of Directors. The discussion of
the risk matrix includes consideration as to whether TRIG is within
the Company’s risk appetite. Mindful of upcoming changes to the
Corporate Code, the Board will be reviewing in 2026 its approach
to assessing the completeness of controls and appraising their
effectiveness. The Board will report on its findings and against the
new requirements of the Corporate Code next year in the 2026
Annual Report and Accounts.
The inherent risk of each existing and emerging risk is assessed
based on their likelihood of occurring and their potential impact
should they manifest. Where necessary and possible, mitigation plans
are developed to reduce the residual risk. The Managers utilise their
systems, their policies, oversight of the supply chain and third-party
input to manage these risks. The strength of mitigants and controls
is applied to the inherent risk to determine the residual risk, which
is classified as ‘high’, ‘medium’, ‘low’ or ‘insignificant’. If a new risk
arises or the likelihood of a risk occurring increases, a mitigation
strategy is, where appropriate, developed and implemented together
with enhanced monitoring by the Investment Manager and / or
Operations Manager.
Given the stability of the Company’s investment policy and focus
of itsstrategy (i.e. investments in renewable energy infrastructure
projects in the UK or Europe), the risks in the Group are not
expected to change materially from quarter to quarter. The Board’s
Management Engagement Committee also reviews the performance
of the Investment Manager and Operations Manager (as well as all
key service providers) annually, which includes a consideration of the
sufficiency and effectiveness of the Managers’ internal controls and
the Investment Manager’s maintenance of the risk framework.
Risk and Risk Management
Principal risks and uncertainties
The Board and the Managers have considered and reviewed the
Company’s principal risks.
The Company’s share price has underperformed in 2025, to some
extent reflecting the elevated level of risk in the renewables sector
from a combination of macroeconomic and public policy uncertainty,
low wind speeds and reduction in power price forecasts. While these
remain the same principal risks that have existed since the Company
was first launched, headwinds in these areas in addition to increases
in cost of capital have been among the key drivers of share price in
the period.
Portfolio generation can deviate from budget assumptions for a
number of reasons, including (but not limited to): weather resource
variance (i.e. wind speeds and solar irradiance), third-party grid
outages and asset availability. Energy yields are reviewed regularly as
part of the portfolio valuation process. Following the more significant
updates to assumptions in the December 2024 valuation process,
minor adjustments were made in 2025 (noted in the Company’s Q3
2025 NAV release) including: a minor reduction at the Cadiz solar
sites reflecting the post-construction energy yield study undertaken
in the year, and a grid-related outage in 2026 at Mid Hill (a UK
onshore wind site) driven by the Distribution Network Operator.
Given the dependence of electricity generators on their connection
to the grid there remains risks both in relation to the performance
of the connection affecting the level of electricity exported and the
costs associated with transmission and distribution of electricity,
particularly for more remote projects located further from electricity
demand centres.
Power price forecasts were reduced in the December 2025 valuation
compared with December 2024, primarily reflecting lower gas price
assumptions driven by projected increases in LNG supply to Europe
and, for one forecaster, a material reduction in electricity demand
assumptions. toward the end of the year, colder temperatures across
Europe increased heating demand and reduced gas storage levels
below the ten-year average, which provided support to near-term
forward power prices. In the Nordics, below average precipitation
resulted in a hydrological storage deficit, supporting prices across
theregion, while higher rainfall in Iberia has led to a modest reduction
in 2026 forward power prices in Spain.
Price volatility remains as increasing variable generation capacity
across Europe has led to greater instances of negative intraday
pricing highlighting the case for storage (further underpinned by the
power outage experienced across the Iberian peninsula in April 2025)
and the requirement for an active revenue management strategy.
Regulatory and political risk remains elevated as governments
continue to consider energy market policy to balance decarbonisation
commitments, ensuring energy security and delivering affordable
electricity for consumers. The potential for further shocks arising from
global geopolitical physical and economic conflicts remains.
The UK saw notable policy uncertainty in 2025 with the Review of
Electricity Markets Arrangements (“REMA”) consultation and latterly
with the consultation on changes to indexation for the Renewable
Obligation (“RO”) and Feed-in-Tariff (“FiT”) subsidy regimes.
Significant engagement from industry participants, including the
Investment Manager, in respect of REMA resulted in government
recommitting to evolve the status quo arrangements for the
electricity market in the UK rather than upend the electricity market
by dividing the country into smaller price zones. However, despite
engagement from industry, the UK Government has announced
56 TRIG Annual Report 2025
thatfrom 1 April 2026, the indexation basis of the RO and FiT regimes
will change from RPI to CPI, representing a retrospective change
that will adversely impact investors as well as domestic owners of
affected schemes. TRIG’s diversified portfolio has meant the impact
of this change was limited. A reduction in NAV of 0.6p per share was
included in the portfolio valuation as at 31 December 2025.
Despite the higher interest rate environment, TRIG has little cash flow
exposure to interest rates with the vast majority of debt being fixed-
rate and amortising, therefore, without interest rate or refinancing
risk. The recently announced £200m private placement mirrors these
principles being fixed rate at 5.23% and with an amortisation profile
that repays the notes from 2033 to 2038.
The risks arising from these elements are embedded in risk factors
already identified by the Board and the Managers. As such, the Board
and the Managers have concluded that:
– There continues to be three enduring risks with a ‘high’ residual
impact for the Company being: (i) energy yield; (ii) electricity
pricing; and (iii) political / regulatory
– At present, counterparty exposure risk is also considered to be
elevated given the current macro environment. We note that the
financial performance of the major equipment manufacturers that
have supplied wind turbines to projects in TRIG’s portfolio has
improved across 2024 and 2025
– The oversupply of battery equipment manufacturers has resulted
in a significant reduction in equipment pricing; however, this risks
leaving suppliers strained financially as they seek to grow their
order books
– Local supply chains are being stretched as a result of inflationary
pressures and the lack of skilled labour. The Ryton battery project
has had to replace one local supplier, which has contributed
to a small delay to the project and use of the construction
contingency pot
– The Managers will continue to closely monitor the portfolio’s
supply chain to ensure that improvement is sustained prior to
anyadjustment being made to the risk rating
– Overall, there have been no material changes to principal risks
faced by the Company
The tables on the following pages summarise the principal risks
facedby the Group. These are risks, which are either classified as
having a residual impact of ‘medium’ or ‘high’, or those identified
by the Managers and the Board as having the potential for high
reputational risk (even where the residual risk is considered ‘low’).
They are not an exhaustive list of risks and uncertainties faced by
the Group; however, risks that are not considered ‘principal risks’
are still captured, assessed and monitored through the Company’s
risk reporting framework. The Investment Report section provides
additional commentary on how the risk landscape faced by the
Company has evolved during the year.
The risks posed by climate change, though not expected to be
material to the Company in the short to medium term, are an integral
part of the Investment Managers’ risk management framework.
Further information on the assessment and management of
climate-related risks is disclosed separately in the Task Force
onClimate-related Financial Disclosure section.
57TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Principal risk
Energy yield
Description and potential impact
– Risk of portfolio electricity production falling short of
expectations resulting in lower revenues
– Causes of lower than expected energy yield may include
weather resource variance (i.e. wind speeds and solar
irradiance), third-party grid outages and asset unavailability
– The sensitivity of the Company’s NAV to deviations from energy
yield expectations is provided in the Valuation of the Portfolio
section, and climate change considerations are covered in the
TCFD section
Risk mitigation
– Diversification of the portfolio across a variety of geographies,
i.e. weather systems, and renewables technologies, including
the complementary seasonal bias of solar production
– Established nature of wind and solar technologies; typical levels
of availability in a given year are around 96% to 99% respectively
– Experience of Operations Manager in monitoring portfolio
production and delivering asset availability
– Utilisation of the Operations Manager’s and third-party expertise
when assessing energy yield estimates during acquisition due
diligence, and monitoring and reappraising (when appropriate)
energy yields throughout ownership
– Improvements in technology providing future opportunities for
enhancement, life extensions and repowering
Key developments
– Overall, generation for the year was down against budget due
to a combination of factors, most notably curtailment in Sweden
during periods of negative power prices, uncompensated grid
outages (see Single Point of Failure Risk for further detail) and
low wind resource in the first half of the year
Good progress with operational enhancement activities in the
year including:
– Upgrades at a German offshore wind farm increasing turbine
output from 6.0MW to 6.15MW, increasing total site capacity
by10MW in turn increasing electricity generation
– Data analytics and adjustments to operational parameters at a
Swedish onshore wind farm to keep the turbines operating in
higher winds where they previously would have been shut down.
The change is expected to increase annual energy production
by around 3%
– Blade hardware aerodynamic enhancements and software
upgrades were deployed at 164MW (in line with Operations
Performance section) of onshore wind sites in theUK and
France. Further deployments are underway across the portfolio
on both wholly owned and joint venture wind farms for a further
deployment of up to 143MW
Risk management framework
Risks identified in the Company’s
riskmanagement framework
This section sets out the principal risks faced by the Group
categorised by their residual risk rating.
The following pages set out the principal risks with a ‘high’,
‘medium’ and ‘low’ residual risk categorisation. They relate
to macro factors driven by externalities where the common
mitigant is the diversification within TRIG’s portfolio.
Residual risk rating
High
Link to strategy
Balanced Portfolio
Operational Excellence
Movement in year
Unchanged
Impact and
likelihood
Financial and
non-financial (e.g.
reputational) impact
Pre-mitigation/
inherent risk
Macro indicators
Transaction activity
Project operations
Counterparty analysis
Regulatory changes
Third party advice
Control identification
and implementation
Post-control risk rating
assessed
Inclusion on risk
dashboard and matrix
Quarterly Advisory
Committee and
Investment Committees
Quarterly Board
meetings
Annual deep dive
programme
A
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e
s
s
m
e
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Risk and Risk Management continued
58
TRIG Annual Report 2025
Principal risk
Electricity pricing
Description and potential impact
– Wholesale electricity prices moving adversely reducing merchant
revenues, as a result of factors including: (i) electricity demand
increasing less than expected; (ii) the volume of renewables and
other generation with low marginal costs increasing more than
expected within the electricity mix (in some instances leading to
negative pricing and curtailment of generation); and (iii) natural
gas prices and carbon pricing being lower than expected,
reducing costs for the typical marginal thermal generator
– The sensitivity of the Company’s NAV to changes in power
priceforecast assumptions is provided in the Valuation of the
Portfolio section on page 43
Risk mitigation
– A significant portion of TRIG’s near-term portfolio-level
revenue benefits from government-backed subsidies (e.g.
Renewable Obligation Certificates, Feed-in-Tariffs and contracts
for difference), power price fixes or power price financial hedges
– Forward pricing mechanisms, including through offtake
agreements with utility or corporate counterparties and hedging
instruments with financial institutions, provide some protection
against short-term fluctuations
– TRIG’s diversification across power markets that can have
different drivers of power price and technologies that have
differing characteristics in relation to the power price that they
capture, in particular between generation and storage assets
located in the same market
– The weighted average power price forecast used to determine
the portfolio valuation is comprised of a blend of the forecasts
for each of the power markets in which TRIG is invested after
applying expected power purchase agreement (“PPA”) sales
discounts and reflecting cannibalisation
– In the longer term, power price risk arising from the climate
change-related transition to net zero (expanded upon in the
TCFD section) may be mitigated through:
– Storage technologies that trade power price volatility and
are able to capture higher prevailing prices at times of higher
demand (and also serving to stabilise the grid network in
certain geographies). In the year, co-located battery storage
projects for the portfolio’s solar investments in Spain were
added to TRIG’s development pipeline
– The increasing electrification of the transport and
heating sector and the commercial development of
renewables-generated ‘green’ hydrogen (through either
useasa fuel or as a storage technology) could support
long-term demand for power
Key developments
– Power price forecasts in the December 2025 valuation have
reduced significantly in the short to medium-term versus those
at December 2024, due to lower gas prices, projected increases
in LNG supply to Europe and, in the case of one forecaster,
materially reduced electricity demand assumptions.
– Looking forward, colder temperatures this winter have
seen higher heating demand, supporting power prices in
the short-term. In the Nordics, lower rainfall has also seen
hydrological storage balances reduce, supporting higher
forwardpower prices.
– In early 2026, the latest UK Contracts for Difference allocation
round saw record levels of renewables capacity awarded. This is
expected to moderately reduce power prices in the early 2030s.
– Finally, alongside the recent ROC and FiT consultation
announcement, the UK Government announced an intention
to consult on replacing ROCs with Fixed Price Certificates to
be bought by a central government counterparty. The impact
on TRIG will depend on net reduction to the tariff after
considering any offsetting benefit from reduced offtake discount.
Further detail is set out on page 27. The Managers will continue
to engage with policymakers and input to the consultation
once formalised.
– While the Electricity Generator Levy remains in place in the
UK, power price forecasts used in the valuation are below the
threshold at which the levy applies and prices in TRIG’s other
markets remain below recent intervention levels
– Positive steps have been taken to reduce TRIG’s exposure to
power price volatility as part of its power price risk mitigation
strategy, including:
– Entry into a ten-year, fixed-price corporate PPA with Virgin
Media O2 for two of TRIG’s UK onshore wind farms equating
to c.2% of TRIG’s annual generation
– Fixing prices across Great Britain, Northern Ireland and
Spain (i.e. on top of existing fixes available under government
subsidy contracts)
– Extending short-term hedges in Sweden at attractive pricing
– Securing a new long-term, fixed-price, government-backed,
and inflation-linked contract for the Claves onshore wind
repowering project in France (following similar arrangements
on the more advanced, neighbouring Cuxac wind project)
– Securing Capacity Market contracts for the Ryton,
Spennymoor and Templeton battery development projects.
– As at 31 December 2025, 82% of TRIG’s revenues per unit of
generation are fixed over the next 12 months and 68% over
the next ten years are fixed through subsidies, fixed-price
PPAs or other hedges
Residual risk rating
High
Link to strategy
Balanced Portfolio
Movement in year
Unchanged
59TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Principal risk
Political / regulatory
Description and potential impact
– Government or regulatory support for renewables changes
adversely, including retrospective changes to contracted tariffs,
the extension of existing or introduction of new levies or price
caps, or changes to established cost frameworks, and potential
changes resulting from wider market reform
– Adverse change to perceived risk profile of renewables assets
flowing through to portfolio valuations. The sensitivity of the
Company’s NAV to changes in discount rates is provided in
theValuation of the Portfolio section on page 43
Risk mitigation
– UK and European economies where opportunities fall within
TRIG’s acquisition focus have indicated commitments to
existing installed capacity
– Future subsidies generally track the fall in development costs
of maturing technologies, providing appropriate public value
for money
– Increasing penetration of offtake agreements directly with
corporates (known as Corporate PPAs). In the past three years,
TRIG has signed arrangements with five corporates, most
recently Virgin Media O2 for two projects in the UK
– Emphasis on energy security as a key item on the public
agenda, in light of both reducing North Sea fossil fuel
production and broader geopolitical concerns
– Strong public and political momentum in TRIG’s markets of
focus towards meeting long-term United Nations, European
Union and national decarbonisation efforts (e.g. the EU’s new
Green Deal and the 2023 Net Zero Growth Plan publication in
the UK by the Department for Energy Security and Net Zero)
– Should Scotland separate from the rest of the UK, an
independent Scotland’s energy policies may impact the
renewables market. The Company’s diverse portfolio alongside
the Scottish Government’s commitment to achieving net zero
by 2045 reduces this risk
Key developments
– In the UK, 2025 saw a positive outcome of the Review of
Electricity Markets Arrangements (“REMA”) consultation with
regards to the government’s confirmation that a single national
electricity price system will remain in the UK rather than moving
to a zonal system with different prices for different regions.
The Managers will continue to engagement with government as
to the reforms that may be made to the national pricing system
– On 28 January 2026, the UK Government announced that it will
bring forward the date on which indexation for the Renewable
Obligation (“RO”) and Feed-in-Tariff (“FiT”) regimes move to
CPI from 2030 to 2026 (the lower impact proposal of the two
presented in the consultation). The change has been reflected
in TRIG’s 31 December valuation with an impact of (0.6)p, in line
with the estimate presented in the Q3 2025 NAV announcement
– Despite this, the UK Government’s long-term support for
renewables remains strong and was evidenced in the period
through the extension of Contract for Difference terms from
15to20 years and the inclusion of repowering projects starting
from Allocation Round 7 (AR7)
– Under NESO’s ongoing Connections Reform process in the
UK, 419MW of TRIG’s two and four-hour battery pipeline met
the Gate 2 criteria to secure a pre-2035 grid connection date.
Of this capacity, 232MW qualified for priority grid connection
before 2030 (known as Gate 2 Phase 1 projects) and 187MW
qualified for grid connections between 2031 and 2035 (known
as Gate 2 Phase 2 projects). This is in addition to the Ryton and
Spennymoor projects
– Potential for government intervention into electricity price
markets remains a risk in future; however, within TRIG’s markets
the only price intervention mechanism that remains in force is the
Electricity Generator Levy in the UK (until 31 March 2028) where
current forecast price curves in the Company’s valuation are
below the threshold at which the levy applies
– In France, there continues to be political uncertainty ahead of the
presidential election in April 2027. However, long-term support
for renewables remains with TRIG having successfully obtained
long-term (20-year) government subsidy contracts for two
onshore wind repowering projects totalling 38MW capacity
– In Spain, in the wake of the power outage experienced across
the Iberian peninsula in April 2025, the Spanish Government
has introduced further measures to strengthen the grid against
similar risks in future including greater support for battery
projects. During the year, the Managers added co-located
batteries alongside TRIG’s solar projects in Spain to the
development pipeline
– The Managers regularly monitor public policy developments
in the markets TRIG invests in, engage with politicians and
government officials, and work closely with other industry
participants to respond to government consultations and
calls for evidence underpinning decision making in relation
toenergy policy
Residual risk rating
High
Link to strategy
Balanced Portfolio
Movement in year
Unchanged
Risk and Risk Management continued
60
TRIG Annual Report 2025
Principal risk
Counterparty
credit
Description and potential impact
– The risk of a counterparty failing to meet its financial obligations
resulting in potential loss for the Company
– TRIG’s key counterparties include:
– Original equipment manufacturers (“OEMs”) – responsible
for building the original plant and provide guarantees and
warranties to cover defects
– Other construction contractors – responsible for building the
balance of plant and other aspects of construction projects
beyond the principal equipment. These are typically smaller
local suppliers with weaker credit
– Operations and Maintenance (“O&M”) providers – responsible
for maintenance of the plant, can be the OEM or (increasingly)
an alternative maintenance provider. In recent years, there has
been an increase in the number of alternative providers in an
expanding renewables equipment maintenance market
– PPA counterparties – utility or trading companies purchasing
power generated by TRIG’s projects
– In the event that a counterparty or guarantor enters insolvency,
there is a risk of disruption while counterparties are replaced
and a risk of cost overruns / delays for construction projects,
distribution lock-ups (where project financed) or reduced
distributions for operational projects, which could be material
forthe portfolio
Risk mitigation
– Diversification of counterparty exposure through several service
sub-contractors, component suppliers and PPA providers
– The Investment Manager has a dedicated credit monitoring
function. Its analysis is reported to the Board quarterly
– The Operations Manager prepares contingency plans
when credit quality deteriorates to prepare for an event
ofcounterparty failure
– Credit quality of project counterparties is assessed and
benchmarking of construction and operational costs is
undertaken as part of the acquisition due diligence process
Key developments
– The charts below provide an analysis of exposure
to counterparties by portfolio value across the three
main categories identified above. While PPA and O&M
counterparties are reasonably well diversified, TRIG’s highest
exposure relates to Siemens and Vestas in their capacity as
equipment manufacturers
– Turbine suppliers have been under financial pressure following
high inflation over 2022 and 2023 increasing costs as they
sought to fulfil largely fixed-price supply contracts. This has
resulted in renewed focus on improving profitability and
strengthening balance sheets. While TRIG’s greatest exposures
are to Siemens and Vestas, the largest turbine suppliers in
Europe, the Company does use a wide range of suppliers to
help mitigate concentration risk
– While trading performance improved in 2024 and 2025, relative
to 2023, for TRIG’s key turbine suppliers as pricing of new
turbines has been reset and order books have been worked
through, counterparty risk remains elevated and will continue
to be closely monitored as signs of sustained improvement are
sought into 2026
– The oversupply of battery manufacturers has resulted in a
significant reduction in equipment pricing; however, this risks
leaving suppliers strained financially as they seek to grow their
order books. TRIG is diversifying battery suppliers across
its latest development projects to mitigate sole-supplier
concentration risk
– Local supply chains are being stretched as a result of
inflationary pressures and the lack of skilled labour. The Ryton
battery project has had to replace one local supplier, which
has contributed to a small delay to the project and use of the
construction contingency pot
Some projects have more than one counterparty in each of the above categories, in which cases the valuation of the project is apportioned between the counterparties.
OEMs generally also provide O&M services; however, not in all cases given the increase in the number of alternative providers offering O&M services as noted above.
Residual risk rating
High
Link to strategy
Balanced Portfolio
Responsible Investment
Operational Excellence
Movement in year
Unchanged
Exposure to
PPA Providers
Orsted 13%
Scottish Power 10%
Danske Commodities 10%
Statkraft 9%
EWE 8%
Axpo 7%
Vattenfall 7%
SSE 6%
EDF 6%
Other 24%
Exposure
to OEM
Siemens Energy 45%
Vestas 24%
GE Vernova 8%
Trina Solar 5%
Nordex 4%
Other 14%
Vestas 23%
Siemens Energy 19%
RES 15%
Orsted 14%
GE Vernova 8%
Natural Power Services 7%
Nordex 4%
Equinor 3%
Envision 3%
Other 4%
Exposure to
O&M Providers
61TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Principal risk
Liquidity / treasury
management
Description and potential impact
– Insufficient liquidity to meet dividends, operating expenses
ortofund commitments
– Includes risk of prolonged periods of share price trading below
latest NAV, inhibiting ability to issue new equity capital as a
source of funding
Risk mitigation
– The Investment Manager’s policies and controls in relation to
cash management
– Regular cash monitoring by the Board and Investment Manager
– Regular cash flow forecasting and stress testing prepared by
the Investment Manager and considered by the Board in setting
dividend targets and declaring dividends
– Revolving credit facility provides liquidity to finance acquisitions
between fundraising
– Breadth of routes to funding (subject to market conditions)
including retained cash in excess of the dividend, debt capacity,
equity issuances and asset disposals
Key developments
– Net dividend cover for the year was 1.01x as a result of low wind
resource and uncompensated grid curtailment, as set out in the
Operations Report. Wind resource improving to more typical
levels and less uncompensated grid curtailment should, all else
being equal, begin to improve full-year dividend cash cover
relative to 2025. Net dividend cover is stated after the systematic
amortisation of project-level debt, of which £192m was repaid
in the year. Before debt amortisation, gross cash cover of the
dividend for 2025 was 2.1x
– Reduction in RCF drawings from £309m at 31 December
2024 to c.£200m after taking into account the RCF repayment
in February 2026 using proceeds of the recently announced
£200m private placement
– The private placement terms out a portion of the RCF
borrowings at an attractive fixed interest rate with a back-ended
amortisation profile over the years 2033 to 2038 mitigating
refinancing risk. The attractive pricing and significantly
oversubscribed issuance demonstrates lenders’ confidence in
TRIG’s financial position of the private placement demonstrates
lenders’ confidence in TRIG’s financial position
– Remaining RCF movements in the year comprised drawings to
fund TRIG’s construction and development pipeline and share
buybacks partially offset by €100m proceeds from the partial
disposal of the Gode offshore wind farm, which completed in
March 2025
– Over the next 12 months, the Company continues to progress
disposal opportunities with a view to reducing RCF drawings
further in the FY 2026
– It is recognised that share price discounts to NAVs for
renewables investment companies, including TRIG, have
widened over 2025. Nonetheless, TRIG’s underlying operational
cash flows, debt raising, continued disposal programme and
disciplined approach to capital allocation are expected to
meet operational and capital funding requirements. Full details
of commitments as at the 31 December 2025 are set out on
page42
Residual risk rating
Medium
Link to strategy
Responsible Investment
Movement in year
Unchanged
Risk and Risk Management continued
62
TRIG Annual Report 2025
Principal risk
Macroeconomic factors
Description and potential impact
– The risk of an adverse change in macroeconomic environment
affecting TRIG
– Risk of adverse valuation and cash flow impacts if inflation
reduces below TRIG’s valuation assumptions
– Risk of increase to long-term government bond yields if market
expectations for timing and quantum of interest rate cuts from
central banks not met, potentially flowing through to discount
rates reducing valuations
– The sensitivity of the Company’s NAV to changes in
macroeconomic factors is provided in the Valuation
ofthePortfolio section on page 43
Risk mitigation
– Foreign exchange: hedging policy established and adhered to
– Inflation: the income from the portfolio has a correlation with
inflation. Most of the subsidy regimes and some costs are linked
to inflation. It is expected that power prices have some positive
correlation with inflation in the longer term
– Interest rates: fixed-rate debt or interest rate swaps to reduce
interest rate exposure at project level; limited exposure at
Company level
Key developments
– Return expectations continue to be elevated given the
prolonged higher interest rate environment with cuts in the
yearfrom central banks coming at a slower pace than originally
expected. Long-term government bond yields in the UK remain
approximately in line with those at December 2024, while
European equivalents increased slightly in the period resulting
in a 0.3% increase in European discount rates applied in the
30 June 2025 valuation and maintained at 31 December 2025
with no change to UK discount rates in the year
– Inflation projections in the UK, as inferred from government bond
yields, are above the levels assumed in the Portfolio Valuation
– The £200m private placement entered into in February 2026
has been applied to term out the equivalent drawings under
the revolving credit facility at a fixed interest rate and with an
amortisation profile thereby further reducing the Group’s interest
rate and refinancing risk
Residual risk rating
Medium
Link to strategy
Balanced Portfolio
Responsible Investment
Movement in year
Unchanged
63TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Principal risk
Taxation
Principal risk
Sub-contractor
Description and potential impact
– The risk of an adverse change in tax legislation or rates in the
markets in which TRIG invests. Corporation and local tax rates
are changed by governments and local authorities from time
to time. There is a risk that tax rates are increased to fund
government deficits or future spending requirements, to fund
increased costs arising to consumers from higher energy pricing
or higher interest cost of servicing national debt
– The sensitivity of the Company’s NAV to changes in taxation
rates is provided in the Valuation of the Portfolio section on
page 43
Description and potential impact
– The risk of a sub-contractor not meeting their obligations,
resulting in lost income or other operational losses (e.g., failure
tocarry out works to time and budget, disruption to spare parts
supply or service)
Risk mitigation
– Some mitigation is achieved as a result of the diversification
across geographies and, therefore, different government
– Relevant tax rules are closely monitored, utilising third-party
advisers where necessary
Risk mitigation
– Representatives of the Operations Manager sit on the boards
of the project companies. Through this role, and reporting
information provided, the Operations Manager reviews projects
and their sub-contractors’ performance
– Where RES is a sub-contractor to a project or in other specific
circumstances, representatives of the Investment Manager will
sit on the board of the project company
– The Operations Manager maintains a regular dialogue with
major sub-contractors to ensure that challenges and issues
areresolved proactively
– In extremis, sub-contractors can be terminated for poor
performance. Replacement sub-contractors are generally
readily available
Key developments
– The Autumn Budget in the UK released in November 2025 saw
changes to capital allowances and business rates, which have
been reflected in the 31 December 2025 valuation. No other
material changes in tax legislation in the year
Key developments
– No material changes in risk level in the year
– Access to spare parts continuing to be carefully monitored,
inparticular in the UK and Ireland, with direct engagement with
manufacturers being undertaken where appropriate to minimise
risk of delays and downtime
Residual risk rating
Medium
Link to strategy
Balanced Portfolio
Responsible Investment
Movement in year
Unchanged
Residual risk rating
Medium
Link to strategy
Operational Excellence
Movement in year
Unchanged
Risk and Risk Management continued
64
TRIG Annual Report 2025
Principal risk
Construction and
development
Description and potential impact
– The risk that construction or development projects fail to
progress as planned including additional / unforeseen costs
ordelays to start-up and commencement of revenues
Risk mitigation
For acquisitions of assets at late-stage development stage:
– Through the acquisition process, the Investment Manager,
with input from the Operations Manager, undertakes risk
allocation and counterparty due diligence when determining
the appropriate valuation for, and whether to proceed with, the
opportunity, utilising input from third-party legal and technical
advisers where necessary
– Partners / suppliers selected with which TRIG has strong
relationships, long-term business alignment and a shared
commitment to quality. A strong track record and commitment
to health and safety and sustainability is critical
– The Operations Manager sits on the boards of the project
companies. Through this role, and with reporting information
provided, the Operations Manager reviews construction
progress and is able to intervene where necessary
– The Operations Manager provides quarterly updates to the
Board on progress for each project in construction, including
potential risks to timelines and mitigating actions being taken
– Experience of the Managers and lessons learned / best practice
shared on construction stage projects with TRIG having now
delivered 15 projects from construction to operations since IPO
For acquisition of development platforms, assets at development
stage for which TRIG (or its subsidiaries) intends to complete
development, engineering and construction activities:
– An increased hurdle rate to reflect the higher allocation of risk
toward TRIG
– Use of experienced personnel including project managers,
technical advisers, legal advisers
– Allocation of risk through contracts where possible ensuring
riskand return remain appropriately balanced
– Robust governance of platforms to ensure alignment with
TRIG’s strategy
Key developments
– Construction largely complete on the 78 MW Ryton battery
project with grid energisation expected in H1 2026.
– Slight delay introduced by the replacement of the electricals
contractor and grid connection delays introduced by the
Distribution Network Operator
– Decommissioning largely complete on the Cuxac onshore wind
farm in France in advance of repowering works
– Final Investment Decision achieved on the 100MW Spennymoor
battery project with pre-construction works commenced in
the year
– Appraisal underway of two opportunities to co-locate batteries
alongside TRIG’s Spanish solar sites
– Under NESO’s ongoing Connections Reform process in the
UK, 419MW of TRIG’s two and four-hour battery pipeline met
the Gate 2 criteria to secure a pre-2035 grid connection date.
Of this capacity, 232MW qualified for priority grid connection
before 2030 (known as Gate 2 Phase 1 projects) and 187MW
qualified for grid connections between 2031 and 2035 (known
as Gate 2 Phase 2 projects). This is in addition to the Ryton and
Spennymoor projects
– Development activities continue to progress well on the
remainder of TRIG’s development pipeline
Residual risk rating
Medium
Link to strategy
Responsible investment
Operational Excellence
Movement in year
Unchanged
65TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Principal risk
Physical single
points of failure
Principal risk
Supply chain
Description and potential impact
– The risk that a single point of failure outside of TRIG’s control
(e.g. grid connections) affects any one project
Description and potential impact
– The risk of unethical and non-compliant practices within the
supply chain of the Company outside of the Manager’s control
Risk mitigation
– Exposure to single points of failure is reduced through
portfoliodiversification and TRIG’s balanced portfolio
managessingle-asset concentration
– Acquisition due diligence considers the contractual provisions
and protections for individual projects, factoring the conclusions
into investment valuations and decisions
– Actively monitored by the Operations Manager through project
company risk matrices and analysis of shared exposure
between projects
Risk mitigation
– There is the risk of operations and practices that are not
sustainable or non-compliant (actual or alleged) in the supply
chain that may be outside the direct control of the Managers,
such as working conditions, greenhouse gas emissions, and
other sustainability factors – to mitigate this, acquisition due
diligence is a key control with counterparties identified as high
risk being subjected to enhanced procedures
– The Operations Manager engages with, and monitors,
counterparties throughout the asset life with a rigorous
selectionprocess for new counterparties / suppliers
Key developments
– Third-party cable failure at Beatrice offshore wind farm,
remediated rapidly over the summer minimising downtime
– Distribution Network Operator enforced outage at Mid Hill
in2026 leading to longer than normal downtime for such an
event. Impact reflected in 31 December 2025 valuation and
workongoing to mitigate
– Uncompensated curtailment for grid works / outages also
reduced generation, particularly in Sweden
– Despite recent frequency of grid-related events, medium to
long-term residual risk is considered to remain unchanged
Key developments
– In addition to continued monitoring of existing suppliers,
in theperiod various suppliers were contracted as part
of development activities on Ryton with due diligence
procedurescarried out as outlined above
– TRIG has also committed to sustainability targets in the period
that include the objective for 75% of its suppliers (by emissions)
to have net zero targets in place by 2028
Residual risk rating
Medium
Link to strategy
Balanced Portfolio
Responsible Investment
Operational Excellence
Movement in year
Unchanged
Residual risk rating
Medium
Link to strategy
Responsible Investment
Operational Excellence
Movement in year
Unchanged
Risk and Risk Management continued
66
TRIG Annual Report 2025
Principal risk
Balancing risk
Principal risk
Health and safety
Description and potential impact
– The risk that balancing costs within PPAs increase due to
generation volatility
– Power price financial hedges may lead to losses due to the
basisdifference between the variable pricing achieved by an
asset when compared to the contractual variable price due
under a swap to the counterparty
– Projects may also participate in downward flexibility mechanisms
associated with the balancing market – where they are paid to
shut off during periods of high electricity supply or low demand.
Being a relatively nascent market, there is a risk that guidance
in relation to participation changes over time, impacting
revenues generated
Description and potential impact
– Risk of incidents resulting in injury, in particular, at assets
under construction or during upgrades, rectification works
or decommissioning on existing sites, as well as through
day-to-day operations
– Reputational risk in the event procedures are determined to
be insufficient
Risk mitigation
– Hedging across a group of assets to reduce the risk of
underperformance of any one asset
– Increasing the length of the settlement period so short-term
downtime or poor weather resource has less of an impact
onoverall generation
– Limiting the volume of electricity production hedged, typically
less than P90 levels
– Plants that participate in downward flexibility bid consistent with
the revenues forgone and risks exposure with shutting a wind
farm off and starting up again
Risk mitigation
– Experienced Operations Manager ensuring best practice
and monitoring and reporting to the Board on all RIDDOR
(orequivalent) injuries and incidents. Reducing the LTAFR
(LostTime Accident Frequency Rate) metric is also
incorporatedwithin TRIG’s RCF Sustainability KPI targets
– Industry-experienced sub-contractors employed, with
sub-contracted responsibilities relating to Health, Safety,
Quality,Environment (“HSQE”) clearly set out
Key developments
– In March 2025, grid balancing periods in Sweden were reduced
from 60 minutes to 15 minutes and applied individually to
each of the four regional pricing zones rather than across the
whole country. This has driven increased price volatility and
imbalance pricing. All projects within TRIG’s portfolio were
protected from the effects of this volatility by having fixed price
contracts in place for balancing fees; however, the price of such
arrangements is increasing on renewal
Key developments
– LTAFR for the year of 0.27 compared with 0.23 for 2024 and
0.09 for 2023 showing a sustained low accident rate
Residual risk rating
Low
Link to strategy
Operational Excellence
Movement in year
Unchanged
Residual risk rating
Medium
Link to strategy
Operational Excellence
Movement in year
Unchanged
67TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Principal risk
Stakeholders: communities
Description and potential impact
– Risk that the communities where TRIG’s assets are located do
not see the project as a responsible neighbour, which disrupts
asset operations and reduces the likelihood of successful asset
life extensions or repowering
– Decommissioning and site restoration obligations are not carried
out in accordance with best practice impacting communities in
which the assets are located
Risk mitigation
– Active programme of community engagement across the
portfolio, including monetary contributions to local communities
exceeding £1m p.a., reported on quarterly to the Board.
Target for establishing community funds also embedded into
RCF Sustainability KPIs
– Costs associated with fulfilling obligations are included in
acquisition assumptions and monitored in project models
Key developments
– Two new community funds set up in the year taking the total
across the portfolio to 48. £1.7m was distributed across all
community funds in the period
Residual risk rating
Low
Link to strategy
Responsible Investment
Movement in year
Unchanged
Risk and Risk Management continued
68
TRIG Annual Report 2025
Introduction
TRIG is a closed-ended investment company and, therefore,
under Listing Rule 11.4.22R is not required to comply with the
climate disclosure requirements specified in Listing Rule 6.6.6R(8).
The Company has, however, been voluntarily reporting using the
recommendations of the Task Force on Climate-Related Financial
Disclosures (“TCFD”) since its 2019 Annual Report and Financial
Statements and has added to these disclosures in subsequent
reporting periods. TCFD is the established framework for consistent,
comparable and clear reporting on a company’s approach to
climate-related risks and opportunities and assessing its potential
impact on that company.
TRIG’s climate-related financial disclosures, set out below, cover
the 12-month period to 31 December 2025 (the “Reporting Period”)
and satisfy the obligation of InfraRed Capital Partners Limited, as
the Company’s Investment Manager, to prepare a product report
for the Company in accordance with section ESG 2.3.5 of the
FCA Handbook.
Governance
Climate change considerations are embedded throughout TRIG’s
business. The Board has overall responsibility for the oversight
of TRIG’s sustainability-related risks and opportunities, of which
climatechange is an important subset.
The Board and Managers discuss risks related to climate change
at least annually and the Board has ultimate oversight of the
Company’s risk management framework. Consideration of the
transition risks and physical impacts of climate change features
intheBoard’s discussions.
Day-to-day management of TRIG’s portfolio is delegated to the
Investment Manager, InfraRed, and the Operations Manager,
RES. Both Managers disclose their sustainability-related activities,
includingrelated to climate change, through reporting available on
their respective websites.
TRIG’s Sustainability Policy sets out the approach to integrating
climate-related considerations into both the acquisition process
andthe ongoing management of TRIG’s portfolio. The Policy is
reviewed and approved by the Board annually.
The oversight and management of climate-related risks and
opportunities includes activities such as:
Board level
– Consideration of climate-related risks within the Company’s risk
register at each quarterly Board meeting, feeding into the risk
management framework presented in each Annual Report
– A dedicated ESG Committee, comprised of the Company’s
Directors, meets quarterly to oversee progress towards TRIG’s
sustainability priorities and its associated objectives, including
the Company’s sustainability goal of ‘mitigating adverse climate
change’. The Committee also considers upcoming developments
in market practice on sustainability-related matters
– The Board receives quarterly updates from the Managers,
which provide a summary of key activities related to the portfolio
and regulatory developments, among other topics. The Board
also undertakes periodically training on sustainability matters.
This further facilitates understanding of climate-related risks and
opportunities faced by the Company, building on the Directors’
extensive experience in the renewables sector
– Board assessment of actions taken in response to the findings of
the periodic climate risk assessment of the Company’s portfolio.
This includes consideration of climate-related disclosures by
the Board’s Audit Committee and an annual review of the
Managers’ performance, including their adherence to the
Company’s Sustainability Policy by the Board’s Management
Engagement Committee
– Consideration of climate-related opportunities during the
Company’s annual strategy reviews
Task Force on Climate-related Financial Disclosures
69TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
TRIG’s governance structure
The diagram below sets out TRIG’s governance structure and how information is fed back to the Board from each portfolio company.
Independent Board of Directors and its Committees
Operations Management
Investment
Project Governance
Portfolio Management Operational Oversight
Value Preservation and Enhancement Value Preservation and Enhancement
Fund Management
Strategy and Action Plans
Portfolio Companies
Feedback and Reporting
Sustainability ESG and HSQE
The Managers The Managers
Third-Party Advisers
Market Intelligence
Investment Committee
Advisory Committee
TCFD continued
Portfolio level
– The Managers monitor government policies related to climate and
engage with policy makers, where appropriate
– TRIG’s Advisory Committee, comprised of representatives from
both Managers, considers TRIG’s strategy and risks on a quarterly
basis, the output of which is reported to and discussed with
the Board
– Interpreting the portfolio company-level climate risk assessment
findings and assessing the suitability of mitigation and adaptation
measures (where possible) in place for identified risks
– This analysis informs TRIG’s strategy and the assessment of the
Company’s risks and effectiveness of risk mitigation measures at
the portfolio and portfolio company levels
Portfolio company level
– RES, and in some cases InfraRed, are represented on the board
of each portfolio company. Through this role, the Managers
ensure that climate-related risks are considered by portfolio
company management teams and reflected in portfolio company
risk registers. Relevant matters are communicated to the ESG
Committee of the Board, as necessary
70 TRIG Annual Report 2025
The Board and the Managers have identified three
key risk factors related to climate change:
Power price forecasts
These are impacted by renewables build-out assumptions and
the extent to which renewable electricity can be utilised when it is
generated. This risk is most likely to manifest in a ‘Low emissions’
scenario, where transition risks are greatest. The Investment
Manager’s scenario analysis, having taken input from leading
third-party power price forecasters, is set out on page 75.
Energy yield
Which could be impacted by changes to weather patterns.
The Managers have assessed the current and future
climate-related physical risks on a site-by-site basis using
threeclimate scenarios to identify whether changing weather
patterns could affect energy yields across the portfolio.
Asset availability
Maintenance costs, replacement costs and insurance premiums
will be impacted by changes in weather patterns that result in
more severe events such as lightning strikes, hail and windstorms,
floods and wildfires. Increase in frequency or severity of damage
to the underlying assets may also lead to an increase in insurance
premiums and over the long term to inability to insure against
certain hazards. This risk is most likely to manifest in a ‘High
emissions’ scenario, where physical risks tend to be higher.
The Investment Manager’s analysis is set out on page 75.
Further detail on these findings and the method of assessment is set
out on page 75. The climate-related risks faced by TRIG in different
climate scenarios are determined to have a limited adverse impact
on the Company’s business strategy. Materiality was determined
utilising a third-party provider’s rating system, primarily based on the
asset’s physical exposure and vulnerability to climate hazards and
the potential impact such exposures could have on both the asset’s
operations, and where possible to quantify, valuation.
Strategy
TRIG’s business model is specifically designed to selectively capitalise
on the investment opportunities arising from the decarbonisation and
increased electrification of the energy system over the short, medium
and long term. These time horizons are defined as follows:
S
Short term: up to five years from the date of this report
aligning with the Company’s viability statement
M
Medium term: 5-15 years from the date of this report,
aligning to the typical length of government-backed
revenue support mechanisms
L
Long term: 15-30 years from the date of this
report, aligning with the typical life of a renewables
infrastructure asset
The pace of the transition to a net zero carbon future will, inter alia,
dictate the size of the investment opportunity for TRIG. Under current
plans for renewables deployment and transition across the European
countries in which TRIG invests, the Managers expect there to be
significant investment opportunities for the Company over the long
term, which supports the resilience of TRIG’s strategy.
In line with the TCFD classification, climate-related
risks and opportunitiescanbroadly be split into
twocategories:
Transition risks
Risks related to the transition to a lower-carbon economy.
These risks are related to four risk drivers: policy and legal risk;
technological risk; market risk; and reputational risk.
Physical risks
Risks associated with physical impacts from climate change
that could affect energy assets and operating companies.
These impacts may include ‘acute’, event-driven hazard
occurrences such as severe storms, floods, and wildfires,
and ‘chronic’ longer-term impacts, such as sea-level rise and
changing wind or precipitation patterns.
71TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Climate-related trend Potential impact Category Time horizon Mitigation and resilience
Changes in
power prices
(transition)
Increasing penetration of intermittent
renewable electricity generators in the
energy system risks increasing the
volatility in the prevailing and forecast
power price.
Financial
planning
L
M
S
Near term, exposure is reduced through
managing the proportion of revenues with
fixed power prices, achieved through the
acquisition of investments with subsidised
revenues, fixing under offtake agreements
and the use of hedging instruments.
Medium term, the build-out of long-term
storage infrastructure, electric vehicle
(“EV”) charging and grid upgrades will
help provide flexibility to the energy
system, countering the intermittency
ofrenewables generation.
Climate change is considered in the
valuation of the Company’s investments.
For example, cannibalisation is applied to
power price assumptions, accounting for
the effect that renewables can have on
overall power prices.
Increasing renewables build-out without
sufficient demand-side action could
reduce power price forecasts.
Investments
L
Extreme
weather events
(physical)
Increased risk to portfolio investments of
physical damage to on-site infrastructure
and off-site transmission and distribution
systems, alongside additional safety
risks and operational considerations.
Investments
L
M
S
Portfolio diversification across
geographies and technologies, which
reduces the overall impact of action taken
by an individual government, of any local
extreme weather event or any single
asset failure. As an additional mitigation
measure, insurance against such risks is
obtained as standard across the portfolio.
Changes
to weather
patterns
(physical)
Material increase or decrease in an
asset’s energy yield from that expected
at the time of investment.
Investments
L
M
Maturing of the
renewables sector
(transition)
As portfolios mature and subsidy
periods come to an end, the power
price exposure of renewable investment
portfolios will naturally increase.
Strategy
L
Mitigated in part through the
use of offtake arrangements
or hedging instruments.
Project
economics
(transition)
Economics pushing projects to a greater
scale may result in fewer opportunities
by number. An increased volume of
capital looking to deploy in renewables
may mean projects become highly
sought after.
Strategy
L
M
Investment discipline is key.
Organically created investment
opportunities within the portfolio,
remain an important route to
attractiveopportunities.
Increased
government
support for the
transition to
net zero
(transition)
Follow-on investments in the existing
portfolio such as the co-location
of generation and storage, and the
repowering or expansion of existing sites.
Investments
M
S
Consideration of a broader range of
investment opportunities and regions
within the Company’s investment remit.
Near term, the greatest investment activity
in TRIG’s key markets is expected to
be from development projects, such as
the development of battery storage in
the UK, and the repowering of onshore
windassets across Europe.
Growth of markets where TRIG has an
investment focus, broadening of TRIG’s
diversification to further geographies.
Strategy
L
M
Maturity of
newer storage
technologies
(transition)
Investment opportunities presented by
newer storage technologies.
Strategy
L
M
Increased
demand for
sustainable
investments
(transition)
Further growth of the Company, meaning
greater diversification through further
acquisitions and accretion through
raising capital at a share price in excess
of the Company’s Net Asset Value.
Financial
planning
L
M
S
Linkage of TRIG’s revolving credit
facilityto sustainability KPIs, and
hedgingarrangements.
RisksOpportunities
Time
horizon key
Short term
(0–5 years)
S
Medium term
(15–15 years)
M
Long term
(15–30 years)
L
TCFD continued
Summary of key climate-related risks and opportunities
The table below sets out key climate-related risks and opportunities as they apply to TRIG. The risks identified overlap with the Company’s
‘high’ residual impact principal risks: electricity pricing, energy yield, counterparty credit and political and regulatory, as set out in the Risk
andRiskManagement section.
72 TRIG Annual Report 2025
Approach to climate risk
assessment and scenario
analysis
The Managers periodically undertake a climate risk assessment
of the Company’s portfolio to better understand its exposure and
vulnerability to physical and transition climate risks and capacity
tocontinue to capitalise on climate-related opportunities, and,
wherefeasible, consider the implementation of measures that
can help enhance its resilience over the long term, factoring
in theeconomic life of each asset. This approach is aligned
with theTCFD recommendations and draws on the Climate
ResilienceInvestment Framework (“CRIM”) produced by the
Institutional Investors Group on Climate Change (“IIGCC”)
in2025.
The latest such assessment was conducted for the Company’s
portfolio as at 31 December 2025, utilising three emissions
scenariosfrom the Intergovernmental Panel on Climate
Change(“IPCC”).
Climate scenarios
A scenario is defined as a realistic description of how the Earth’s
physical atmospheric system may evolve over time, based on a
given set of assumptions about key drivers of GHG emissions and
concentrations, and land use. Scenarios are collectively referred
to as Representative Concentration Pathways (“RCP”).
Low emissions / ‘Paris aligned’
(SSP1-RCP2.6)
A high degree of civic-social commitment to adaptation and
mitigation leads to emissions growth levelling out by 2050 and
declining after. This is the Managers’ chosen Paris-aligned
scenario, resulting in a global temperature increase of 1.3-2.4°C
in2100 compared to a 1986-2005 baseline average.
Moderate emissions / ‘Business as usual’
(SSP2-RCP4.5)
A moderate degree of civic-social commitment to adaptation
and mitigation with some continued fossil fuel emissions –
most closely representing current global climate policy trends.
Scenario projects global warming of 2.1-3.5°C in 2100 compared
to a 1986-2005 baseline average.
High emissions / ‘Hothouse World’
(SSP-8.5-RCP-8.5)
Social and economic development is based on an intensified
exploitation of fossil fuel resources. Continued greenhouse gas
emissions growth through 2100, and a likely global warming of
3.3 – 5.7°C in 2100 compared to a 1986-2005 baseline average.
Physical climate risk assessment
The physical climate risk assessment applies a structured,
location-specific methodology to evaluate potential physical climate
perils across the portfolio. The approach combines standardised
peril exposure modelling with an internally developed vulnerability
framework to derive a consistent view of inherent physical climate
risk at the asset level. The review identified 20 projects, representing
23% of the Portfolio Value, as having high or very high inherent
risk exposure to physical climate perils. The quantification of the
financial impact of this updated assessment will be undertaken in
2026. The previously reported estimated impact of c.2-3p per share
willberefreshed in the 2026 Annual Report.
1. Peril Modelling at asset locations
For each asset held as at 31 December 2025, the Managers
selected representative point locations (each with single point
coordinates). These coordinates were analysed using an external
high-resolution climate risk tool to assess exposure to a defined suite
of nine physical climate perils (acute, event-driven occurrences),
represented by 13 underlying metrics that also serve as indicators
of longer-term chronic climate patterns.
Modelling was conducted at five-year intervals under three climate
scenarios detailed above, producing a location-specific exposure
score for each peril over time.
The assessed perils and associated metrics include:
1. Cold (extreme cold days)
2. Drought (multi month precipitation deficits/total water stress)
3. Flood – coastal (storm surge, tides, sea level rise), fluvial (riverine
depth at a given annual probability) and pluvial (intenserainfall
driven surface flooding)
4. Hail (frequency of large hail storm)
5. Heat (extreme heat days; annual cooling requirement;
wetbulbglobe exceedance)
6. Extreme precipitation (annual probability of intense
daily rainfall)
7. Wildfire (annual probability of large events)
8. Wind (annual probability of extreme wind speeds)
9. Subsidence (annual probability of shrink–swell soil movement
causing structural stress)
Sector-specific sensitivity thresholds
To interpret the relevance of peril exposure for operational
performance, the Managers defined sector-specific sensitivity
thresholds for each underlying metric. These thresholds indicate
when a climate variable becomes materially challenging based on
sector norms, engineering references and operational considerations;
they are not intended to represent the engineered design limits of any
asset. For example, for heat-related metrics such as days per year
above 35°C, the threshold for onshore and offshore wind is set higher
than for solar PV and battery storage. This reflects differences in how
prolonged high temperatures influence asset performance – such as
electronics derating in PV systems, increased thermal load on storage
units, or crew-safety and access constraints for wind installations
– rather than any structural tolerance or certification boundary.
Including such thresholds supports the identification of assets where
elevated exposure may drive increased operational downtime,
accelerated wear or the need for further adaptation measures.
73TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Flood
Wildfire
Cold
Precipitation
Wind
Subsidence
Drought
Hail
Heat
Lowest Not able to assess
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
100%
LowMediumHighHighest
2. Vulnerability assessment
The Managers then evaluate each projects vulnerability, defined as
its susceptibility to harm from a heightened level of peril exposure.
Vulnerability is assessed across three dimensions:
1. Critical Components – sensitivity of key physical or
operational elements
2. Layout and Physical Context – site configuration
and topography
3. Access and External Dependencies – off-site infrastructure
such as roads, utilities, and communications networks
This assessment draws on proprietary research, asset type
characteristics, and operational knowledge.
3. Determining Inherent Physical Climate Risk
For each project and each peril, Inherent Physical Risk is
calculated as:
Inherent Physical Risk = Peril Exposure × Asset Vulnerability
This produces a consistent, comparable indication of potential future
physical climate risk before taking account of mitigation measures
already in place. These results help identify assets where risk may be
more significant, inform prioritisation of further analysis, and support
the development of targeted resilience measures. The analysis and
findings are communicated through the Operations Manager to
portfolio companies, with a view to ensuring that, where appropriate,
these risks are incorporated into portfolio company risk registers
and mitigation strategies are developed. The findings of the inherent
physical risk analysis are summarised below.
The analysis shows that peril-exposure levels across the three
scenarios do not materially diverge until approximately 2060 or later.
Therefore, given the remaining economic life of the assets in the
TRIG’s portfolio, the Managers have focused on the maximum peril
exposure observed under any scenario over the 2025–2050 period.
Overall, the analysis indicates that heightened inherent risk
(HighandHighest level) is limited to four perils — cold, flood,
wildfire,and extreme precipitation — and is concentrated across
20projects representing 23% of the portfolio by value. For the
majority of the portfolio by NAV, inherent risk remains within the lower
two rating categories across most perils. Wind and cold are the only
perils for which a material share of the portfolio registers a Medium
inherent risk rating. Certain perils cannot be assessed at all locations,
either because they are not applicable (e.g.drought or wildfire for
offshore sites) or, in a small number of cases, where model outputs
are inconclusive.
Distribution of inherent risk across perils (NAV weighted)
Maximum exposure in any scenario 2025-2050. Valuations, excluding cash, as at 31 December 2025
Onshore wind
Cold is the only peril
showing meaningfully
elevated exposure, with
some locations reaching
High and Medium levels,
though the associated
values remain modest.
Wind exposure is limited
to Medium, Low and
Lowest categories.
Medium subsidence
exposure appears at a small
number of sites with minimal
financial significance.
All remaining perils fall within
Low or Lowest categories.
Offshore wind
Very limited elevated
exposure is observed,
with small Medium ratings
for wind and flood; the
latter relates only to
harbour-located assets
and does not represent
material financial impact.
Hail, cold, drought and
subsidence appear only in
Low or Unable-to-Assess
categories, reflecting
modelling constraints.
All remaining perils sit in the
Lowest category, confirming
the sector’s overall low
inherent physical climate risk.
Solar PV
Wildfire is the only peril
showing elevated inherent
risk for solar PV, with
some High and Highest
exposures, though the
associated values remain
modest. Heat and drought
show Medium exposure
but do not indicate material
portfolio-level impact.
All other perils, including
hail, subsidence, wind,
precipitation and flood, fall
largely in Low or Lowest
categories, indicating limited
inherent physical climate
risk across most PV sites.
Battery storage
Flood is the only peril
showing any elevated
exposure for storage assets,
with small allocations into
the High and Highest
categories, though
associated values remain
very modest. Cold and wind
register limited Medium
exposure at a handful
of sites. All remaining
perils fall almost entirely
within Low or Lowest
categories, confirming that
inherent physical risk for
storage is minimal across
most hazards.
TCFD continued
74
TRIG Annual Report 2025
4. Resilience of the Company’s portfolio to
heightened physical climate risks
To begin understanding the potential implications of physical climate
risk on TRIG’s future performance, the Managers undertook an
initial targeted resilience review of projects with heightened inherent
risk. Locations were selected where (i) metric-level sensitivity
thresholds are exceeded in any time between 2025 and 2050;
and (ii) the inherent risk rating for at least one peril is classified as
High or Very High between 2025 and 2050 under any of the three
scenarios. An initial high-level review was conducted on 20 projects,
representing 23% of portfolio NAV, excluding cash, spanning
all technologies, and four perils for which heightened exposure
was identified. The objective of this analysis was to determine
whether existing mitigants – physical, operational, or financial – can
appropriately reduce risk such that the post-mitigation (residual)
risk is materially lower and within an acceptably manageable range.
Across all projects reviewed, the Managers applied a consistent
framework centred on three categories of resilience measures:
1 Engineering and nature-based enhancements:
These measures include permanent physical or ecological
interventions designed to reduce the likelihood or severity of
asset damage from acute weather events. Examples include
improved drainage, strengthened foundations, enhanced flood
protection, wind-resistant or fire-resilient design elements,
as well as nature-based features such as vegetative buffers,
shelterbelts, and other natural barriers that help absorb or
deflectclimate-related impacts.
2 Operational preparedness: operational mitigants relate to
monitoring, forecasting, and readiness procedures designed to
reduce disruption ahead of, during, or after an extreme event.
This includes protocols for severe weather alerts, site access
and safety procedures, contingency planning for high wind or
high temperature conditions, and well established business
continuity arrangements.
3 Insurance effectiveness: Insurance remains an important
mitigant for low probability, high impact climate events,
particularly where engineering measures are not technically or
economically feasible. The review examined coverage levels,
policy terms, renewal practices, and prevailing market conditions,
and assessed the effectiveness of insurance in protecting against
asset damage, business interruption, and revenue loss from
acute climate events.
Findings of the Initial Resilience Review
Across the 20 reviewed projects, the Managers found that:
– In most cases, the combination of engineering measures and
strong operational preparedness can materially reduce the impact
of asset damage or prolonged downtime under the relevant peril
– Insurance coverage provides an effective backstop for severe or
residual risks, particularly for perils where permanent engineering
or ecological solutions are not feasible or where uncertainty
remains high. The Managers will continue to monitor the property
damage and business interruption insurance market to ensure
adequate policies continue to be in place across the portfolio
– No instances were identified where the combination of mitigants
was judged insufficient, although a number of cases were identified
for exploring future resilience and adaptation enhancements
Based on this initial assessment, the Managers consider that existing
mitigants are generally appropriate to reduce inherent risk to an
acceptable residual level for the assets reviewed, recognising that
resilience is an evolving area and will continue to be monitored and
enhanced as climate science, regulation, and technology advance.
5. High physical risk scenario analysis
Under a high emissions scenario (temperature rise >3°C), chronic
and acute physical changes are expected to affect energy yields
across TRIG’s portfolio. Changes in climate variables – such as
wind speeds and solar irradiance – may reduce generation potential
over time. Using site-level information and the latest IPCC climate
projections
1
, the Managers modelled a scenario in which wind speeds
and irradiance gradually decline over a 20-year period, resulting
in portfolio-level generation consistent with a P90 downside case
by the end of the horizon. This could reduce NAV per share by
approximately 6p.
Physical climate risks – both chronic (long term shifts) and acute
(short duration extreme events) – are also expected to adversely affect
operations. Together, these physical impacts represent a potential
reduction in Portfolio Value under this scenario, before considering
other factors. The quantification of the financial impact ofthis updated
assessment will be undertaken in 2026. The previously reported
estimated impact of c.2-3p per share will berefreshed in the 2026
Annual Report.
As outlined in the initial resilience review above, the Managers
consider that existing mitigants are generally appropriate to reduce
inherent risk. This is further supported by the fact that TRIG has
a diversified portfolio – spanning multiple technologies and five
European countries – which reduces the portfolio-wide effect of
anyindividual asset being exposed to localised weather impacts.
Transition climate risk assessment
To complement the physical climate risk assessment, the Managers
also evaluated the potential implications of a high transition-risk
scenario for the portfolio, applying this as a forward-looking stress
test rather than a forecast of expected outcomes. This assessment
focuses on the possible financial effects that could arise under a rapid
and comprehensive policy drive to decarbonise the power sector and
the wider economy.
Power price forecasters vary in their long-term views across
regions, and most current market outlooks do not assume that
global warming is limited to 1.5–2°C nor align with the temperature
outcomes associated with a high-emissions (4°C+) pathway.
Future power prices depend on the scale and pace of economy-wide
decarbonisation, including electrification of other emitting sectors and
changes in demand patterns.
To explore the potential impact of an accelerated transition, the
Managers used net zero variants of long-term power price forecasts.
These represent stylised pathways to deep decarbonisation and are
constructed using complex models with numerous assumptions.
Recognising that multiple pathways can achieve a similar climate
outcome, some forecasters provide several net zero trajectories
withdiffering policy, technology, and market assumptions.
For instance, a single forecaster may present:
– a subsidy-led pathway, where accelerated renewable deployment
drives decarbonisation across the economy, typically associated
with lower price projections; and
– a carbon-price-led pathway, where progressively higher carbon
pricing drives electrification and shifts the merit order in the power
sector, often resulting in higher projected prices.
The financial implications for the portfolio vary accordingly.
These pathways are illustrative and not intended to represent current
market value, nor do they reflect reasonably possible changes
expected within the next 12 months; hence they are not incorporated
into the sensitivities required in the financial statements (see Note 4).
1 IPCC Sixth Assessment Report.
75TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
1. High Transition Risk Scenario Analysis
Under this stress test scenario, consistent with the Low
emissions / ‘Paris aligned’ (SSP1-RCP2.6) scenario referenced
above, policy interventions accelerate decarbonisation across the
power sector and wider economy, including higher than expected
deployment of renewable generation and each of TRIG’s countries
of operation achieving net zero by 2050. In this lower temperature
pathway, physical climate-related damages are assumed to remain
manageable and insurable, and, therefore, no incremental physical
damage costs are modelled. The table on the right outlines the
powerprice trends that are likely to be observed under this scenario.
Observation
Impact on price
forecasts in isolation
Increased levels of
renewable deployment
Downward pressure
Increased electricity demand
from electrification
Upward pressure
Decreased gas prices Downward pressure
Increased carbon prices Upward pressure
In-house modelling using net zero power price scenarios across
multiple pathways indicates a potential impact in the range of
approximately +5% to –5% on Portfolio Value (equivalent to +5p
to –5p per share) on a committed basis. These impacts may be
moderated by industry-wide efficiencies, such as declining operating
costs and improved generation performance as the sector continues
to mature.
A key structural challenge highlighted in these scenarios is that,
as long-term power prices fall under certain transition pathway
thresholds, the economic viability of new projects may be
constrained. This creates a potential feedback loop, reducing the
rate of renewables deployment and weakening downward pressure
on prices. However, governments across TRIG’s core markets
are increasingly setting more detailed policies on both renewable
electricity supply and electrification of demand, which may help
mitigate this effect and support the investment environment required
for net zero delivery.
2. Transition Risks Under a High Emissions Scenario
In a high temperature (>3°C) world, the global energy
transition is assumed to proceed more slowly than expected.
Renewable deployment lags current assumptions, the wider
energy system is not substantially decarbonised, and insurance
forclimate-related damages may become costly or less accessible.
These conditions would unfold over a 5–15 year period.
While current power price forecasts are not explicitly tied to
temperature outcomes, many of their underlying assumptions –
particularly around renewable build out – are broadly consistent with
a 3°C trajectory. In such a scenario, it is likely that renewable roll out
embedded in today’s forecasts would not be achieved. As a result,
the medium to long-term reduction in power prices projected under
current forecasts may not materialise, which could benefit TRIG’s
NAV and partially offset the adverse impacts from reduced generation
and physical risks. Power price forecasters do not provide formal high
temperature cases; therefore, the Managers have not attempted to
quantify the pricing effect.
Conclusion
Taken together, the analysis indicates that TRIG’s portfolio
demonstrates a broadly resilient position to climate-related
risks across the assessed physical and transition pathways.
Physical climate risks are generally moderate, with heightened
inherent risk confined to a limited number of perils and locations
and further mitigated through a combination of engineering and
nature-based enhancements, operational preparedness measures,
and effective insurance arrangements. Transition risk assessments
show that TRIG’s diversified portfolio and long-term, policy-
aligned investment strategy provide resilience to both accelerated
and delayed decarbonisation pathways, with potential financial
impacts partly offsetting one another under different scenarios.
While uncertainties remain and climate risk is an evolving area,
the Managers consider that TRIG’s existing risk management
practices, portfolio diversification, and ongoing integration of climate
considerations into investment and asset management processes
support the Company’s ability to manage climate-related risks
and continue to capitalise on climate related opportunities over
thelong term.
Risk management
Climate-related risks are identified and assessed by the Managers
when making new investments (throughout the investment screening
and due diligence processes) and in the running of the current
portfolio (asset management activities, monitoring and reporting).
Climate-related risks identified through the acquisition process are
managed through the acquisition business plan and investment
pricing. The appropriateness of mitigating action is considered by
theInvestment Committee as part of the investment process.
The Managers monitor the management of identified climate-related
risks for all projects, while also requiring climate-related risks to
be maintained as part of each risk register. The Managers seek to
work closely with management teams of portfolio companies with
heightened exposure, by supporting efforts to establish adaptation
measures in response to risks identified in the assessment.
Representatives of RES, and in some cases InfraRed, sit on the board
of each portfolio company. Through this role, they endeavour to
ensure that climate-related risks are considered by portfolio company
management teams, reflected in portfolio company risk registers
and appropriate mitigation plans in place. Management activities are
discussed by the Advisory Committee through their quarterly review
of portfolio performance.
Climate-related risks are integrated into TRIG’s risk management
framework through the investment process and are reported quarterly
to the Board. The Board considers the completeness of the risks
recognised and the sufficiency of controls and mitigation, identifying
where it is felt further action is required. For further information on the
Company’s approach to risk management, refer to the Risk and Risk
Management section of the Strategic Report.
TCFD continued
76
TRIG Annual Report 2025
Metrics and targets
Metrics and targets support monitoring of TRIG’s climate-related
performance and complement the scenario analysis described
ontheprevious page.
The Company considers the TCFD’s seven cross-industry metrics
and specifically reports on GHG emissions related to its activities.
In addition, TRIG utilises a range of metrics, which assist in the
monitoring of the portfolio’s contribution to mitigating adverse
climatechange, including the ones set out below.
The Company has set two objectives related to the decarbonisation
of its portfolio: 1) 100% of total portfolio sourcing electricity under
Renewable Energy Supply Contracts, or generating for own use by
2035; and 2) Engage suppliers covering at least 75% of TRIG’s Scope
3 emissions with a view to have net zero targets in place by 2028.
Further metrics, including those relating to TRIG’s other sustainability
priorities of Environment, Communities and Governance, can be
found in the Sustainability section of this report.
The Board and Managers also consider several metrics that manage
the Company’s climate-related risks and opportunities including,
butnot limited to:
– Renewables build-out assumptions in TRIG’s investment and
target acquisition markets, which impact long-term power price
forecast assumptions
– Percentage of revenues with fixed power prices, which impacts
the extent to which fluctuations in power price forecasts affect
theportfolio valuation and forecast cash flows
– Energy yield, where deviations from expectations are examined
for climate-related risk factors, including those arising from asset
availability – The Company’s annual budgeting and semi-annual
valuation process includes forecasts, which may be influenced
by the energy transition and physical impacts of climate change.
These include expectations in respect of variables, in particular:
– Percentage of revenues with fixed power prices, which impacts
the extent to which fluctuations in power price forecasts affect
the portfolio valuation and forecast cash flows
– Energy yield, where deviations from expectations are examined
for climate-related risk factors, including those arising from
asset availability
Deviations of these variables from budgets and changes to the
variables in forecasts may serve as leading indicators of changes
to climate-related opportunities, risks and performance. For more
information on the Company’s valuation process, refer to the
Valuation of the Portfolio section on page 37.
Metric Methodology Unit FY 2024 FY 2025 Comment
Renewable energy
generation
1
Based on portfolio performance
during each year. Calculated based
on each project’s generation
capacity, pro-rated for TRIG’s
share of subordinated debt and
equity capital.
GWh 5,915 5,431 Reduction in generation
reflects low wind resource
and high grid downtime
during the year.
Tonnes of carbon
emissions avoided
Based on actual and curtailed
generation during each year,
using the IFI Approach to GHG
Accounting.
tonnes of
CO
2
e
2.0m 1.8m This figure is calculated using
portfolio generation figures.
Changes year-on-year reflect
the reasoning above.
Number of homes
(equivalent) powered
during the year
Based on actual generation of the
operational portfolio during the year,
using the IFI Approach to GHG
Accounting.
homes
(equivalent)
1.6m 1.6m Figure level despite low
wind resource and high grid
downtime during the year.
Proportion of portfolio
sourcing renewable
electricity
This measures the percentage
of assets which source electricity
used on-site from renewable
energy sources or generating
for own use.
% 94% 94% Target in place for
100% of portfolio to be
sourcing electricity under
Renewable Energy Supply
Contracts orgenerating
forownuseby2035.
1 Includes compensated production due to grid curtailments, insurance and other availability warranties.
77TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
GHG emissions
The Greenhouse Gas (“GHG”) Protocol categorises GHG emissions
into three Scopes:
– Scope 1: direct emissions from owned / controlled sources
– Scope 2: indirect emissions from the generation of
purchased energy
– Scope 3: includes all other indirect emissions that occur in the
Company’s value chain
TRIG’s Scope 1, Scope 2 and Scope 3 GHG emissions are
disclosedin the table below, aligned with the GHG Protocol
Corporate Accounting and Reporting Standard. In addition, Scope3,
Category 15 emissions, i.e. financed emissions, are calculated in
accordance with the Partnership for Carbon Accounting Financials
(“PCAF”) methodology.
In line with the FRC’s Streamlined Energy and Carbon Reporting
(“SECR”) regulations, TRIG is required to disclose its direct energy
consumption and associated GHG emissions (i.e. Scope 1 and 2).
TRIG does not directly consume any energy or generate Scope
1 and2 emissions related to renewables asset operation and
construction within its own operational boundaries, as all operational
and construction activities related to the portfolio are sub-contracted
(i.e., no direct control), and the Company is not directly responsible
forthe purchase of any fuel.
Instead, TRIG accounts for all Scope 1, 2, and 3 GHG emissions
relevant to each asset in which it holds equity and / or debt, using an
attribution factor calculated in line with the ‘Project Finance’ approach
under the PCAF’s Financed Emissions Standard (an attribution factor
of zero is assigned to projects where the senior debt exceeds the
balance sheet value of fixed assets). Therefore, TRIG includes both
required Scope 1 and 2 emissions, as well as estimates of upstream
Scope 3 emissions occurring from the operation, construction, and
other required activities for maintenance of assets in the portfolio.
The market-based approach has been adopted for the reporting of
electricity-based emissions related to TRIG’s portfolio.
Metric FY 2023 FY 2024 FY 2025
Scope 1 – direct emissions
(tCO
2
e)
– – –
Scope 2 – indirect emissions
(tCO
2
e)
– – –
Scope 3, Category 6 –
business travel (tCO
2
e)
– 8 7
Scope 3, Category 15 –
financed emissions (tCO
2
e)
36,665 30,565 42,291
Of which, emissions related to
operational assets (tCO
2
e)
28,510 25,330 27,477
Of which, emissions related to
assets in construction (tCO
2
e)
8,155 5,230 14,811
Of which, emissions related to
assets in development (tCO
2
e)
– 5 3
Total emissions – Scopes 1,
2 and 3 (tCO
2
e)
36,665 30,573 42,298
Avoided emissions (tCO
2
e) 2,110,503 2,008,526 1,826,048
Intensity ratio (tCO
2
e per
MWh of renewable electricity
generated)
0.0061 0.0052 0.0078
TRIG’s financed emissions breakdown by Scope
Metric FY 2023 FY 2024 FY 2025
Scope 1 Financed Emissions
(tCO
2
e)
6 2,483 127
Scope 2 Financed Emissions
(tCO
2
e)
340 214 139
Scope 3 Financed Emissions
(tCO
2
e)
36,319 27,868 42,025
Total Financed Emissions
(tCO
2
e)
36,665 30,565 42,291
Understanding the changes in our emissions
In 2025, two projects in the TRIG portfolio were under construction,
and repowering activities commenced at a further project.
This increase in construction activity was the primary driver of the
rise in financed emissions during the period. Emissions associated
with projects in construction increased by 183% from the prior year.
There was a more modest increase in emissions from operational
projects, including the project undertaking repowering.
Notwithstanding the overall increase, meaningful actions were
taken to reduce construction-related emissions at battery projects,
including, among other measures, the use of screw piles in place of
traditional solid concrete foundations.
During the period, a number of improvements were implemented
to the methodology used to calculate emissions from operational
projects. These included reallocating vehicle fuel emissions
associated with third-party activities on site to Scope 3 (previously
reported under Scope 1), following a review of project boundary
definitions, and replacing regional residual mix emission factors with
supplier-specific emission factors, where available, for market-based
Scope 2 reporting.
In addition, the Operations Manager engaged with parties involved
in the construction and repowering of projects to collect actual
activity-based data. This provides a more accurate emissions profile
for these activities compared to the capital expenditure-based
approach previously applied, which is sensitive to market price
fluctuations and does not directly reflect underlying activity levels.
During the reporting period, TRIG’s assets consumed approximately
47GWh of energy directly (on a gross basis, not accounting for TRIG’s
share), in the form of generator fuel and electricity, of which 52% was
sourced from renewable energy.
TCFD continued
78
TRIG Annual Report 2025
Risk Management
Recommended disclosure Pages
a. Describe the organisation’s processes for
identifying and assessing climate-related risks.
Pages
69 to 70
b. Describe the organisation’s processes for
managing climate-related risks.
Pages
76 to 78
c. Describe how processes for identifying, assessing,
and managing climate-related risks are integrated
into the organisation’s overall risk management.
Pages
69 to 78
Governance
Recommended disclosure Pages
a. Describe the board’s oversight of climate-related
risks and opportunities.
Pages
69 to 70
b. Describe management’s role in assessing and
managing climate-related risks and opportunities.
Pages
69 to 70
Task Force on Climate-related Financial Disclosures
The table below sets out the 11 TCFD recommendations, and where the related information can be found.
Metrics and Targets
Recommended disclosure Pages
a. Disclose the metrics used by the organisation to
assess climate-related risks and opportunities in
line with its strategy and risk management process.
Pages
76 to 78
b. Disclose Scope 1, Scope 2 and, if appropriate,
Scope 3 greenhouse gas (“GHG”) emissions and
the related risks.
Page
78
c. Describe the targets used by the organisation to
manage climate-related risks and opportunities
and performance against targets.
Pages
76 to 78
Strategy
Recommended disclosure Pages
a. Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium, and long term.
Pages
71 to 72
b. Describe the impact of climate-related risks and
opportunities on the organisation’s businesses,
strategy, and financial planning.
Pages
73 to 76
c. Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C
or lower scenario.
Pages
73 to 76
Targets within TRIG’s revolving credit facility
TRIG’s ESG-linked revolving credit facility (“RCF”) was refinanced in
February 2025 with amended, ambitious sustainability targets set
for the Company to reflect better the current operating environment
and medium-term goals of the business. Performance against
these targets is measured each year and validated by an external
party. All the RCF KPIs were met for the year ending 31 December
2025, which is expected to result in annual savings of c.£150,000.
The performance against these metrics in FY 2025 was as follows:
Metric FY 2025
FY 2025
Target Status
KPI 1: Renewables Development
MW of capacity reaching final
investment decision (“FID”)
125.1 ≥100 Achieved
KPI 2: Community Funding
Number of new voluntary
community funds supported
by TRIG
2 ≥2 Achieved
KPI 3: Health & Safety
7-Day Lost Time Accident
Frequency Rate;
0.27 <0.5 Achieved
Number of RES HSQE assurance
reviews conducted across
portfolio
9 ≥3 Achieved
79TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Strategic Report Disclosures
Section 172 Statement
During the year to 31 December 2025, the Board has acted in a way that it considers, in good faith, would be most likely to promote the
success of the Company for the benefit of its members as a whole, having due regard for the matters set out in section 172 (1) (a) to (f)
oftheCompanies Act 2006.
The Company recognises that, to be successful in the long term, the impact of our business on our key stakeholders should be an integral
part of the Board’s decision-making process. The Board also takes the opportunity to engage with our stakeholders as appropriate.
Section 172 matter Overview 2025 comment
Further
information
The issues, factors
and stakeholders
the Directors
consider relevant
in complying with
section 172(1) (a)
to (f) and how
they have formed
thatopinion
The Board challenges the
Managers to be alert to the
concerns of stakeholders
and how best to address
these concerns to ensure
continuing positive
stakeholder engagement.
The Board regularly receive updates on items related to section 172(1)
(a)-(f) primarily through quarterly Investment Manager and Operations
Manager reports.
The Company’s relationships with suppliers, customers and
contractors is a key part of the operations report, while items relating
to shareholders, Company reputation and investment decisions are
contained within the Investment Manager Report.
The Company’s risk review framework (reviewed and reported on
quarterly) also facilitates the identification of items relevant to the
Section 172(1) statement.
Long-term factors relating to the Company’s decisions are also
considered in detail at the annual review of the Strategy by the Board
(see below).
Pages
4,
14-15,
56
The likely
consequences
of any decision
in the long term
TRIG’s purpose and
strategy, alongside the
sustainable approach of
theManagers.
The Board undertook a detailed review of TRIG’s long-term strategy
alongside the Managers at the annual strategic review (in addition to
the regular quarterly reviews) with particular focus on capital allocation,
capital markets and external communication considerations in
these areas.
Pages
14-15,
54-55,
81, 95
The interests of
the Company’s
employees
While TRIG does not have
any direct employees, our
approach is to positively
impact the communities
in which our assets are
located, as well as those
that interact with our
assets.
As an externally managed investment trust with no direct employees,
the Board focused on the wellbeing of those working across the
portfolio and supply chain. In 2025, high standards of health and safety
remained a priority, with quarterly reporting to the Board and continued
monitoring of Lost Time Accident Frequency Rate. The Board also
oversaw engagement with key suppliers on diversity, equity and
inclusion through the annual sustainability survey to ensure alignment
with TRIG’s sustainability objectives and best practice.
Pages
35-36,
69-78,
88-89,
98
The need to foster
the Company’s
business
relationships
with suppliers,
customers and
others
The Board interacts with
all key stakeholders either
directly or through the
Managers.
The Board continued to engage with key stakeholders either directly
or through the Managers. During the year, the Board evaluated the
performance of key suppliers and the Investment and Operations
Managers through annual review processes. These reviews informed
decisions on service provision and risk management, including
insurance arrangements and supplier oversight.
Pages
88-89,
95
The impact of
the Company’s
operations on the
community and
the environment
The Board and Managers
recognise that the
Company’s responsibility
goes beyond climate-
related environmental
considerations alone.
They seek to incorporate
sustainable practices which
can meet the needs of the
present generations without
compromising the needs
offuture generations.
The Board and Managers continued to recognise that
TRIG’s responsibilities extend beyond financial performance.
Community engagement remained integral to asset management,
including consultation with local stakeholders, minimising disruption
during construction and operation, and maintaining an active
programme of community funds. The ESG Committee, continued
to provide oversight and strategic direction on sustainability matters
throughout 2025, including environmental performance, regulation and
progress against sustainability priorities.
Pages
35-36,
69-78,
98
80 TRIG Annual Report 2025
As an externally managed investment trust, the Company has no
direct employees. A summary of the Company’s key stakeholders
isshown on page 15, with further commentary on page 88.
The examples below demonstrate the manner in which section
172 matters have been considered and reflected as part of key
Boarddecisions in the period:
– Disposals and capital allocation strategy: The Board considered
shareholder interests, long-term value and financial resilience
when appraising and approving capital allocation decisions.
This included the partial sell down of the Gode offshore wind
farm, generating €100m of proceeds, and the continuation of the
share buyback programme, with £57m deployed during the year.
These actions were assessed against alternative uses of capital,
including debt reduction and reinvestment into the development
and construction pipeline, andwere communicated transparently
to shareholders
– The target dividend for 2025 of 7.55p per share was achieved
and the Board has confirmed a target dividend of 7.55p per share
for 2026, reflecting the commitment to the progressive dividend
policy, which is to at least maintain the level of the dividend and
increase it when it is prudent to do so, and providing resilient
income, while rebuilding net dividend cover and prioritising
balance sheet strength
– Introduction of a continuation vote: in line with good corporate
governance practices, the Board put forward a resolution to
amend its Articles of Association at the 2025 AGM to incorporate
a continuation vote. The resolution passed, and a continuation
vote will be proposed as an ordinary resolution at the Company’s
AGM if in any preceding financial year (the first being FY ending
31 December 2025) the Company’s shares have traded on
average at a discount of more than 10% to the NAV per share.
The first continuation vote will be held at the 2026 Annual
General Meeting
Summary
On the basis of the Managers’ recommendations, the Directors have
considered existing sustainability and corporate culture policies,
relative to good industry practice for an infrastructure investment
company, believing them to be current and appropriate.
The Board remains committed to high standards of corporate
governance and keeps the Company’s practices under review with
respect to current best practice. Further details of how the Company
complies with the various corporate governance standards are set
out in the Corporate Governance Statement section.
The Board wishes to be at the forefront of disclosure and reporting
of the Company’s performance and strategic intentions. The Board
believes this is achieved by the communications as follows:
– Annual Report and Accounts
– Interim Statement and Accounts
– Detailed presentations to accompany the results
– Announcements of all material acquisition
– Meetings with shareholders held by the Investment Manager
and the Operations Manager
The Company’s website (www.trig-ltd.com), which includes
the Company’s prospectuses, financial disclosures and other
announcements since launch, provides further information on
TRIG and its investments.
Disclosure of key sensitivities and risks has been developed by the
Board working with the Managers. The level and type of disclosure
has been developed and refined to assist in a full and fair analysis
of the Company and its investments.
This Strategic Report is approved by the Board of Directors of
The Renewables Infrastructure Group Limited.
Richard Morse
26 February 2026
Registered Office: East Wing, Trafalgar Court, Les Banques,
St Peter Port, Guernsey, Channel Islands GY1 3PP
Section 172 matter Overview 2025 comment
Further
information
The desirability
of the Company
maintaining a
reputation for
high standards of
business conduct
TRIG aims to adhere to the
highest standards of
business conduct in
interactions with all
our stakeholders
The Board monitors TRIG’s approach to corporate culture through
both the quarterly Board meetings and ad-hoc interactions with the
Managers. This ensures high standards are adhered to with respect to:
– Promoting diversity and inclusion
– Taking accountability and being transparent in interactions
with stakeholders
– Ensuring careful stewardship of the Company and its assets
Pages
88-92
The need to act
fairly between
members of
theCompany
The Board actively engages
with Company shareholders
and considers their interests
when making decisions
Investor meetings are arranged with the Chair and the Senior
Independent Director to give investors the opportunity to discuss
matters directly with the Board. Further, meetings between
shareholders and the Managers take place following the half-yearly
reporting cycles, with key themes being fed back to the Board.
Investors also have the opportunity to discuss matters with the Board
at the Annual General Meeting.
A site visit was also held in the year for investors, with attendance from
Board Directors and representatives from the Managers.
Pages
88,
95-96
81TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
WHAT'S IN THIS SECTION
Compliance with the AIC Code 83
Board of Directors 84
Corporate Culture 88
Corporate Governance Statement 93
Committees of the Board 97
Audit Committee Report 99
Remuneration Committee Report 103
Report of the Directors 106
Directors’ Statement of Responsibilities 110
Governance
82 TRIG Annual Report 2025
Compliance with the AIC Code
The AIC Code of Corporate
Governance (the “AIC Code”) addresses
the principles and provisions set out
in the UK Corporate Governance
Code 2018 (the “UK Code”) and, for
accounting periods commencing from
1 January 2025, the updates to the UK
Code made in January 2024 as they
apply to investment trust companies.
The Board considers reporting against the AIC Code more
appropriate for TRIG and believes this to be more informative for
theCompany’s shareholders.
The Board confirms that the Company has applied the principles
and complied with the provisions of the AIC Code (and associated
disclosures under the applicable provisions of paragraph 6.6.6 of
the Listing Rules), insofar as they apply to the Company’s business,
throughout the year to 31 December 2025.
All of the Company’s day-to-day management and administrative
functions are undertaken by third parties. As a result, the Company
has no executive directors, employees or internal audit functions.
The Company, therefore does not make any disclosures in respect
ofthese provisions. These are re-assessed on an annual basis.
Details on how the Company has complied with the AIC Code are set out below:
Board leadership and purpose
The Board is responsible for leading the business in a way that
supports the Company’s purpose of creating shareholder value
from a portfolio of renewable energy generation and supporting
infrastructure, contributing towards a cleaner and more
securefuture.
Read more on pages 84 to 87.
Division of responsibilities
Responsibilities of the Chair and non-executive Directors are
reported in a clear and transparent manner, to enable effective
governance. The Board is supported through the work of
bothManagers.
Read more on page 87.
Composition, succession and evaluation
The Nomination Committee considers the Board’s composition,
including skills, knowledge and experience.
Read more on page 97.
Remuneration
The Remuneration Committee ensures a fair reward structure for
the non-executive Directors.
Read more on pages 103 to 105.
Audit, risk and internal control
The Audit Committee is supported by the Managers and other
key stakeholders to give full consideration to the Company’s
financial reporting. Potential risks, and how to best mitigate them,
are discussed within the course of each quarterly Board meeting.
Read more on pages 99 to 102.
83TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Board of Directors
The Board meets a minimum of four
times per year for regular Board
meetings and there are several ad
hoc meetings dependent upon the
requirements of the business. The
Company’s strategy is considered
at each of the Board’s quarterly
meetings, a dedicated strategy
meeting once a year, and ad hoc as
required. In addition, the Board has
six Committees covering the areas
of Audit, Nomination, Remuneration,
Management Engagement, Market
Disclosure and ESG, chaired by
respective members of the Board,
which receive and consider specialist
independent adviser reports and
presentations. Health and safety
and risk management both feature
as dedicated agenda items in the
Board’s regular, quarterly meetings.
The Board takes advice from the Investment Manager, InfraRed,
as well as from the Operations Manager, RES, on matters
concerning the market, the portfolio and new investment
opportunities. Day-to-day management of the Group’s portfolio
is delegated to InfraRed and RES, with investment decisions
within agreed parameters delegated to an Investment Committee
constituted by senior members of the Investment Manager.
The Board reviews the performance – including their adherence
with TRIG’s Sustainability Policy – of all key service providers,
including the Investment Manager and Operations Manager, at
least on an annual basis through its Management Engagement
Committee. Further detail on stakeholders can be found in the
Corporate Culture section.
Richard Morse
Chair of the Board and
Nomination and Market Disclosure
Committee Chair
Appointed 18 July 2022, Richard has more than 40 years’
experience in the energy, environmental and related infrastructure
sectors, as well as a wealth of experience in investment company
governance. He is a partner in the sustainable energy practice at
Opus Corporate Finance LLP. Among his board appointments, he
is a non-executive Director of Heathrow Southern Railway Limited,
and also CCm Technologies Limited; and a Trustee of the Leeds
International Piano Competition. Richard was previously Chair of
JLEN Environmental Assets Group Limited from its IPO in 2014 to
2022 and Deputy Chair of Bazalgette Tunnel Limited (“Tideway”)
as well as Chair of its Audit and Finance Committee. He has
previously held executive roles as a partner at Greenhill & Co, Head
of European Utilities & Energy at Goldman Sachs, and Deputy Head
of Corporate Finance and Head of Utilities & Energy at Dresdner
Kleinwort Wasserstein. Richard has also held public sector roles,
having been the Deputy Director General of Ofgem and a Senior
Adviser to the Department of Energy and Climate Change (now
subsumed into DESNZ). Richard is a UK resident.
Relevant skills that support TRIG’s
long-term success:
– Extensive energy, environmental and infrastructure
experience at national and international level in both
the private and public sectors
– Substantial board and governance experience in seniorroles
throughout his career, in executive and non-executive roles,
with a particular expertise in mergersand acquisitions, and
fundraising for infrastructure, utilities andenergy companies
– A highly regarded expert in the field of sustainable energy
and technology with a deep insight into the history and
progression of the sector
84 TRIG Annual Report 2025
John Whittle
Director and Audit
Committee Chair
Tove Feld
Senior Independent
Director and Remuneration
Committee Chair
Appointed 1 July 2021, John is a Fellow of the Institute of
CharteredAccountants in England and Wales and holds the
Institute of Directors Diploma in Company Direction. He is the
non-executive Chair of Starwood European Real Estate Finance
Ltd (LSE), Audit Committee Chair of Sancus Lending Group Ltd
and non-executive Director of BH Macro Ltd (LSE). Prior to these
roles, John was Senior Independent Director and Audit Committee
Chair at International Public Partnerships Ltd (“INPP”), the FTSE 250
infrastructure investment company. In his executive career, among
other senior roles, John served as Finance Director of Close Fund
Services and CEO of Hugh Symons Group PLC. John is a resident
of Guernsey.
Appointed 1 March 2020, Tove is a Danish national and has more
than 30 years’ experience in the renewables sector, with a focus
on offshore wind. Her previous roles include Chief Technical
Officer at DONG Energy Wind Power (now Orsted) where she
had a prominent role in preparing the company for IPO, Head of
Engineering Solutions at Siemens Offshore Wind Power, as well
as Managing Director of DNV Global Wind Energy. Tove currently
serves as non-executive Director on a number of boards supporting
the Green Energy Transition, including Venterra Group plc, a service
provider to the wind industry; Cloudberry Clean Energy ASA
(Chair), a Nordic IPP; Stockholm Exergi AB, Stockholm´s Energy
Company; and Polytech AS, a global front-runner in wind power
innovation and solutions. She is also a non-executive Director on
the Board of YARA International and serves on the Wind Energy &
Energy Systems Advisory Board of the Danish Technical University.
Tove is a UF (USA) Engineering Graduate (MSc), she has a PhD.
from Aalborg University (Denmark) and Executive MBA from IMD
(Switzerland). Tove is a resident of Denmark.
Relevant skills that support TRIG’s
long-term success:
– Extensive renewables and energy generation operational
experience, proving a deep understanding of technology,
commercial, project, portfolio and risk management with
astrong health and safety focus
– Board and governance experience from external
international listed boards ranging from innovation to
investment companies. Combined with a deep energy
market insight, various stakeholder views and understanding
of the Net Zero Framework
– Strong people and business development focus, immense
experience with leadership and strategic transition from
energy and infrastructure businesses, encompassing a
dedicated focus on HSQE, D&I, ESG and sustainability
Relevant skills that support TRIG’s
long-term success:
– Investment company and governance; extensive
experiencegained over a number of years at multiple
FTSE-listed businesses, in particular during 12 years as a
non-executive Director, including as Audit Committee Chair
and Senior Independent Director at INPP (a FTSE 250-listed
infrastructure Investment Company)
– Accounting, audit and finance; Chartered Accountant with
over 40 years’ post-qualification experience including as a
Financial Director of a financial services business and CEO
of a large mobile telephone business
– Shareholder engagement; through John’s executive and
non-executive career he has deep experience of investor
engagement, particularly gained as Audit Chair and Senior
Independent Director of INPP and as Chair of Aberdeen
Frontier Markets Investment Company
85TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Selina Sagayam
Director and ESG
Committee Chair
Appointed 1 March 2023, Selina brings deep corporate finance
and legal experience from her executive career at two global
leading law firms including at Gibson, Dunn & Crutcher where
she led the firm’s Global ESG Practice and was Senior Counsel in
their Corporate Group until her retirement from the firm in October
2024. She currently Chairs the Sustainability and Stakeholder
Engagement Committee of Sequoia Economic Infrastructure
Income Fund Limited. She also has extensive experience as
a mergers & acquisitions, corporate governance, financial
services and regulatory law adviser. Selina has previously been
a non-executive Director of Hastings Group Holdings PLC and
a non-executive Director of FCA-authorised Hastings Insurance
Services Limited, and served as Chair of its Risk & Compliance
Committee. Selina was seconded as the Secretary to the UK Panel
on Takeovers and Mergers. Selina also chaired Gibson Dunn’s
UK Diversity & Inclusion Committee and sat on its Global Diversity
Committee. She is a trustee and Vice Chair of the charity Refuge
(and chair of its People, Nomination and Remuneration Committee),
and is a member of the AIC’s ESG forum. Selina is a UK resident.
Erna-Maria Trixl
Director and Management
Engagement Committee Chair
Appointed 1 March 2022, Erna-Maria is an energy and
infrastructure expert and is currently an independent
executive consultant focusing on energy, green transition
and telecommunications.
Erna-Maria is also a member of the advisory board of Tyczka
GmbH, a family-owned supplier of LPG, industrial gases and
greenhydrogen, and METR Building Management System GmbH,
a private Internet-of-Things platform company offering data-driven
solutions for energy-efficient real estate management.
She previously served as Chair of the supervisory board of M-net
Telekommunikations GmbH, as a member of the supervisory board
of Energie Suedbayern GmbH, and of the shareholder’s committee
of the nuclear power plant Isar 2. As an executive board member
at Stadtwerke München GmbH, Germany’s largest municipal utility
services company, she was responsible for the electricity, water and
district heating businesses. Prior to that, she held senior positions
within RWE Group and EnBW Energie Baden-Wuerttemberg AG.
Erna-Maria is a resident of Germany.
Relevant skills that support TRIG’s
long-term success:
– Extensive energy and renewables expertise
across the entire value chain and experience with
infrastructure and renewables investment strategies
andperformance management
– Strong business and stakeholder focus, balancing
short-term performance and long-term value creation
– Governance and risk management skills with a focus
onoperations, climate risks, sustainability, ESG and
healthandsafety
Board succession
The next expected Board succession process is expected to begin in 2027/2028, as Tove Feld approaches having served nine years
as a non-executive Director of TRIG.
Further details on the Board and its Nomination Committee’s approach to succession planning, including considerations
of diversity, equity and inclusion, and the appointment process for new Directors, is provided in the Corporate Governance
Statement section.
Relevant skills that support TRIG’s
long-term success:
– Deep understanding of ESG and sustainability principles
from both a strategic, regulatory and financial perspective,
helping to support and enhance the values at the foundation
of TRIG’s investment proposition, business model
and strategy
– Risk management and strategy across a range of
operational and services institutions
– Taken management and leadership in people and culture
strategies and delivery
– Diverse board experience across various private
institutionsas well as public boards and charities,
bringingvaluable insight to TRIG’s Board as part of
decision-making processes
– Corporate governance and shareholder stewardship
specialist with a deep understanding of financial
services regulation, cross-border M&A, investments
andcapital markets
Board of Directors continued
86
TRIG Annual Report 2025
Skills and expertise
1
Investment
Company
management
2
Investors
3
Strategy Transactions Finance
4
Risk
Comms and
PR Legal HSQE Sustainability
5
Construction
and
operational
delivery
Cyber / AI
risks and
opportunities
Tove
Feld
John
Whittle
Erna-
Maria Trixl
Richard
Morse
Selina
Sagayam
InfraRed
RES
Geographies Technologies
UK and Ireland Core Europe Nordics Iberia Onshore wind Offshore wind Solar Storage
Tove
Feld
John
Whittle
Erna-
Maria Trixl
Richard
Morse
Selina
Sagayam
InfraRed
RES
Key: Expertise Experience
Directors’ and Managers’ skills Matrix
1 Specialist advisers are hired where additional expertise is required, including the use of legal advisers.
2 Including management, dividend policy, and regulations (inc. Guernsey).
3 Including fund raising, shareholder engagement and defence.
4 Including valuation, audit and accounting.
5 Including Environment, Social and Governance, and Diversity and Inclusion.
87TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Corporate Culture
Stakeholder management
The Board believes in conducting business responsibly, which means behaving ethically, respecting people and the environment.
TRIG maintains high standards of business conduct and stakeholder engagement to ensure a positive impact on the communities and
environment in which the Company operates. This requires consideration of stakeholders by building strong relationships with suppliers,
customers, communities and authorities, among others.
TRIG’s relationships with its stakeholders and its dedication to maintaining a responsible approach to investment are essential to position TRIG
well for the longer term – and are expected by its shareholders.
TRIG and its appointees work with many stakeholders in the management of the business in the following categories:
Stakeholder group Overview Expectations of TRIG 2025 engagement
Company
Shareholders
We invest in renewable infrastructure assets using capital
from our investors. Engaging with shareholders is essential to
strong governance. Ongoing shareholder engagement is core
to helping the Board and Investment Manager understand
investor needs, feedback, and concerns.
The Board is accountable to shareholders for the oversight
of the business, making strategic decisions, and appointing
key service providers. The Board delegates day-to-day
management to InfraRed as Investment Manager and RES as
Operations Manager. The Board also works closely with Aztec,
and the Company’s brokers, Investec and BNP Paribas.
The Managers also keep market analysts informed of TRIG’s
strategy, performance and outlook.
– Deliver attractive,
resilient returns
– Responsible investment
practices and application
ofESG principles
– The Chair and Senior
Independent Director
have held over
40 meetings with
shareholders in 2025
on a range of topics
including strategy
and management
remuneration
– Management have held
over 150 investor
meetings
– Capital Markets Seminar
and site visits held for
institutional investors
Corporate
Corporate
suppliers
Beyond the day-to-day management of the Company, TRIGis
supported by a range of corporate service providers.
– Administration & secretarial: Aztec Financial Services
(Guernsey)
– Corporate brokers: Investec Bank; BNP Paribas
– RCF lenders: NAB, RBS International, ING, Barclays,
Lloyds, BNP Paribas, ABN Amro, SEB, Intesa Sanpaolo
– Private placement lenders: Including Canada Life, Pension
Insurance Corporation, Legal & General, Swiss Re and
Nomura Asset Management (on behalf of clients)
– Public relations: Brunswick Group
– Legal: Carey Olsen (Guernsey); Norton Rose Fulbright
(England)
– Registrars: MUFG Corporate Markets (Guernsey)
– Auditor: Deloitte
– Independent valuation: BDO
– Tax: KPMG
TRIG also draws on key data providers for technical due
diligence, acquisition support, regular power price forecasts
and market commentary. Additional specialist services
include shareholder analysis, webhosting and design,
publication support, remuneration advice, and non-executive
Director recruitment.
– Actively manage the
portfolio through
investment and
operational expertise
– Ensure the smooth
running of the Company
– The Board’s Management
Engagement Committee
(“MEC”) completed an
annual review of the
performance of all service
providers, including the
Investment Manager and
Operations Manager
– The Chair of the Board,
MEC Chair and the
Investment Manager
maintain regular
contact with these
service providers
88 TRIG Annual Report 2025
Stakeholder group Overview Expectations of TRIG 2025 engagement
Portfolio
Operational
suppliers
TRIG’s key operational suppliers include Original Equipment
Manufacturers (“OEMs”), spare part and Operations and
Maintenance (“O&M”) providers, and an increasing number
of independent service providers. For construction projects,
major suppliers include turbine, solar panel and battery
manufacturers, and balance of plant contractors. Utilities also
provide certain site-specific services, particularly relating to
grid connections.
The project asset managers, and where appropriate the
Operations Manager, also maintain relationships with site
landowners who receive rental payments.
Lenders to the project companies comprise leading domestic
and international banks. TRIG’s Managers engage regularly
with these lenders and selectively refinance projects when
market conditions are favourable.
– For TRIG to fulfil its
role and obligations
under the relevant
supply contracts
– Transparency, open
communication
and cooperation
– Construction of the Ryton
battery storage project
– Procurement contracts
signed for repowering of
Cuxac onshore wind farm
and Spennymoor battery
storage project
– Engagement on health
and safety matters is
outlined in the Operations
Report on p.28
Local
communities
Renewables assets are embedded in communities. We are
sensitive to the potential impact of our investments on our
neighbours and the surrounding environment.
TRIG consults closely with local planning authorities
throughout construction, operations and potential repowering
or decommissioning processes. The Company and its projects
also support communities through educational events at larger
sites and contributions to local initiatives via community funds.
Projects also stimulate local economies by creating demand
for local goods, services and site-related employment.
These are particularly valued in areas where a long-term
urbanisation trend has resulted in reduction in the local
rural economies.
We promote best practice across the portfolio in areas such
as noise monitoring, shadow flicker, ice throw, landscaping,
community engagement and local media liaison.
TRIG has onshore wind investments located within the
communities of the indigenous Sámi population in Sweden.
The relevant project management team holds regular meetings
with Sámi representatives to ensure that they are kept
informed on an accurate, timely and sufficient basis in an open
and constructive manner. Operational arrangements made
with the consent of the Sámi people prior to TRIG’s acquisition
of the projects are honoured to ensure they can continue to
use the land as agreed with the projects.
– Projects should do no
significant harm to the
lives and environment
of those living in close
proximity to an asset
– Owners / operators of
the asset should interact
with the community
where appropriate
– Two new community
funds established in
the year
– Further detail on TRIG’s
community engagement
can be found in the latest
Sustainability Report
89TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Stakeholder group Overview Expectations of TRIG 2025 engagement
Investment
partners
TRIG co invests alongside a range of joint venture partners,
including developers, vendors and financial investors.
– Alignment on key
issues and decisions
where possible
– Transparency, open
communication
and cooperation
– Completion of a partial
sell down of Gode
offshore wind farm
– Engagement with
investment industry
groups in relation to
public policy
Customers
TRIG’s customers are companies that buy clean electricity and
its associated benefits. These offtakers pay for, and receive,
the output from our portfolio assets.
As an electricity generator, TRIG’s key customers are Power
Purchase Agreements (“PPAs”) counterparties. These offtakers
pay for, and receive, TRIG’s portfolio companies’ output – with
revenues being payments for the renewables benefits as well
as commercial power for those projects permitted to receive
power market revenues.
– Reliable infrastructure
that is available to
generate electricity
– Comply with industry
codes and regulations
– Supply of embedded
benefits where
contracted
– Signing of a ten-year
PPA to provide around
15% of Virgin Media O2’s
total energy supply for
afixed price
Other
Government
and authorities
Government bodies and regulators are central to energy
security, renewables viability and the transition to net zero.
Through its Managers, TRIG maintains regular dialogue with
key regulators and network operators such as National Grid
and relevant UK distribution networks. The Managers also
monitor policy developments and engage with government
departments and regulatory bodies.
At the network level, TRIG and its O&M providers coordinate
in several areas, including on grid outages, the role of
renewables assets as locally embedded suppliers of energy
as well as on technical or contractual issues. In the investment
company sector, TRIG follows relevant Association of
Investment Companies (“AIC”) guidelines and maintains active
engagement as a leading company in its sub-sector.
– TRIG to operate within
the relevant legislation
– TRIG’s Managers to
engage in relevant public
policy discussions
– Engagement on REMA
and the government’s
consultation on ROC and
FiT inflation indexation
– Continued investment
company cost disclosure
campaigning
– Engagement to seek
inclusion of investment
companies in the
Pensions Bill
Corporate Culture continued
90
TRIG Annual Report 2025
The Company’s approach to corporate culture, including sustainability
and diversity, equity and inclusion, includes:
– Ensuring that the risk culture of the Board and the Company’s
Managers is consistent with the risk appetite of the Company
onaregular basis
– Embedding and improving on good practices in the day-to-day
management processes – which are assessed by the Board in the
course of the quarterly Board meetings as well as in a wide range
of ad hoc interactions during the year
– Ensuring that Managers and the Board maintain specific initiatives
to promote diversity and inclusion
– Promoting an appropriate culture of stewardship, responsibility,
accountability and openness
– A focus by the Board and Managers on appropriate interaction
with key stakeholders, including shareholders, lenders, regulators,
vendors, co-investors and suppliers
As set out in the Nomination Committee’s Terms of Reference, when
the Nomination Committee considers Board succession planning
and recommends appointments to the Board, it will take into
account a variety of factors. Knowledge, experience, skills, personal
qualities, residency and governance credentials play an important
part. Consideration will also be given to the gender, ethnicity, colour,
national origin, sexual orientation, religion, age and disability of
individuals. The Nomination Committee recognises that a diverse
Board enhances its performance. The Nomination Committee
will also be cognisant of the role it can play in promoting social
mobility. In making recommendations to the Board, the Nomination
Committee will also seek to follow the recommendations of the
Hampton-Alexander Review (and its successor phase – the FTSE
Women Leaders Review) and the Parker Review, the requirements
of the Listing Rules and the Financial Conduct Authority’s (“FCA’s”)
policy statement on diversity and inclusion on company boards and
executive management. The composition of the Committees of the
Board of Directors are also aligned with each of these frameworks.
TRIG has no direct employees. TRIG engages its non-executive
Directors through letters of appointment. The executive management
of TRIG is provided by its Managers, InfraRed and RES, with
the senior decision-making bodies being InfraRed’s Investment
Committee, and InfraRed’s and RES’s jointly staffed Advisory
Committee. Both InfraRed and RES are global businesses with a
broad cultural representation of employees, reflecting the international
nature of their activities.
Gender identity and ethnic background reporting as at 31 December 2025:
Number of
TRIG Board
members
Percentage
of the
TRIG Board
Number
of senior
positions on
the TRIG Board
Number in
Executive
Management
Percentage
of Executive
Management
Gender identity
Men 2 40% 1 8 89%
Women 3 60% 1 1 11%
Ethnic background
White British or other White (including minority-White groups) 4 80% 2 7 78%
Asian / Asian British 1 20% – 1 12%
Other ethnic group – – – 1 12%
In alignment with the UK Listing Rules provisions on diversity and
inclusion, the data shown in the table above reflects the gender and
ethnic background of the Board and the executive management team
(comprising the Investment and Advisory Committees and Company
Secretary). Information was collected on the basis of self-reporting
by the individuals concerned. The questions asked were “Which of
the Parker Review ethnicity categories do you consider yourself to
fallwithin?” and “What is the gender with which you identify?”.
As at 31 December 2025, Board diversity targets under the
UKListing Rules were met, with representation of women on the
Board being 60%, one of the senior positions on the Board (Senior
Independent Director) being held by a woman, and one of the Board
positions being held by a Director from a minority ethnic background.
This remains the case as at the date of this Annual Report.
91TRIG Annual Report 2025
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Governance
The Managers support equal opportunities regardless of age, race,
gender or personal beliefs and preferences, both in their recruitment
and when managing existing employees. Both Managers prioritise
workforce engagement and implement a range of initiatives to
enhance employee wellbeing, including fitness and mental health
schemes, mentorship programme, promotion of charity work
and organising social activities. HR systems are in place to allow
employees to raise any concerns in confidence. InfraRed and RES
recognise that, when their employees are engaged, they will benefit
from elevated productivity and increased employee loyalty.
The Board interacts regularly with staff of the Managers, both
at senior and operational levels, in formal and informal settings.
This promotes openness and trust between the key individuals
engaged in delivering against the Company’s objectives and ensures
the Managers remain fully aligned with the Company’s corporate
culture and approach to sustainability. The Board also engages
closely throughout the year with the Company’s administrator,
brokers, and legal and public relations advisers to gauge the
broaderpositioning and direction of the business.
In addition to the Board Meetings being attended by the core senior
InfraRed and RES teams, other members from InfraRed and RES are
encouraged to join. Not only does this aid their development, but it
also allows the Board to gain insight into how senior management
are supported and how prepared the Managers are in relation to
keyperson risk and long-term succession planning.
Anti-bribery and corruption
Although TRIG has no direct employees, TRIG is committed to
upholding human rights in its broader relationships.
TRIG does not tolerate corruption, fraud, the receiving of bribes
or breaches in human rights. Both InfraRed and RES have
anti-corruption and bribery policies in place to maintain high
standards of business integrity, a commitment to truth and fair
dealing, and a commitment to complying with all applicable laws
and regulations.
Both Managers have training for anti-bribery and corruption,
whichallemployees are required to complete annually.
All counterparties undergo processes to mitigate against bribery
andcorruption. When InfraRed completes acquisitions on behalf
ofTRIG, counterparty due diligence is performed, and all sales
andpurchase agreements are required to have anti-bribery and
corruption protection clauses.
InfraRed started out as a boutique asset manager and has
always maintained a strong culture throughout its 25 years. It has
built a highly experienced and well-rounded team of more than
160 professionals across five offices, drawing on a clear set of
values centred on the principles of Passion, Curiosity, Trust,
Collaboration and Fulfilment.
InfraRed believes that fostering an inclusive culture with varied
perspectives leads to higher-quality decision making, which
can enhance its success. InfraRed also promotes fair and safe
working practices, as well as inclusive workplaces, both among
its portfolio companies and its broader supply chain.
RES is a people-oriented company and strives to create a safe
and healthy work environment, which is equitable, inclusive
and diverse, and encourages the development of its people so
everyone can reach their full potential. RES believes that this is
theright way to do business.
A diverse and inclusive culture has significant positive benefits
for RES, for individuals and society. RES’ aim is to create an
environment, which its people find both rewarding and enjoyable,
and where they are cared for, to enable them to contribute freely
and perform at their best. To achieve this, RES embraces equity,
diversity and inclusion as core parts of its business and embeds
them at every level of the organisation and in every decision
involving its people.
The RESpect initiative is RES’ commitment to provide an inclusive
environment. This includes re-designing talent processes
for equitable outcomes, building knowledge and capability
throughout the business, diversifying its workforce and the supply
chain, and positively impacting the communities it works in.
Corporate Culture continued
92
TRIG Annual Report 2025
Corporate Governance Statement
Introduction
The Board recognises the importance of a strong corporate
governance culture that meets the listing requirements. The Board
has put in place a framework for corporate governance, which it
believes is appropriate for an investment company in line with the best
practices in relation to matters affecting shareholders, communities,
regulators and other stakeholders of the Company. With a range of
relevant skills and experience, all Directors contribute to the Board
discussions and debates on corporate governance. In particular,
the Board believes in providing as much transparency for investors
as is reasonably possible to ensure that investors can clearly
understand the prospects of the business and enhance liquidity of
its shares, while also preserving an appropriate level of commercial
confidentiality. TRIG and its appointees work with many stakeholders
in the management of the business in the following categories.
Group structure
The Company has a 31 December year end, announces interim
results in August and full-year results in February. The Company
paysdividends quarterly and is a self-managed Alternative Investment
Fund under the European Union’s Alternative Investment Fund
Managers Directive.
TRIG is a Guernsey-registered investment company (which is not
uncommon for UK-listed investment companies). Tax is paid by the
portfolio companies in the markets in which they operate and by the
Company’s shareholders on the dividends they receive (according to
the jurisdiction and taxation status of each shareholder). The structure
ensures that investors are not in a disadvantageous tax position
compared to direct investors in infrastructure projects; in effect this
emulates the structure formalised for real estate investors by the
creation in the UK of Real Estate Investment Trusts (“REITs”).
A similar tax treatment can be achieved by UK Investment Trust
Companies located onshore by applying the UK’s Investment Trust
(Approved Company) (Tax) Regulations (2011) where companies
deem a portion of their dividends paid to investors as interest
distributions (although we note that, for certain UK shareholders,
thetax treatment of interest income is different to dividend income).
The Board keeps the Company’s residency and domicile under
regular review.
TRIG’s Group structure, including management structure and key service providers, is illustrated below.
Appointment
Portfolio of investment
companies
SPV Level
Management and
service contracts
TRIG shareholders
Investment
Investment
Operations Manager
Renewable Energy Systems Limited
Holding companies /
Special Purpose Vehicles
(“SVPs”)
Company Management
Non-executive
Independent
Board of Directors
Legal, Corporate
Banking,
Public Relations, etc.
Other Company advisers and
service providers
Investment and Operations
Management
Investment Manager
InfraRed Capital Partners Limited
Portfolio SPV contract
management and oversight of
suppliers and counterparties
TRIG – Listed Company
The Renewables Infrastructure
Group Limited
Company Secretary
Aztec Financial
Services (Guernsey)
Limited
Administration services
93TRIG Annual Report 2025
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Governance
AIFM Directive
The Alternative Investment Fund Managers (“AIFM”) Directive seeks
to regulate alternative investment fund managers and imposes
obligations on managers who manage alternative investment funds
(“AIF”) in the EU or who market shares in such funds to EU investors.
The Company is categorised as a self-managed Non-EEA AIF for
the purposes of the AIFM Directive. In order to maintain compliance
with the AIFM Directive, the Company needs to comply with various
organisational, operational and transparency obligations.
AIC Code
The Board of TRIG has considered the Principles and Provisions of
the Association of Investment Companies (“AIC”) Code of Corporate
Governance (“AIC Code”). The AIC Code addresses the principles
and provisions set out in the UK Corporate Governance Code (the
“UK Code”), as well as setting out additional provisions on issues
that are of specific relevance to investment companies. The Board
considers that reporting against the principles and provisions of the
AIC Code, which has been endorsed by the Financial Reporting
Council and the Guernsey Financial Services Commission, provides
more relevant information to shareholders. The Company has
complied with the principles and provisions of the AIC Code.
The AIC Code is available on the AIC website (www.theaic.co.uk).
It includes an explanation of how the AIC Code adapts the principles
and provisions set out in the UK Code to make them relevant for
investment companies. By reporting against the AIC Code, the
Company also meets its obligations under the 2018 UK Corporate
Governance Code (and, for its accounting period commencing from
1 January 2025, incorporates the updates to the UK Code made
in January 2024) and associated disclosure requirements under
paragraph 6.6.6 of the Listing Rules and the GFSC Finance Sector
Code of Corporate Governance.
Stewardship Code
The Company’s Managers are responsible for day-to-day
management of the portfolio and, therefore, are best
placed to engage with portfolio companies and discharge
stewardship obligations.
Accordingly, TRIG becoming a signatory to the Stewardship Code
would unnecessarily duplicate the work of the Managers.
The Board has instead chosen to exercise stewardship by reporting
against the AIC Code rather than by being signatories to the
Stewardship Code.
Guernsey regulatory environment
The Guernsey Financial Services Commission (the “Commission”)
issued a Finance Sector Code of Corporate Governance. The Code
comprises principles and guidance and provides a formal expression
of good corporate practice, against which shareholders, boards and
the Commission can better assess the governance exercised over
companies in Guernsey’s finance sector.
The Commission recognises that the different nature, scale and
complexity of specific businesses will lead to differing approaches
to meeting the Code. Companies, which report against the UK
Corporate Governance Code or the AIC Code, are also deemed
to meet this code. The Directors have determined that the
Company will continue as a Guernsey-registered closed-ended
investment company.
Non-mainstream pooled investments
On 1 January 2014, certain changes to the FCA rules relating
to restrictions on the retail distribution of unregulated collective
investment schemes and close substitutes came into effect.
As announced by the Company on 7 January 2014, following
the receipt of legal advice, the Board confirms that it conducts
the Company’s affairs, and intends to continue to conduct the
Company’s affairs, such that the Company would qualify for approval
as an investment trust if it were resident in the United Kingdom. It is
the Board’s intention that the Company will continue to conduct its
affairs in such a manner and that Independent Financial Advisers
should, therefore, be able to recommend its Ordinary Shares to
ordinary retail investors in accordance with the FCA’s rules relating
tonon-mainstream investment products.
The Board
The Board consists of five non-executive Directors. In accordance
with Provision 10 of the AIC Code, all of the non-executives are
independent of the Investment Manager. The Chair, Richard Morse,
met the independence criteria of the AIC Code Provision 11 upon
appointment and continues to meet this condition throughout his term
of service. In accordance with guidance in Provision 14, the Board
has a Senior Independent Director, Tove Feld, who was appointed as
Senior Independent Director in 2022. Being non-executive Directors,
none of the Directors have a service contract withthe Company.
The Articles of Incorporation provide that each of the Directors shall
retire at each Annual General Meeting in accordance with Provision
23 of the AIC Code. All Directors intend to retire and offer themselves
for re-election at the forthcoming Annual General Meeting in summer
2026. In line with the AIC Code, it is intended that the tenure of any
one Director (including the Chair) lasts no longer than nine years.
The Board believes that the balance of skills, gender, experience,
ethnicity, and knowledge of the current Board provides for a sound
base from which the interests of investors will be served to a
high standard.
The Nomination Committee is mindful of the recommendations of
the Hampton-Alexander Review (and its successor phase – the
FTSE Women Leaders Review) on gender diversity, and the Parker
Review on ethnic diversity, and the requirements of the FCA’s policy
statement on diversity and inclusion on company boards and
executive management. The composition of the Board of Directors
isaligned with each of these frameworks.
The Board recommends the re-election of each Director
and supporting biographies are disclosed in the Board of
Directors section.
The Board is scheduled to meet at least four times a year, and
between these formal meetings there is regular contact with the
Investment Manager and Operations Manager, the Secretary and
the Company’s Joint Brokers. The Directors are kept fully informed
of investment and financial controls, and other matters that are
relevant to the business of the Company that should be brought
to the attention of the Directors. The Directors also have access,
where necessary in the furtherance of their duties, to independent
professional advice at the expense of the Company.
Corporate Governance Statement continued
94
TRIG Annual Report 2025
The attendance record of Directors for the period to 31 December
2025 is set out below.
During the year, a further 37 ad hoc Board / Committee meetings
were held in Guernsey (or outside of the UK) to deal with matters
relating to ongoing strategic initiatives and these were attended by
those Directors available.
The Board considers agenda items laid out in the notice and agenda
of meeting, which are circulated to the Board in advance of the
meeting as part of the Board papers. Directors may request any
agenda items to be added that they consider appropriate for Board
discussion. Each Director is required to inform the Board of any
potential or actual conflicts of interest prior to Board discussion.
The Board regularly considers the Company’s strategy with regard to
market conditions and feedback from shareholders received directly
or from the Managers and the Company’s joint corporate brokers.
The investment strategy is reviewed regularly with the Investment
Manager. Board meetings include a review of investment
performance and associated matters such as health and safety,
marketing / investor relations, risk management, gearing, general
administration and compliance, peer group information and
industry issues.
The Board and the governance arrangements continued to operate
effectively during 2025.
Performance evaluation
The Board evaluates its performance and considers the tenure and
independence of each Director on an annual basis. For 2025, the
Board’s self-evaluation involved completion of two questionnaires
by each Director, each Manager and the Company Secretary –
one relating to the functioning of the Board and one relating to
the performance of the Chair. The responses were collated and
anonymised by the Company Secretary. The effectiveness of
the Board and its Committees was considered by the Chair who
presented a summary and recommendations to the Nomination
Committee. Actions arising, including shareholder engagement and
Director training, are set out below. During the year, the Chair also
met with each Director to discuss their contribution to the Board.
The effectiveness of the Chair was considered by the
Senior Independent Director who presented a summary and
recommendations to the Nomination Committee. Led by the
SeniorIndependent Director, the non-executive Directors met
withoutthe Chair present and appraised the Chair’s performance,
and on other occasions as necessary.
The Board also employs an independent adviser to conduct a formal
evaluation of the effectiveness of the Board with a frequency of at
least once every three years. The most recent external evaluation was
carried out in 2024 and further details can be found in the Corporate
Governance Statement section of TRIG’s 2024 Annual Report.
The Board continues to monitor training for Directors. The Directors
consider and regularly report their training needs with continuing
professional development and training carried out. During the year,
the Directors attended training sessions that were focused on
strengthening board effectiveness within a changing macro and
business environment. This includes session themes spanning
artificial intelligence, cyber security, audit practices, ESG, risk,
corporate governance and leadership. The 2026 Directors training
programme seeks to build on these themes.
Site visits are considered important to the Board’s oversight of
the Company. During 2025, a portfolio asset site visit to Green Hill
onshore wind farm in Scotland was organised by the Company’s
Managers, and was attended by members of the TRIG Board
alongside investors.
A key element of the Board’s role is to engage with shareholders,
including to provide reassurance as to the robustness of their
oversight of the business and to receive feedback. During 2025,
the Chair of the Company, Richard Morse, met over 40 separate
institutional shareholders with Senior Independent Director, Tove Feld,
also attending the majority of these meetings. They received feedback
on the Company’s strategy and its Managers, and answered
questions on the Company’s governance. Shareholders are also
able to attend, or dial into, and ask questions of the Directors at
the Company’s Annual General Meeting, including in relation to
therespective areas of responsibility of each Director.
Responsible investment considerations are at the heart of the
Company’s strategy; during the year four meetings were held by
the ESG and Sustainability Committee chaired by Selina Sagayam.
The Committee provides a focused level of consideration for these
important topics.
The Directors engage with the senior leadership of both Managers
to understand succession planning at each of the Managers’
organisations. The Board of Directors have been well briefed
throughout the year on changes to the Managers’ teams, including
with respect to changes in the leadership of each team.
Quarterly Board
meetings
Audit
Committee
Management
Engagement
Committee
Remuneration
Committee
Nomination
Committee
Quarterly
Market
Disclosure
Committee
2
Environmental,
Social and
Governance
Committee
Number of meetings
1
4 4 4 1 1 4 4
Meetings attended:
R Morse 4 4 4 1 1 4 4
T Feld 4 4 4 1 1 4 4
J Whittle 4 4 4 1 1 4 4
E-M Trixl 4 4 4 1 1 4 4
S Sagayam 4 4 4 1 1 4 4
1 The Chair of the Board is not a member of the Audit Committee. In the year, Richard Morse attended four Audit Committee meetings as an observer.
2 There were 14 ad hoc Market Disclosure Committee meetings in the year.
95TRIG Annual Report 2025
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Governance
The independence of each Director has been considered and each
has been confirmed as being independent of the Company and its
Managers. The Board believes that the composition of the Board and
its Committees reflect a suitable mix of skills and experience, and
that the Board as a whole, and its Committees, functioned effectively
during 2025 and since the launch of the Company in 2013.
The Directors have a breadth of experience relevant to the Company.
The members of the Board strive to challenge each other and
the Company’s Managers constructively and examine issues
from multiple perspectives. The Board has a very high level of
confidence in both Managers. Notwithstanding this, the Board is
deeply cognisant of its responsibilities to shareholders and holds
the Managers to account on their progress on the execution of
the Company’s strategy, approach to sustainability and focus on
responsible investment.
The Nomination Committee also considers whether the Directors
have sufficient time to execute their duties as non-executive
Directors. The nature and extent of roles are considered, as well as
the engagement and responsiveness of Directors to matters of the
Company. No Director is considered ‘overboarded’ or unable to
discharge their duties to the Company.
Delegation of responsibilities
The Board has delegated the following areas of responsibility:
The day-to-day administration of the Company has been delegated
to Aztec Financial Services (Guernsey) Limited in its capacity as
Company Secretary and Administrator.
The Investment Manager has full discretion (within agreed
parameters) to make investments and divestments in accordance
with the Company’s Investment Policy, and has responsibility
for financial administration and investor relations, in addition to
advising the Board in relation to further capital raisings and the
payment of dividends, among other matters, subject to the overall
supervision and oversight of the Board. Among the specific tasks
of the Investment Manager are the overall financial management
of the Company and existing portfolio as a whole, including the
deployment of capital, management of the Group’s debt facilities,
hedging arrangements, the sourcing of new investments, preparing
the semi-annual valuations, the statutory accounts, the management
accounts, business plans, presenting results and information to
shareholders, coordinating all corporate service providers to the
Group and giving the Board general advice.
The Operations Manager is responsible for monitoring, evaluating
and optimising technical and financial performance across the
portfolio. The services provided by the Operations Manager include
maintaining an overview of project operations and reporting on
key performance measures, recommending and implementing
strategy on management of the portfolio, including energy sales
agreements, insurance, maintenance and other areas requiring
portfolio-level decisions, maintaining and monitoring health and
safety, and operating risk management policies. The Operations
Manager also works jointly with the Investment Manager on sourcing
and transacting new business, divesting of existing investments,
providing assistance in due diligence of potential new acquisitions,
development and construction of projects, refinancing of existing
assets and investor relations. The Operations Manager does not
participate in any investment decisions taken by, or on behalf of,
theCompany or undertake any other regulated activities for the
purposes of the UK’s Financial Services and Markets Act 2000.
Members of the Investment Manager’s and / or the Operations
Manager’s teams are also appointed as Directors of the Group’s
project companies and / or intermediate holding companies and,
as part of their role in managing the portfolio, they attend Board
meetings of these companies and make appropriate decisions.
Material decisions are referred back to TRIG’s Investment Committee
and / or Advisory Committee for consideration and determination,
and the TRIG Board is consulted on key matters relevant to TRIG’s
strategy, policies or overall performance, both on an ad hoc basis
where required and during formal reporting sessions, including all
matters outside the Managers’ delegated authority.
Relations with shareholders
– AIC Code Principle D
The Company welcomes the views of shareholders and places great
importance on communication with its shareholders. The Investment
Manager produces a biannual factsheet, which is available on the
Company’s website. Senior members of the Investment Manager
and Operations Manager make themselves available, as practicable,
to meet with principal shareholders and key sector analysts.
Feedback from these meetings is provided to the Board on a regular
basis. The Board is also kept fully informed of all relevant market
commentary on the Company by the Company’s Financial PR
agency, as well as receiving relevant updates from the Managers
andthe Company’s brokers.
During the period, the Chair of the Board met over 40 separate
institutional shareholders of the Company, with the Senior
Independent Director present at the majority of the meetings,
providing the chance for shareholders to have a dialogue directly
with the Board. Directors, along with representatives from the
Managers, joined shareholders on a site visit to the Green Hill
onshorewind project.
The Company reports formally to shareholders twice a year and
will hold an Annual General Meeting in Guernsey in summer
2026, at which members of the Board will be available to answer
shareholder questions.
Results of Extraordinary and Annual General Meetings are
announced by the Company promptly after the relevant meeting.
Additionally, other notices and information are provided to
shareholders on an ongoing basis through the Company’s website
in order to assist in keeping shareholders informed. The Secretary
and Registrar monitor the voting of the shareholders, and proxy
voting is taken into consideration when votes are cast at the Annual
General Meeting.
Shareholders may contact the Board via the Company Secretary,
whose contact details are found in the Directors and Advisers
sectionof this report.
Corporate Governance Statement continued
96
TRIG Annual Report 2025
Committees of the Board
Independent Board of Directors
The Committees of the Board are the Audit Committee, the Remuneration Committee, the Nomination Committee, the Management
Engagement Committee, the Market Disclosure Committee and the ESG Committee. Terms of Reference for each Committee have
beenapproved by the Board. The Chair and members of each Committee as at 31 December 2025 are as follows.
Audit
Committee
John Whittle (Chair)
Tove Feld
Erna-Maria Trixl
Selina Sagayam
Read more on page 99.
Management Engagement
Committee
Erna-Maria Trixl (Chair)
Richard Morse
Tove Feld
John Whittle
Selina Sagayam
Read more on page 98.
Remuneration
Committee
Tove Feld (Chair)
Richard Morse
John Whittle
Erna-Maria Trixl
Selina Sagayam
Read more on page 103.
Market Disclosure
Committee
Richard Morse (Chair)
Tove Feld
John Whittle
Erna-Maria Trixl
Selina Sagayam
Read more on page 98.
Nomination
Committee
Richard Morse (Chair)
Tove Feld
John Whittle
Erna-Maria Trixl
Selina Sagayam
Read more on page 98.
Environmental, Social and
Governance Committee
Selina Sagayam (Chair)
Richard Morse
Tove Feld
John Whittle
Erna-Maria Trixl
Read more on page 98.
97TRIG Annual Report 2025
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Governance
Nomination Committee
The main Terms of Reference of the Committee are:
– Regularly review the structure, size and composition required
of the Board and make recommendations to the Board
with regard to any changes (including skills, knowledge and
experience in accordance with Principle K of the AIC Code)
– Give full consideration to succession planning for Directors
taking into account the challenges and opportunities facing
the Company
– Be responsible for identifying and nominating, for the approval
of the Board, candidates to fill Board vacancies as and when
they arise
– Ensure plans are in place for orderly succession to the
Board and oversee the development of a diverse pipeline
for succession
The Nomination Committee met once during 2025.
All Directors are appointed on merit. When the Nomination
Committee considers Board succession planning and
recommends appointments to the Board, it takes into account
a variety of factors. Knowledge, experience, skills, personal
qualities, residency and governance credentials play an
important part. Consideration is also given to the gender,
ethnicity, colour, national origin, sexual orientation, age, religion
and disability of individuals. The Nomination Committee
recognises that a diverse Board enhances its performance.
The Nomination Committee is also cognisant of the role it can
play in promoting social mobility. In making recommendations
to the Board, the Nomination Committee will also seek to follow
the recommendations of the Hampton-Alexander Review (and
its successor phase – the FTSE Women Leaders Review), the
Parker Review, and the UK Listing Rules.
Market Disclosure Committee
The Committee has responsibility for overseeing the disclosure
of information by the Company to meet its obligations under
the Market Abuse Regulation and the FCA’s Listing Rules and
Disclosure Guidance and Transparency Rules.
The main Terms of Reference for the Committee are:
– To consider and decide whether information meets the
definition of ‘inside information’ and whether the Company
should announce immediately or whether it is permissible to
delay the announcement
– When disclosure of inside information is delayed, to maintain
all required records, monitor the conditions permitting delay
and to provide any required notifications to the FCA
– The Committee should also consider the requirement for an
announcement in the case of leaks of inside information
– To ensure that effective arrangements are in place to prevent
access to inside information
The Market Disclosure Committee met eighteen times during
2025, in each case determining that no market disclosures were
required in respect of receipt of inside information.
ESG Committee
The Committee considers ESG performance, emerging
regulations, good practices and risks within the areas of
ESG and sustainability. Its purpose is to advise the Board on
implementation of the Company’s Sustainability Policy and to
review, consider and discuss issues, risks and opportunities
relating to the achievement of the Company’s ESG objectives.
The main Terms of Reference for the Committee are:
– To keep under review the Company’s policies relating to ESG
matters, ensuring continued relevance
– To consider the Managers’, and other service providers’
approach to sustainability
– To consider all regulatory requirements relating to ESG which
may be relevant directly or indirectly to TRIG
– To review high-level performance and disclosure against the
Company’s ESG objectives, metrics and KPIs
The Committee met four times during 2025 with particular
focus on monitoring sustainability KPI targets and considering
upcoming regulation changes and their application to TRIG.
Management Engagement Committee
The Terms of Reference of this Committee are to review the
relationships between the Company and its main service
providers, including their performance, compliance with their
contracts and levels of fees paid. Recommendations from the
Committee’s review are given to the Board for consideration
and action.
The Management Engagement Committee met four
times in 2025 in accordance with its plan to review the
performance of the key service providers to the Group and
the Company. No material weaknesses were identified,
some recommendations were conveyed to certain providers
and the recommendation to the Board was that the current
arrangements are appropriate and provide good-quality services
and advice to the Company and the Group. The Committee
convenes a planning meeting in August each year followed by
a meeting in November of each year to review the Investment
Manager and Operations Manager, and a meeting in
February of each year to review the other service providers.
The Managers were duly considered at the meeting of the
Management Engagement Committee in November 2025
and no material issues were identified in connection with their
respective appointments.
Details of the activities of the Remuneration Committee and
the Audit Committee are set out in the Directors’ Remuneration
Report and Audit Committee Report sections respectively.
All Terms of Reference for Committees are available from the
Company’s website or the Company Secretary upon request.
Committees of the Board continued
98
TRIG Annual Report 2025
Audit Committee Report
Audit Committee
The Audit Committee, which has been in
operation since the inception of the Company,
is chaired by John Whittle. The Audit
Committee operates within clearly defined
Terms of Reference and comprises all of the
Directors other than the Chair (who is not a
member, in accordance with provision 24 of
the UK Corporate Governance Code). It is also
the formal forum through which the auditor
reports to the Board of Directors. The Audit
Committee met four times in 2025 (it meets
at least three times annually).
The main duties of the Audit Committee are:
– Giving full consideration of, and recommending to the Board
for approval, the contents of the interim and annual financial
statements and reviewing the external auditor’s report thereon,
including consideration of whether the financial statements are
overall fair, balanced and understandable
– Agreeing the external audit plan with the auditor, including
discussing with the external auditor the key risk areas within the
financial statements
– Considering and understanding the key risks of misstatement of
the financial statements and formulating an appropriate plan to
review these and agreeing with the Managers their processes to
manage these risk areas
– Reviewing the Viability and Going Concern Statements and
the work prepared by the Investment Manager supporting
these statements
– Reviewing the draft valuation of the Company’s investments
prepared by the Investment Manager and making a
recommendation to the Board on the valuation
– Reviewing the scope, results, cost effectiveness, independence
and objectivity of the external auditor as well as reviewing
the effectiveness of the external audit process and making
any recommendations to the Board for improvement of the
audit process
– Reviewing and recommending to the Board for approval the audit,
audit-related and non-audit fees payable to the external auditor or
their affiliated firms overseas and the terms of their engagement
– Reviewing the appropriateness of the Company’s
accounting policies
– Ensuring the standards and adequacy of the internal
control systems
– Considering any reports or information received in respect of
whistleblowing and
– Reporting to the Board on how it has discharged its duties
None of the members of the Audit Committee have any involvement
in the preparation of the financial statements of the Company, as this
has been contracted to the Investment Manager.
The Audit Committee meets the external auditor before and after their
audit and has discussed with the auditor the scope of their annual
audit work and also their audit findings. The auditor attends the
Audit Committee meetings at which the annual and interim accounts
are considered, and at which they also meet with the Committee
without representatives of the Managers being present. The Chair
of the Audit Committee meets with the Audit Partner (without the
Managers being present) to discuss the results of their procedures
performed ahead of the Audit Committee meeting twice a year in
advance of the issue of the Annual Report and the Interim Financial
Report. The Audit Committee has direct access to the auditor and to
key senior staff of the Investment Manager, and it reports its findings
and recommendations to the Board, which retains the ultimate
responsibility for the financial statements of the Company.
Membership
The Chair of the Audit Committee, John Whittle, is a fellow of the
Institute of Chartered Accountants in England and Wales and holds
the Institute of Directors Diploma in Company Direction. John is a
non-executive Director of several listed and unlisted companies.
Previously, John served as the Finance Director of a financial services
business and CEO of a large mobile telephone business. Prior to
John’s appointment as a non-executive Director of the Company in
July 2021, John served for over ten years as a non-executive Director,
including as Audit Committee Chair and Senior Independent Director,
at International Public Partnerships Ltd (“INPP”), the FTSE 250
infrastructure investment company. John has extensive experience
in audit, governance and investment companies. John has over
40years’ post-qualification accounting experience.
The Board is satisfied that John has recent and relevant financial
experience as required under the UK Corporate Governance
Code. The other members of the Audit Committee during the year
were Tove Feld, Erna-Maria Trixl and Selina Sagayam. Tove and
Erna-Maria have extensive experience of the renewables sector.
The qualifications of the Audit Committee members are outlined
intheBoard of Directors section.
Significant issues considered
After discussion with both the Managers and the external auditor,
the Audit Committee determined that the key risks of misstatement
of the Company’s financial statements relate to the valuation of
the investments.
Valuation of investments
As outlined in Note 12 to the financial statements, the total carrying
value of the investments at fair value (excluding the fair value of
TRIG UK and TRIG UK I) as at 31 December 2025 was £2,874.5m
(2024: £3,115.6m). Market quotations are not available for these
financial assets, and as such, their valuation is undertaken using a
discounted cash flow methodology. This requires a series of material
judgements to be made, as further explained in Note 4 to the
financial statements.
The valuation process and methodology were discussed by the
Audit Committee with the Investment Manager at the time of the
interim review, in December 2025 prior to the year-end valuation
process and again in February 2026 as part of the year-end sign-off
process. The Committee met with the auditor when it reviewed and
agreed the auditor’s Group audit plan and also at the conclusion
of the audit of the financial statements, in particular discussing
99TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
the valuation process. The Investment Manager carries out a
valuation semi-annually and provides a detailed valuation report to
the Company. The Company also engaged a third-party valuation
expert (BDO) to provide an independent valuation at June 2025
and also to review the valuation discount rates at December 2025.
In August 2025, the expert provided a report to the Audit Committee
that corroborated the valuation of the portfolio as at June 2025.
The expert also provided a report to the Audit Committee in February
2026 confirming that the discount rates adopted at 31 December
2025 were reasonable.
The Audit Committee, in discussion with the Managers and the
Auditor, considered whether the failure to proceed with the proposed
merger of TRIG and HICL Infrastructure PLC (“HICL”) impacts the
valuation of the portfolio as at 31 December 2025. The Committee
noted an independent valuation of TRIG’s portfolio had been
carried out by accounting firms on behalf of each of TRIG and
HICL. These assessments supported the portfolio valuation as at
30 September 2025 and the recommendation to accept the NAVs of
each company as the correct bases for a FAV-for-FAV combination.
Accordingly, the Committee concluded that no resulting adjustment
to the valuation of the TRIG portfolio was required.
Valuation of investments
– key forecast assumptions
The Audit Committee considered in detail those assumptions
that are subject to judgement that have a material impact on
the valuation. The key assumptions are:
Power price assumptions
A significant proportion of the wind and solar projects’ income
streams are contracted subsidy receipts and power income under
long-term PPAs; some of which have fixed-price mechanisms.
However, over time the proportion of power income that is fixed
reduces and the proportion where the Company has exposure to
wholesale electricity prices increases. The Investment Manager
considers the forecasts provided by a number of expert energy
advisers and adopts a profile of assumed future power prices by
jurisdiction. Further detail on the assumptions made in relation to
power prices and other variables that may be expected to affect these
are included in the Valuation of the Portfolio section on page39.
The Audit Committee regularly meets with the Investment Manager’s
valuation team and periodically meets with one or more of the
three power price advisers used by the Company to further their
understanding and to review the methodology and assumptions
adopted within the valuation. The Audit Committee is satisfied that
themethodology applied is appropriate.
Macroeconomic assumptions
Macroeconomic assumptions include inflation, foreign exchange,
interest and tax rate assumptions. The Investment Manager’s
assumptions in this area are set out and explained in the Valuation
ofthe Portfolio section on page 37.
Other key income and costs assumptions
Other key assumptions include operating costs, facility
energy-generation levels and facility remaining operating
life assumptions.
The Audit Committee considers energy yield in the valuation as
compared to actual performance on an asset-by-asset basis.
In the current year, some minor downward energy yield revisions
have occurred, albeit this has been much less of a feature than
previous years.
The Audit Committee considers the remaining operating life
assumptions in light of public information provided by the
Company’speer group and reports provided by the Operations
Manager during the year, considering the remaining operational lives
for investments and considering any potential extension of those lives
and the recognition of additional value resulting to be appropriate.
The independent valuation carried out in July 2025 also supported
the assumed operating lives.
The Investment Manager has discussed and agreed the valuation
assumptions with the Audit Committee. The Audit Committee held
discussions with the external auditor and the Investment Manager
and ensured that appropriate challenge was applied. In relation
to the key judgements underpinning the valuation, the Investment
Manager has provided sensitivities showing the impact of changing
these assumptions, and these have been reviewed by the Investment
Manager and the Audit Committee to assist in forming an opinion
on the fairness and balance of the Annual Report, together with their
conclusion on the overall valuation.
Valuation discount rates
The bifurcated discount rates adopted to determine the valuation
are selected and recommended by the Investment Manager.
The Company uses a bifurcated discount rate approach (as more
fullyexplained in the Valuation of the Portfolio section on page 37).
The discount rate is applied to the expected future cash flows
for each investment’s financial forecasts derived adopting the
assumptions explained above, among others, to arrive at a valuation
(using a discounted cash flow methodology). The resulting valuation
is sensitive to the discount rates selected. The Investment Manager
is experienced and active in the area of valuing these investments
and adopts discount rates reflecting its current extensive experience
of the market. The Investment Manager also considers the absolute
level and movement in the period in the relevant country risk-free
rates and implied risk premia as a cross-check when considering
appropriate discount rates and movement in these to apply. It is
noted, however, that this requires subjective judgement and that there
is a range of discount rates which could be applied. The discount rate
assumptions and the sensitivity of the valuation of the investments to
this discount rate are set out in the Valuation of the Portfolio section
found on page 37.
The Audit Committee discussed with the Investment Manager
the process adopted to arrive at the selected valuation discount
rates (which includes comparison with other market transactions,
information available from peer group companies and an independent
review of valuation discount rates by a third-party valuation expert
both at December 2024 and at December 2025) and satisfied itself
that the rates applied were appropriate.
Alternative Performance Measures
The Audit Committee reviews Alternative Performance Measures
included in the Annual Report to consider their appropriateness
and usefulness to users, ensuring that they are relevant and
appropriately described.
Auditor interaction
The external auditor explained the results of their review of the
valuation, including their consideration of the Company’s underlying
cash flow projections, the macroeconomic assumptions and discount
rates to the Audit Committee. On the basis of their audit work, there
were no adjustments proposed that were material in the context of
the financial statements as a whole. Please refer to the Independent
Audit Report to the Members of The Renewables Infrastructure
Group Limited section.
Audit Committee Report continued
100
TRIG Annual Report 2025
Internal controls and risk management
The Board is responsible for the Company’s system of internal control
and for reviewing its effectiveness and has, therefore, established
an ongoing process designed to meet the particular needs of the
Company in managing the risks to which it is exposed.
The process is a risk-based approach to internal control through
a matrix which identifies: the key functions carried out by the
Investment Manager, Operations Manager and other service
providers; the various activities undertaken within those functions;
the risks associated with each activity; and the controls employed to
minimise and mitigate those risks. A scoring based on one to five for
Likelihood and one to five for Impact is used and these are multiplied
together to give a total score. Mitigation is considered on a scale
of oneto five and this leads to a residual risk rating being derived.
The matrix is updated on an ongoing basis and reviewed quarterly,
and the Board considers all material changes to the risk ratings and
the action, which has been, or is being, taken. By their nature, these
procedures will provide a reasonable, but not absolute, assurance
against material misstatement or loss.
At each Board meeting, the Board also monitors the Group’s
investment performance and it reviews the Group’s activities since the
last Board meeting to ensure that the Investment Manager is adhering
to the Company’s Investment Policy and approved investment
guidelines. The pipeline of new potential opportunities and potential
disposals is considered and the prices paid for new investments and
offered for investments for sale during the quarter are also reviewed.
Further, at each Board meeting, the Board receives reports from
the Company Secretary and Administrator in respect of compliance
matters and duties they have performed on behalf of the Company.
The Board has considered the need for an internal audit function and
it has decided that the systems and procedures employed by the
Investment Manager, the Operations Manager and the Administrator,
including their own internal review processes and the processes in
place in relation to the Company, provide sufficient assurance that a
sound system of internal control, which safeguards the Company’s
assets, is maintained. An internal audit function specific to the
Company is, therefore, considered unnecessary. There is no impact
on the work of the external auditor as a result of not having an internal
audit function.
In recent years, the Investment Manager commissioned a suitably
qualified accounting firm to review their valuation process.
The Investment Manager briefed the Audit Committee about the
scope of the engagement and the Audit Committee was able to
review the final report. The approach to valuations was deemed to be
appropriate with recommendations provided to enhance the process
further. The Investment Manager implemented the recommendations
over 2023 and 2024. The Investment Manager commissioned an
Internal Audit during 2024 on the valuation process and presented the
results of this work to the Audit Committee and has implemented a
plan to meet the minor recommendation raised by the Internal Auditor.
The Board recognises that the internal control systems can only be
designed to manage rather than eliminate the risk of failure to achieve
business objectives, and to provide reasonable, but not absolute,
assurance against material misstatement or loss, and relies on the
operating controls established by the Company’s Administrator,
the Investment Manager and the Operations Manager. The Board
considers on a periodic basis whether further third-party assurance
is appropriate, and reviews at least annually the proficiency of such
controls in light of changes in the business and its environment.
The Investment Manager prepares management accounts and
updates business forecasts on a quarterly basis, which allow the
Board to assess the Company’s activities and review its performance.
The Board and the Investment Manager have agreed clearly defined
investment criteria, return targets, risk appetite and exposure limits.
Reports on these performance measures, coupled with cash
projections and investment valuations, are submitted to the Board
ateach quarterly meeting.
The Operations Manager prepares quarterly project performance and
project financial analysis, and highlights the key activities performed
and any specific new risks identified relating to the operating portfolio
for consideration by the Board.
The Audit Committee, the Auditor and the Managers have discussed
during the year the provisions of the updated UK Corporate
Governance Code (the “Code”) and in particular provision 29 of the
Code that adds an increased level of accountability and disclosure
around the effectiveness of the Company’s risk and internal control
framework. The provision 29 requirements come into force 1 January
2026 and will require the Board to make a specific declaration on the
effectiveness of material controls at the 31 December 2026. The Audit
Committee is overseeing the work being carried out by the Managers
in conjunction with the Auditor to review the existing framework and
to consider any additional actions required to enable that declaration
to be made in the Annual Report and Accounts for the year ended
31 December 2026.
Appointment of the external auditor
Deloitte LLP was first appointed to be external auditor for the
TRIG Group on 19 September 2013 and reappointed for a second
time following an extensive audit tender process that concluded
in December 2021. Deloitte’s reappointment was subsequently
ratifiedby shareholders at the Company’s AGM in May 2022.
In line with the UK Corporate Governance Code and, in particular,
the requirement to put the external audit out to tender at least every
ten years, the Audit Committee conducted a tender exercise for
the external audit of the Company during 2021, as communicated
fully in the Audit Committee Report section in TRIG’s 2021 Annual
Report. The tender exercise was run during the ninth year of Deloitte’s
appointment as the Company’s auditor. The Company intends to run
the next audit tender process within ten years of the most recently run
process, i.e. during or before 2031.
The 2021 audit tender process took into consideration best practice
in line with the 2018 UK Corporate Governance Code and the 2019
AIC Code of Corporate Governance. This ensured a fair, robust
and independent tender process was conducted to ensure that the
Company appointed the most suitable firm.
At the conclusion of the 2021 audit tender process, and following
the Audit Committee review of submissions and in-person
presentations from shortlisted firms, the Committee members
resolved to recommend the continuing appointment of Deloitte as
auditors, deeming this course of action to be in the best interests
of shareholders, by virtue of the strength and experience of the
Deloitte audit team and lack of demonstrable differentiation shown
by challengers.
The objectivity of the external auditor is reviewed by the Audit
Committee, which also reviews the terms under which the external
auditor may be appointed to perform non-audit services. The Audit
Committee reviews the scope and results of the audit, its cost
effectiveness and the independence and objectivity of the auditor,
with particular regard to any non-audit work that the auditor
may undertake. In order to safeguard auditor independence and
objectivity, the Audit Committee ensures that any other audit-related
and / or other assurance services provided by the external auditor
donot conflict with their statutory audit responsibilities.
101TRIG Annual Report 2025
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Financials
Appendices
Governance
Audit-related and / or other assurance services generally relate to
the review of the interim financial statements and other assurance
work generally completed by the auditor. Any non-audit services
conducted by the external auditor require the consent of the Audit
Committee. The external auditor may undertake additional work for
the Company; however, this is limited to specific services permitted
in line with the Financial Reporting Council’s (“FRC’s”) ‘whitelist’ of
non-audit services. In general, the Company seeks to avoid using
Deloitte for non-audit services and the Audit Committee will only
approve their appointment for such non-audit services where the
Committee is convinced that Deloitte are best placed to carry
out this work, and that the appointment would not impair their
audit independence.
Total fees paid amounted to £937,480 (2024: £1,148,290) for the year
ended 31 December 2025, of which £361,990 (2024: £282,990)
related to audit services to the Company, and £456,490
(2024: £766,790) related to audit of the Group’s subsidiaries, TRIG
UK and TRIG UK Investments, unconsolidated project subsidiaries
and other audit-related services. The non-audit services provided
by Deloitte in the year, to the Company and its subsidiaries, are in
relation to the review of the interim financial statements at the half
year totalling £102,000 (2024: £74,300), £17,000 (2024: £15,000) for
ESG Agreed Upon Procedures services and minor other services of
£nil (2024: £9,300). In addition, audit fees of £84,000 (2024: £40,500)
were agreed in the current year in respect to the prior year.
The Financial Reporting Council Ethical Standard 2024 stipulates
that fees for permissible non-audit services in the current year
should not exceed 70% of the average audit fees paid by the Group
in the last three consecutive financial years. The Audit Committee
monitors auditor independence and considers these criteria as
part of this role. For 2025, non-audit services did not exceed the
aforementioned limits.
Notwithstanding such services, the Audit Committee considers
Deloitte LLP to be independent of the Company, and that the
provision of such non-audit services is not a threat to the objectivity
and independence of the conduct of the audit.
To fulfil its responsibility regarding the independence of the external
auditor, the Audit Committee considered:
– changes in audit personnel in the audit plan for the current period;
– a report from the external auditor describing their arrangements to
identify, report and manage any conflicts of interest; and
– the extent of non-audit services provided by the external auditor.
To assess the effectiveness of the external audit process, the Audit
Committee reviewed:
– the external auditor’s fulfilment of the agreed audit plan and
variations from it;
– reports highlighting the major issues that arose during the course
of the audit;
– the performance of the auditor during the year;
– the Audit Quality Inspection report provided each year by the
Financial Reporting Council in relation to the auditor; and
– the effectiveness and independence of the external auditor, having
considered the degree of diligence and professional scepticism
demonstrated by them.
In addition, the Audit Committee considered and assessed the
challenges applied by the auditors with regards to the valuation of
the portfolio being the area of greatest audit focus. Based on the
reporting and discussion, the Committee is satisfied with the level of
challenge and considers the level of technical skills of the audit team
to be strong.
The Audit Partner for the Company is Marc Cleeve. Deloitte rotates
the Audit Partner every five years and the most recent rotation took
place during 2024.
The Audit Committee confirms that TRIG has complied with the
requirements of the Statutory Audit Services for Large Companies
Market Investigation (Mandatory Use of Competitive Tender
Processes and Audit Committee Responsibilities) Order 2014 since
it became a member of the FTSE 250 Index on 18 December 2015
and up to 31 December 2025. Deloitte was appointed as external
auditor in 2013 following a competitive process and reappointed in
2022 following an extensive audit retender exercise, and the Audit
Committee Terms of Reference are in line with the Order.
The Committee conducts a formal review of Deloitte following the
issue of the annual financial statements, as it did in 2025 to ensure
that the Committee considers all aspects of the auditor’s service and
performance. The outcome of the review in May 2025 was positive
and led to no material concerns over the performance of the auditor.
The Committee will perform a similar review in May 2026.
The Audit Committee remains satisfied with Deloitte’s effectiveness
and independence as auditor, having considered the degree of
diligence and professional scepticism demonstrated by them.
Having satisfied itself that the external auditor remains independent
and effective, and having concluded a full audit tender process in
recent years, the Audit Committee has recommended to the Board
that Deloitte LLP be reappointed as auditor for the year ending
31 December 2026.
Audit Committee performance evaluation
During the year, the Committee evaluated its performance
considering checklists provided by leading audit firms. All of the
Directors and the Managers considered the form and the results were
discussed at an Audit Committee meeting. A few items of a minor
nature arose and led to recommendations that have been adopted.
Overall, the finding of the evaluation was that the Audit Committee
is sufficiently skilled and experienced and effective in carrying out
its role.
Financial Reporting Council thematic review
During the year, the Financial Reporting Council (“FRC”) Corporate
Reporting Review team conducted a limited scope review of the
Company’s financial statements for the year ended 31 December
2024. The review was part of a thematic review of the disclosures
in the annual reports of investment trusts, venture capital trusts and
similar closed-ended entities.
The FRC did not raise any questions or queries arising from their
thematic review and the FRC used one aspect of the Company’s
disclosures as an example of better disclosure in its sector report.
The FRC review was based solely on the Annual Report and
Accounts and provides no assurance that the report and accounts
are correct in all material respects. The review and the FRC role is not
to verify the information provided but to consider compliance with
reporting requirements. The FRC accepts no liability for any reliance
on their review by the Company or any third party, including but not
limited to, investors and shareholders.
Audit Committee Report continued
102
TRIG Annual Report 2025
Remuneration Committee Report
Remuneration Committee
The Remuneration Committee, chaired by Tove
Feld and comprising all the Directors, operates
within clearly defined Terms of Reference.
The Terms of Reference of the Committee are
to determine and agree the Board policy for the
remuneration of the Directors of the Company,
including the approval of any ad hocpayments
in respect of additional corporate work
required (e.g. for the work involved with the
issue of prospectuses and equity fund raises).
Statement of the Chair of the Remuneration
Committee
As all Directors of the Company are non-executive, they receive
an annual fee appropriate for their responsibilities and time
commitment, but there are no other incentive programmes
orperformance-related emolument.
In proposing the non-executive Directors’ remuneration for 2026,
theCommittee has followed the advice provided by Trust Associates
from their detailed remuneration review carried out in 2023, which
advised an increase in line with UK CPI.
In line with good governance practices, the Committee will
commission a third-party remuneration review in 2026 to inform
remuneration levels for 2027.
The Committee proposes and the Board has, subject to
shareholders’ approval, agreed to implement increases set
outinthefollowing tables below.
Remuneration Policy
All Directors of the Company are non-executive and are each
engaged through a letter of appointment, and as such there are:
– No service contracts with the Company
– No long-term incentive schemes
– No options or similar performance incentives
– No payments for loss of office unless approved by
shareholder resolution
The Directors’ remuneration shall:
– Reflect the responsibility, experience, time commitment and
position on the Board
– Allow the Chair of the Board, the Senior Independent Director and
the Chair of each of the Board’s Committees to be remunerated in
excess of the remaining Board members to reflect their increased
roles of responsibility and accountability
– Be paid quarterly in arrears
– Include remuneration for additional, specific corporate work,
whichshall be carefully considered and only become due and
payable on completion of that work
– Be reviewed by an independent professional consultant with
experience of investment companies and their fee structures,
atleast every three years
The maximum annual limit of aggregate fees payable to the Directors
as set in the Articles of Association is £450,000.
Remuneration Committee
The Remuneration Committee met twice during 2025 to consider the
remuneration of the Directors. Its membership comprised all Directors
of the Company, which was deemed appropriate as they are each
independent and have the requisite knowledge of the Company and
experience to appropriately determine remuneration.
The table below sets out the Remuneration Committee’s
recommendation for annual base fees for 2026
2025
Remuneration
2026
Remuneration
Chair of the Board £100,000 £103,500
Director £61,000 £63,000
The Remuneration Committee confirmed its recommendation for the
annual supplement for the additional responsibilities and activities
2025 Additional
Remuneration
2026 Additional
Remuneration
Senior Independent Director £6,500 £6,500
Audit Committee Chair £14,500 £15,000
Other Committee Chair
1
£4,000 £4,500
1 Paid to the Chair of the Management Engagement Committee, Remuneration Committee,
ESG Committee and new committees formed; excludes the Nomination Committee and the
Market Disclosure Committee, which are chaired by the Chair of the Board and are included
in the fee payable to the Chair of the Board.
103TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
The table below sets out the Directors’ remuneration approved
and actually paid for the year to 31 December 2025 as well as the
estimated remuneration for the year ending 31 December 2026
based on the rates set out in the previous tables. Where Directors
serve for part of the year, their fee is pro-rated accordingly. Where a
Director’s role changes during the year (e.g. succession of roles such
as that of the Chair), their fees for the year will reflect the period of the
year for which they have borne additional responsibilities.
Director Role
2025
Remuneration
2026
Remuneration
R Morse Director Chair £100,000 £103,500
T Feld Remuneration Committee
Chair
Senior Independent
Director
£71,500 £74,000
J Whittle Audit Committee Chair £75,500 £78,000
S Sagayam ESG / Sustainability
Committee Chair
£65,000 £67,500
E-M Trixl Management
Engagement Committee
Chair
£65,000 £67,500
Total £377,000 £390,500
Where the Company requires Directors to work on specific corporate
actions, such as the raising of further equity, an additional fee will
be appropriately determined. No additional fees were payable to
theDirectors in 2025.
Directors are entitled to claim reasonable expenses, which they
incur attending meetings or otherwise in performance of their duties
relating to the Company. The total amount of Directors’ expenses
paid for 2025 was £18,243.
The Board also considered the availability of time of each Director,
taking into account their other commitments, and concluded that
adequate time was, in each case, available for the appropriate
discharge of the Company’s affairs.
Directors’ interests
The Directors of the Company at 31 December 2025, and their
interests in the Ordinary Shares of the Company, are shown in
thetable below.
31 December 2024
Ordinary Shares
31 December 2025
Ordinary Shares
R Morse 130,415 130,415
T Feld 90,019 90,019
J Whittle 92,000 92,000
S Sagayam 50,000 50,000
E-M Trixl 54,042 67,692
Some of the Directors’ shares may be held by their close associates.
All holdings of the Directors and their families are beneficial.
No changes to these holdings had been notified up to the date
ofthis report.
At the last AGM, held on 27 June 2025, the following resolution
including Directors’ Remuneration was approved.
Ordinary Resolution 9 – To approve the Directors’ Remuneration
Report, including the proposed annual remuneration for routine
business for each Director, as set out in the Report and Financial
Statements, for the year ending 31 December 2025:
Shares voted Percentage
In favour 1,716,636,088 99.95
Against 904,593 0.05
Withheld 451,889 –
Remuneration Committee Report continued
104
TRIG Annual Report 2025
Performance graph
In setting the Directors’ remuneration, consideration is given to the size and performance of the Company. The graph below highlights
the performance of the Company against the FTSE-All Share Index (of which TRIG is a constituent) rebased to IPO on a total return
basis. In 2025, the Total Shareholder Return (on a share price basis) for the Company was -11.4% (2024: -18.8%) versus 23.9% for the
FTSE-All Share Index (2024: 9.4%). Over the period from the IPO in July 2013 to 31 December 2025, the Total Shareholder Return for
theCompany was 47.25% and for the FTSE-All Share it was 139.23%.
110p
90p
130p
150p
170p
190p
210p
230p
250p
270p
Jan ‘14 Jan ‘15 Jan ‘16 Jan ‘17 Jan ‘18 Jan ‘19 Jan ‘20 Jan ‘21 Jan ‘22 Jan ‘23
TRIG TSR (LHS) TRIG Beta (RHS) Utilities Beta (RHS)FTSE All-Share TSR (LHS)
0
0.5
1
1.5
2
2.5
3
3.5
4
Jan ‘24
Jan ‘25 Jan ‘26
Cumulative Total Return
Beta
Source: Thomson Reuters Datastream.
105TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Report of the Directors
The Directors present their report and accounts of
the Company for the year to 31 December 2025.
Principal activity
The Company is a closed-ended Guernsey-incorporated investment
company, investing in and managing a portfolio of investments in
renewable energy infrastructure project companies. Its shares have
a premium listing on the Official List of the UK Listing Authority and
are traded on the main market for listed securities of the London
Stock Exchange.
Results and distributions
The results for the year are summarised in the Investment Report,
Operations Report and Valuation of the Portfolio sections, and are
setout in detail in the audited financial statements.
Distributions and share capital
The Company has declared four quarterly interim dividends for the
year ended 31 December 2025 for an aggregate annual dividend of
7.55p (2024: 7.47p) per share as follows:
– 1.8875p per share was declared on 8 May 2025, to shareholders
on the register as at 16 May 2025, paid on 30 June 2025
– 1.8875p per share was declared on 5 August 2025, to
shareholders on the register as at 15 August 2025, paid on
30 September 2025
– 1.8875p per share was declared on 6 November 2025, to
shareholders on the register as at 14 November 2025, paid on
31 December 2025
– 1.8875p per share was declared on 5 February 2026, to
shareholders on the register on 13 February 2026, to be paid on
31 March 2026
The Company had one class of share capital, Ordinary Shares,
inissue as at 31 December 2025.
Shares in issue
Ordinary Shares in issue decreased during the year from
2,463,893,326 to 2,392,465,971 as a result of the purchase of
Ordinary Shares in the period following the announcement of
a share buyback programme and the issues of shares to the
Managers in lieu of fees pursuant to the Investment Management
Agreement (in relation to InfraRed Capital Partners Limited) and the
Operations Management Agreement (in relation to Renewable Energy
Systems Limited.)
Equity share issues in the year
There were no equity share issues during the year.
Shares issued to the Managers
The Managers’ fees arrangement changed as of 1 April 2025, as
described in note 17 to the financial statements. Up until 31 March
2025, the Managers were paid 20% of their annual management fee
(up to an adjusted portfolio value of £1bn) in shares. In relation to this,
881,732 shares were issued in March 2025 (573,126 to the Investment
Manager and 308,606 to the Operations Manager) relating to fees for
the second six months of 2024. A further 463,868 shares were issued
in September 2025 (301,514 to the Investment Manager and 162,354
to the Operations Manager) relating to fees for the first quarter of
2025. No shares are due to the Managers in relation to the period
after 1 April 2025 when the revised fee arrangement came into force.
In addition, senior representatives and connected individuals of the
Managers hold 1,887,632 shares.
The number of shares in the Company held by the Investment
Manager is 6,877,070 and the number of shares held by the
Operations Manager is 10,828,208.
SLC Management, the 100% shareholder of InfraRed Capital
Partners, hold 11,419,592 shares.
Date Description
New Ordinary
Shares issued
Shares
repurchased
Number of
shares in issue
31 December 2024 Opening position 2,463,893,326
2 January to 31 March 2025 Shares repurchased (29,374,764) 2,434,518,562
31 March 2025 Issue of shares to the Managers
inlieu of fees relating to H2 2024 881,732 2,435,400,294
1 April to 30 September 2025 Shares repurchased (36,188,191) 2,399,212,103
30 September 2025 Issue of shares to the Managers
inlieu of fees relating to H1 2025 463,868 2,399,675,971
1 October to 31 November 2025 Shares repurchased (7,210,000) 2,392,465,971
31 December 2025 Closing position 2,392,465,971
106 TRIG Annual Report 2025
Scrip shares
An annual ordinary resolution to authorise the Directors to offer
theshareholders the right to receive further Ordinary Shares
(“scripshares”) instead of cash in respect of all, or part, of any
dividend that may be declared will again be proposed at the
forthcoming Annual General Meeting in 2026.
The Board believes that it remains in the general interest of
shareholders, who may be able to treat distributions of scrip shares
as capital for tax purposes or who may otherwise wish to roll over
their dividend entitlement into further investment in the Company,
tohave the option of electing to receive part, or all of their dividends in
the form of scrip shares. Shareholders who elect to take scrip shares
instead of receiving cash dividends will increase their holdings without
incurring dealing costs or stamp duty. The Company benefits from
the retention of cash for further investment, which would otherwise
bepaid out as a dividend.
The Company has been offering the scrip dividend alternative since
February 2014 and this has been popular with many shareholders.
Since late 2022, the Company has been unable to offer the scrip
dividend alternative as a result of the Ordinary Share price being
greater than 10% below the prevailing NAV.
Guernsey regulatory environment
As a Guernsey-registered closed-ended investment company,
TRIGis subject to certain ongoing obligations to the Guernsey
Financial Services Commission.
Directors
The Directors who held office during the year to 31 December
2025 were:
– Richard Morse (Chair)
– Tove Field
– John Whittle
– Selina S Sagayam
– Erna-Maria Trixl
Biographical details of each of the Directors are shown in the
BoardofDirectors section.
Investment Manager
InfraRed Capital Partners Limited (the “Investment Manager” or
“InfraRed”) acts as Investment Manager to the Group. A summary of
the contract between the Company, its subsidiaries and InfraRed in
respect of services provided is set out in Note 17 to the accounts.
Operations Manager
Renewable Energy Systems Limited (the “Operations Manager” or
“RES”) acts as Operations Manager to the Group. A summary of the
contract between the Company, its subsidiaries and RES in respect
of services provided is set out in Note 17 to the accounts.
Further details of the Managers are provided in the Creating
Stakeholder Value section of the Strategic Report.
Broker, Administrator and Company
Secretary
The Company’s joint brokers during the year to 31 December 2025
were Investec Bank PLC and BNP Paribas.
The Company’s Administrator during the year to 31 December 2025
was Aztec Financial Services (Guernsey) Limited.
Substantial interests in share capital
As at 31 December 2025, the Company has received notification in
accordance with the FCA’s Disclosure Guidance and Transparency
Rule 5 of the following interests in 5% or more of the Company’s
Ordinary Shares to which voting rights are attached:
Number of Ordinary
Shares held Percentage held
Rathbones Group 199,223,665 8.3%
Donations
The Company made no political donations during the year or the
preceding year.
Payment of suppliers
It is the policy of the Company to settle all suppliers in accordance
with the terms and conditions of the relevant market in which
it operates. Suppliers of goods and services are generally paid
within 30 days of the date of any invoice. The Company has no
trade creditors.
Criminal Finances Act
The Board of The Renewable Infrastructure Company Limited has
azero-tolerance commitment to preventing persons associated with
it from engaging in criminal facilitation of tax evasion. The Board has
satisfied itself in relation to its key service providers that they have
reasonable provisions in place to prevent the criminal facilitation of
tax evasion by their own associated persons and will not work with
service providers who do not demonstrate the same zero-tolerance
commitment to preventing persons associated with it from engaging
in criminal facilitation of tax evasion.
107TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Going concern
The Company has the necessary financial resources to meet its
obligations for at least the next 12 months following the date of this
report. It is more beneficial to consider going concern from the Group
perspective as the Company has access to funding via the revolving
credit facility (“RCF”), which is borne within its subsidiaries as well
as receiving distributions and cash flows from the underlying group
companies, which are passed up to the Company as required as part
of the intercompany funding arrangements.
The Group’s business activities, together with the factors likely to
affect its future development, performance and position, are set out
in the Strategic Report. The financial position of the Group, its cash
flows, liquidity position and borrowing facilities are described in the
Financial Review section of the Strategic Report. In addition, Notes
1 to 4 to the financial statements include: the Group’s objectives,
policies and processes for managing its capital; its financial risk
management objectives; details of its financial instruments and
hedging activities; and its exposures to credit risk and liquidity risk.
The Group benefits from a range of long-term contracts with various
major UK and European utilities and well-established suppliers across
a range of infrastructure projects.
The £500m RCF was most recently renewed in February 2025
and expires 31 March 2028. The RCF includes a working capital
component and RCF drawings are limited to 30% of Portfolio Value.
At 31 December 2025, the Group was £398m drawn (2024: £309m),
the Group’s leverage was 14% for fund-level financing (2024: 10%).
The Group’s project-level financing is non-recourse to the Company
and is limited to 50% of Gross Portfolio Value. The gearing level is
37% for project-level financing (2024: 37%). As a consequence, the
Directors believe that the Group is well placed to manage its business
risks successfully.
The RCF is also ESG-linked, resulting in a possible increase
or reduction tofuture interest payments based on the Group’s
performance against KPIs relating to ESG targets over time.
1
The Group has sufficient headroom on its RCF covenants.
These covenants have been tested and relate to interest cover ratios
and Group gearing limits and the Group does not expect these
covenants to be breached. The Company and its direct subsidiaries
have a number of guarantees, detailed in Note 18 of the financial
statements. These guarantees relate to certain obligations that
may become due by the underlying investments over their useful
economic lives. We do not anticipate these guarantees to be called
inthe next 12 months, and, in many cases, the potential obligations
are insured by the underlying investments.
In the year ended 31 December 2025, the Group net increased the
RCF outstanding balance by c.£89m. The Group’s cash flows in the
year, along with proceeds from disposals and drawings under the
RCF, enabled the Group to meet investment commitments falling
duein the year and funded share buybacks in the year.
Post-year-end, on 11 February 2026, as more fully described
on page 53, an indirect subsidiary of the Company (TRIG UK
Investments Limited) entered into a £200m Private Placement (“PP”)
and applied the proceeds to significantly reduce the RCF balance.
The PP has a fixed interest rate (at a similar level to the RCF) and
has an amortisation schedule spreading the repayment / refinancing
requirement over five years from 2033 to 2038. The Company
expects to repay the PP when repayments become due principally
from forecast surplus cashflows from the investments but could
also expect to fundrepayment from disposal proceeds and /
or refinancing.
Operating cash flows are expected to remain robust in the next few
years as wholesale electricity prices remain relatively strong and
are expected to enable investment commitments to be partially met
by operational cash flows with the balance being funded by RCF
drawdowns and / or divestment proceeds. Further selective asset
disposals are expected in 2026, and the proceeds will be used to
further reduce the outstanding RCF balance, which was £213m
drawn at the date of this report.
Further to the above, the Group has a number of outstanding
commitments which are detailed in page 52 of this Annual Report
and Note 18 of these financial statements. These commitments can
be fully covered by the Group’s RCF.
The Directors have assessed ongoing risks (such as uncertain future
inflation levels and interest rates, global conflicts, potential global
trade tariff increases, regulatory change and global supply chain
issues) and while each of these risks individually or combined have
the potential to have a significant impact on the business, they do not
expect these to have an impact sufficiently adverse to affect the going
concern of the Company or Group. Risk-mitigating activities have
served to reduce the impact on the business of these risks to date.
The Directors continue to work with the Managers to ensure that the
portfolio of investments is able to operate as effectively as possible.
The Managers have performed downside risk scenario planning
encompassing a range of potential outcomes and these demonstrate
that, while profitability may be adversely affected, the Company and
its investments are expected to remain viable. The Directors and
Managers will continue to monitor any future developments.
The Company is affected by climate-related risks, as set out in the
Company’s TCFD reporting on page 69 of this Annual Report, and
the Board consider these when they assess the Company’s ability
to continue as a going concern. The Company continues to assess,
monitor and, where necessary and possible, mitigate and manage
these risks. These risks are not expected to have a material impact
inthe next 12 months.
The Company will hold its Annual General Meeting in summer
2026, which will include an ordinary resolution continuation vote.
The Directors intend to recommend that shareholders vote in favour
of continuation, and for the Company to continue its business as
presently constituted. This includes to continue to deliver the strategy
set out at the Capital Markets Seminar in May 2025, which is to
raise capital through corporate debt issuance and portfolio rotation,
reinvest at double-digit returns and enhance the existing portfolio.
This is a self-funded strategy that seeks to grow the Company’s
NAV and drive forward a compelling total return proposition,
anchored by capital growth, a robust approach to capital allocation
and a resilient dividend for shareholders. In the event that the vote
fails, the Directors will formulate reorganisation or reconstruction
proposals (which may or may not involve the winding up of the
Company), with such proposals to be put to shareholders as soon
as reasonably practicable. The Directors and Managers regularly
meet shareholders and discuss the Company’s performance, plans
and strategy. Based on feedback from these meetings, the Directors
expect to obtain the support of shareholders for continuation and
hence consider that it remains appropriate to assume the Company
continues to operate as a going concern.
1 The increase / decrease that would be applied to the RCF interest margin if all the ESG KPIs are not met / met respectively is 0.05% which, if applied to the post-year-end RCF balance of c.£200m,
would lead to an increase / decrease in the annual interest charge of c.£150,000. The margin increase / decrease will be half of this level if one / two KPIs are met (0.025% increase if one out of three
KPIs met, 0.025% decrease if two out of three KPIs are met).
Report of the Directors continued
108
TRIG Annual Report 2025
Having performed the assessment of going concern, the Directors
have a reasonable expectation that the Group and, therefore,
the Company has adequate resources to continue in operational
existence for a period of at least 12 months from the date of these
financial statements. Thus, they adopt the going concern basis of
accounting in preparing the annual financial statements.
This conclusion is based on a review of the Group’s cash flow
projections including reasonably expected downside sensitivities
together with cash and committed borrowing facilities available to it.
Internal controls review
Taking into account the information on emerging and principal risks
and uncertainties provided in the Risk and Risk Management section,
and the ongoing work of the Audit Committee in monitoring the risk
management and internal control systems on behalf of the Board
(seethe Audit Committee Report section), the Directors:
– Are satisfied that they have carried out a robust assessment of
the principal and emerging risks facing the Company, including
those that would threaten its business model, future performance,
solvency or liquidity
– Are satisfied the Company has adequate safeguards and
procedures in place to function effectively and ensure operational
continuity in the event of a major business interruption (such
as a pandemic or cyber attack) including step-in plans for key
personnel and systems
– Continue to monitor emerging risks facing the Company, including
but not limited to, the ongoing global conflicts, inflationary
pressures and constraints in global supply chains
– Have reviewed the effectiveness of the risk management and
internal control systems, and no significant failings were identified
The internal controls review covers material controls including
financial, operational and compliance controls.
To enable the Directors to provide this statement in relation to risks
and controls, the Directors have worked with the Managers to:
– Review the Company’s risk dashboard and framework each
quarter (including discussion as to whether TRIG is within the
Company’s risk appetite
– Consider each Manager’s compliance with their own internal
controls each quarter
– Receive presentations from each Manager on the effectiveness
ofthese controls and their internal controls environment at
least annually
– Consider the Company’s risk appetite statement, agree this with
the Managers, and document this
– Assess the impact of a major business interruption (such as
apandemic) on the Company
– Identify key personnel, systems and document step-in plans
toensure business continuity
– Consider the risk culture of the Company and within the Managers
and confirm that these are appropriate and expected to support
the sustainability of the Company and consistent with the
risk appetite
Share repurchases
There have been share buybacks in the year. The Company
commenced a £50m share buyback programme on 9 August 2024
and announced on 11 February 2025 an increase in size of the
programme to £150m. The Company has purchased 97,326,015 of
its own shares and holds these shares in treasury. The latest authority
for the Company to make market purchases of Ordinary Shares was
granted to the Directors on 15 May 2024 and expires on the date of
the next Annual General Meeting. The Directors are proposing that
their authority to buy back shares be renewed at the forthcoming
Annual General Meeting.
Treasury shares
Section 315 of the Companies (Guernsey) Law, 2008 allows
companies to hold shares acquired by market purchase as treasury
shares, rather than having to cancel them. Up to 14.99% of the
number of shares in issue at the date of the last AGM (27 June 2025)
may be held in treasury and may be subsequently cancelled or sold
for cash in the market. This gives the Company the ability to reissue
shares quickly and cost efficiently, thereby improving liquidity and
providing the Company with additional flexibility in the management
ofits capital base.
As at the signing date of these financial statements, there are
95,980,415 shares held in treasury.
1
The Board would only authorise
the sale of shares from treasury at prices at or above the prevailing
NAV per share (plus costs of the relevant sale). If such a measure
were to be implemented, this would result in a positive overall effect
on the Company’s NAV. In the interests of all shareholders, the Board
will keep the matter of treasury shares under review.
On behalf of the Board of Directors of The Renewables Infrastructure
Group Limited
Richard Morse
26 February 2026
Registered Office:
East Wing, Trafalgar Court, Les Banques,
St Peter Port
Guernsey, Channel Islands GY1 3PP
1 The total shares bought back by the Company differ from the total shares held in treasury by the sum of share issues to the Managers at NAV in partial payment of the management fee.
109TRIG Annual Report 2025
Strategic Report
Financials
Appendices
Governance
Directors’ Statement of Responsibilities
The Directors are responsible for preparing the
Directors’ Report and the financial statements in
accordance with applicable law and regulations.
The Companies (Guernsey) Law, 2008 requires the Directors to
prepare financial statements for each financial year. Under that law,
the Directors are required to prepare the Group financial statements in
accordance with International Financial Reporting Standards (“IFRS”)
as adopted by the European Union.
Under company law, the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair view
of the state of affairs of the Company and of the profit or loss of the
Company for that period.
In preparing these financial statements, International Accounting
Standard 1 requires that Directors:
– Properly select and apply accounting policies
– Present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information
– Provide additional disclosures when compliance with the
specific requirements in IFRSs are insufficient to enable users
to understand the impact of particular transactions, other
events and conditions on the entity’s financial position and
financial performance
– Make an assessment of the Company’s ability to continue as
agoing concern
The Directors are responsible for keeping proper accounting records
that are sufficient to show and explain the Company’s transactions
and disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the
financial statements comply with the Companies (Guernsey) Law,
2008. They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of
the corporate and financial information included on the Company’s
website. Legislation in Guernsey and the United Kingdom governing
the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Directors’ responsibility statement
We confirm that, to the best of our knowledge:
– The financial statements, prepared in accordance with
International Financial Reporting Standards, give a true and fair
view of the assets, liabilities, financial position and profit or loss
ofthe Company
– The Chair’s Statement, the Strategic Report and Report of
the Directors include a fair review of the development and
performance of the business and the position of the Company and
Group taken as a whole together with a description of the principal
risks and uncertainties that it faces
– The Annual Report and financial statements when taken as a
whole are fair, balanced and understandable and provide the
information necessary for shareholders to assess the Company’s
position, performance, business model and strategy
This responsibility statement was approved by the Board of Directors
on 26 February 2026 and is signed on its behalf by:
Richard Morse
26 February 2026
Registered Office:
East Wing, Trafalgar Court, Les Banques,
St Peter Port
Guernsey, Channel Islands GY1 3PP
110 TRIG Annual Report 2025
WHAT'S IN THIS SECTION
Independent Auditor’s Report to TRIG 112
Financial Statements 120
Notes to the Financial Statements 124
Financials
111TRIG Annual Report 2025
Independent Auditor’s Report
To the members of The Renewables Infrastructure Group Limited
Report on the audit of the financial statements
1. Opinion
In our opinion the financial statements of The Renewables Infrastructure Group Limited (the ‘company’):
– give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its loss for the year then ended;
– have been properly prepared in accordance with IFRS Accounting Standards as adopted by the European Union; and
– have been prepared in accordance with the requirements of the Companies (Guernsey) Law, 2008.
We have audited the financial statements which comprise:
– the company income statement;
– the company balance sheet;
– the company statement of changes in shareholders’ equity;
– the company cash flow statement; and
– the related notes 1 to 21.
The financial reporting framework that has been applied in their preparation is applicable law, and IFRS Accounting Standards as adopted
bythe European Union.
2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
underthose standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements
in theUK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest entities, and we have
fulfilledour other ethical responsibilities in accordance with these requirements. The non-audit services provided to the company for the
yearare disclosed in note 6 to the financial statements. We confirm that we have not provided any non-audit services prohibited by the
FRC’sEthicalStandard to the company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
3. Summary of our audit approach
Key audit matters
The key audit matters that we identified in the current year were:
– The assessment of the fair value of investments
– Judgements associated with going concern
Within this report, key audit matters are identified as follows:
(!) Newly identified
(<>) Similar level of risk
Materiality
The materiality that we used in the current year was £49m which was determined on the basis of 2% of
shareholders’ equity.
A lower materiality threshold of £3.2m based upon 3% of income from investments (excluding fair value
movements in the portfolio valuation) was applied to amounts in the income statement, excluding the fair
value movements associated with the fair value of investments, finance and other income and expenses.
Scoping
As the company is required to measure its subsidiaries at fair value rather than consolidate on a line-by-line
basis, the company has been treated as having only one component.
Significant changes
inourapproach
We have identified judgements associated with going concern as a new key audit matter in the current
year due to increased audit effort as a result of the continuation vote within the next 12 months.
112 TRIG Annual Report 2025
4. Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of
thefinancial statements is appropriate.
Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting is discussed
insection 5.2.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from
whenthe financial statements are authorised for issue.
In relation to the reporting on how the company has applied the Association of Investment Companies Code of Corporate Governance
(the“AICcode”), we have nothing material to add or draw attention to in relation to the directors’ statement in the financial statements about
whether the directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of
the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified.
These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing
the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
donot provide a separate opinion on these matters.
5.1. The assessment of the fair value of investments
Key audit matter
description
The company’s investments held at fair value at 31 December 2025 comprise investments in intermediate
holding companies, equity and subordinated debt interests as well as mezzanine level bonds in wind farm,
solar park and battery storage projects. The company, its subsidiaries and its portfolio of investments are
known as “the Group”. These investments are classified at Level 3 within the IFRS 13 fair value hierarchy
and their valuation requires significant judgement.
The company’s portfolio has decreased by £327m in the year to £2,473.7m at 31 December 2025
(31 December 2024: £2,800.7m); £212.8m of the decrease is recognised through the income statement
asa fair value loss.
Certain assumptions used in the determination of fair value are a key source of estimation uncertainty,
which is why we consider there to be a risk of material misstatement as well as a potential for fraud
through possible manipulation of this balance. As there is no liquid market for these investments, they
are measured using a discounted cash flow methodology. The complex nature of this methodology,
combined with the number of significant judgements and the sensitivity of the valuation to changes in
these judgements and assumptions means there is a risk that the fair value of the investments could
be misstated.
The key assumptions that contain the highest level of judgement and to which the valuation is most
sensitive have been summarised as:
– Discount rates – the determination of the appropriate bifurcated discount rates for each investment
thatis reflective of current market conditions and specific risks of the investment;
– Forecast inflation rates in the short-term and long-term for the applicable geographies where the
company has investments;
– Forecast power prices, including the consideration of government-imposed levies, forward prices,
cannibalisation, and the impact of climate change; and
– Energy yields – these are based on the P50 budgeted production which assume production will
beaverage (i.e. will have a 50% probability of exceeding the average yield) factoring in different
geographies and asset specific factors.
The Audit Committee have set out their consideration of the risk on page 99 and it is disclosed as a key
source of estimation uncertainty in note 3 of the financial statements. A breakdown of the investments
and the assumptions applied to the valuation and related sensitivities are described in note 4 of the
financial statements.
Strategic Report
Financials
Appendices
Governance
113TRIG Annual Report 2025
Independent Auditor’s Report continued
How the scope of our
audit responded to the
key audit matter
We challenged the key judgements and assumptions in our assessment of the fair value of investments
aswell as the sensitivity of the valuation to reasonably possible changes in these assumptions.
Our audit procedures included the following:
– obtaining an understanding and testing the relevant controls in respect of the valuation process adopted
by the Investment Manager and Board, including the incorporation of updates to the valuation models
used at 31 December 2025;
– disaggregating projects based upon our risk assessment in order to challenge the cash flow projections
and explanations for significant movements in the forecast, with detailed model review procedures
using analytics performed on higher risk projects and performing analytical reviews on the remainder
ofthe projects;
– reviewing share purchase agreements for asset acquisitions and divestments during the year in order
todetermine the impact on the valuation;
– involving our valuation specialists in challenging the valuation assumptions applied in the context of
market and transaction information; this included assessing the bifurcation discount rate methodology,
benchmarking discount rates, and assessing the inflation rates within the valuation;
– evaluating the inflation rate assumptions included in the forecasts with reference to observable market
data and external forecasts;
– evaluating the power price curves used in the model through independent recalculation of the curves
and agreement of inputs back to external source data;
– evaluating the historical average trends of actual generation compared to the P50 budget in assessing
the reasonableness of assumed energy yields;
– assessing the impact of climate change on the power price curves, in respect of the wholesale curves
selected and cannibalisation rates, used within the fair value of the investments;
– understanding and challenging management’s process for determining costs to complete for projects
inconstruction through review of the estimated costs to complete;
– assessing the incorporation of the assumptions into the valuation model and the correct application of
the selected discount rates;
– holding meetings with the Operations Manager to understand the performance of the underlying Special
Purpose Vehicles (SPVs), including consideration of actual generation variance to energy yield budget;
– in conjunction with our valuation specialists, reviewing and challenging management’s benchmarking of
the net asset value of the company against market capitalisation taking into consideration other market
evidence and benchmarks; this included analysis of the share price discount to net asset value of peer
companies, the failure to proceed with the proposed merger with HICL Infrastructure PLC (“HICL”) and
other relevant market transactional data;
– involving our tax specialists in assessing the tax treatment of portfolio level reliefs; and
– evaluating the adequacy of the disclosures made in the financial statements including the sensitivities
applied to the valuation.
Key observations
Based on the audit procedures performed we concluded that the fair value of investments is
materially appropriate.
114 TRIG Annual Report 2025
5.2. Judgements associated with going concern (!)
Key audit matter
description
The Directors have performed an assessment of going concern for the company as set out in the
directors’ report on page 108 and note 2 to the financial statements respectively, and concluded
thattheadoption of the going concern assumption is appropriate.
In performing this assessment, a key area of judgement is the requirement for the company to undertake
a continuation vote. This vote is required by the company’s Articles, as amended in June 2025, due to the
company’s market capitalisation trading at an average discount to net asset value (NAV) in excess of 10%
over the course of 2025, and will require an ordinary resolution to be proposed at the next AGM in summer
2026 for the shareholders to vote for continuation of the company. To pass, at least 50% of shareholders
would need to vote for the resolution. In the scenario that the shareholders voted against continuation,
the Directors of the company would be required to formulate reorganisation or reconstruction proposals
(which may or may not involve the winding-up of the company). The Directors and Managers regularly
meet shareholders to discuss the company's performance, plans and strategy. Based on feedback from
these meetings, the Directors expect to obtain the support of shareholders for continuation.
Increased audit effort has been required to respond to the risk associated with the continuation vote,
andaccordingly the going concern assumption has been identified as a key audit matter.
How the scope of our
audit responded to the
key audit matter
We challenged the assumptions made by the Directors and the adoption of the going concern
assumption, through the following procedures:
– Obtaining an understanding of the Board's process for evaluating the company’s ability to continue
asagoing concern;
– assessing the directors’ view as to the likely outcome of the continuation vote and hence the ongoing
viability of the company through inquiries with the Board, the company’s investment manager and the
company’s broker and by reviewing shareholder analysis;
– evaluating the consistency of the forecast assumptions applied in the going concern assessment with
forecasts used within the investment valuation;
– evaluating the company’s liquidity requirements and forecast cash flows over the assessment period,
including covenant compliance and consideration of the private placement debt issuance completed
inFebruary 2026;
– testing the clerical accuracy and the integrity of the model used to prepare the forecasts;
– assessing the historical accuracy of forecasts prepared by management;
– assessing the assumptions used in the forecast cash flows, including performing sensitivity analysis
inrelation to key assumptions and assessing headroom in the forecasts; and
– assessing the appropriateness of the disclosures in the financial statements relating to going concern
Key observations
Based on the procedures performed we are satisfied the company’s assumptions and disclosures
regarding the preparation of the financial statements on a going concern basis are appropriate.
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115TRIG Annual Report 2025
Independent Auditor’s Report continued
6. Our application of materiality
6.1. Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions
ofareasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work
andinevaluating the results of our work.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Materiality
£49.0m (2024: £57.0m)
Basis for determining
materiality
2% of shareholders’ equity (2024: 2% of shareholders’ equity)
Rationale for the
benchmark applied
We consider equity to be the key benchmark used by shareholders of the company in assessing
financial performance.
Shareholders’ equity Materiality
Audit committee
reporting threshold
£2.4m
Materiality
£49.0m
Shareholders’ equity
£2,488m
A lower materiality threshold of £3.2m (2023: £3.5m) based upon 3% of interest income from investments (excluding fair value movements
intheportfolio valuation) has also been used. This has been applied to amounts in the income statement excluding fair value movements,
finance and other income and expenses, due to qualitative factors of stakeholder interest.
6.2. Performance materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected
misstatements exceed the materiality for the financial statements as a whole. Performance materiality was set at 70% of materiality for
the2025audit (2024: 70%). In determining performance materiality, we considered the following factors:
a. the quality of the control environment at the company and the Investment Manager;
b. the overall stability of the business;
c. the willingness of the Investment Manager to correct errors identified; and
d. the consistency and the competency of the finance team.
6.3. Error reporting threshold
We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £2.4m (2024: £2.9m), as well
as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit Committee on
disclosure matters that we identified when assessing the overall presentation of the financial statements.
116 TRIG Annual Report 2025
7. An overview of the scope of our audit
7.1. Scoping
Our audit was scoped by obtaining an understanding of the entity
andits environment, including internal control, and assessing
the risks of material misstatement. Audit work to respond to the
risks of material misstatement was performed directly by the audit
engagement team.
As the company is an investment entity under IFRS 10, its subsidiaries
are measured at fair value rather than consolidated on a line-by-line
basis. Therefore, the company has been treated as having only one
component and all of the audit work was performed directly by the
audit engagement team.
7.2. Our consideration of the control environment
We have obtained an understanding of the control environment
and have tested, the relevant controls to address our significant
risks and otherkey account balances and transactions, including
journal entries, the financial reporting process and the valuation of
investments. This included the control environment and relevant
controls operating at the Investment Manager as a key service
provider to the company.
7.3. Our consideration of climate-related risks
Management has considered transition and physical risks when
factoring in climate change as part of their risk assessment process
when considering the principal risks and uncertainties facing the
company. These risks have been focused on the assumptions
underlying the valuation of investments, and include power price
forecasts, energy yields, asset availability and maintenance costs.
In our evaluation of the climate-related risks facing the company,
weconsidered that the key assumption is the power price forecasts;
this is linked to the key audit matter as highlighted in section
5.1, where wehave described both the risks related to these
assumptions and our audit procedures in relation to the challenge
ofthis assumption.
The climate change risk factors underpinning the assumptions
have been explained in note 3 of the financial statements.
With the involvement ofour ESG specialists, we have evaluated the
appropriateness of disclosures included in the financial statements
and have read the annual report to consider whether other climate
change disclosures are materially consistent with the financial
statements and our knowledge obtainedin the audit, including the
consideration of net zero power curves used to assess the impact
ofcertain transition risks on the valuationof the portfolio.
8. Other information
The other information comprises the information included in the
annual report, other than the financial statements and our auditor’s
report thereon. The directors are responsible for the other information
contained within the annual report.
Our opinion on the financial statements does not cover the
other information and we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the course of
the audit, or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is
a material misstatement of this other information, we are required to
report that fact.
We have nothing to report in this regard.
9. Responsibilities of directors
As explained more fully in the directors’ responsibilities statement,
the directors are responsible for the preparation of the financial
statements and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine is necessary
to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible
for assessing the company’s ability to continue as a going concern,
disclosing as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either
intend to liquidate the company or to cease operations, or have no
realistic alternative but to do so.
10. Auditor’s responsibilities for the audit
ofthe financial statements
Our objectives are to obtain reasonable assurance about
whether thefinancial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic
decisions of userstaken on the basis of these financial statements.
A further description of our responsibilities for the audit of
the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms
partofour auditor’s report.
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117TRIG Annual Report 2025
Independent Auditor’s Report continued
11. Extent to which the audit was
consideredcapable of detecting
irregularities, includingfraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements
in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud is
detailed below.
11.1. Identifying and assessing potential risks related
to irregularities
In identifying and assessing risks of material misstatement in respect
of irregularities, including fraud and non-compliance with laws and
regulations, we considered the following:
– the nature of the industry and sector, control environment and
business performance including the design of the company’s
remuneration policies, key drivers for directors’ and Investment
Manager’s remuneration, bonus levels and performance targets;
– results of our enquiries of management, the directors and the
Audit Committee about their own identification and assessment
of the risks of irregularities, including those that are specific to the
company’s sector;
– any matters we identified having obtained and reviewed the
company’s documentation of their policies and procedures
relating to:
– identifying, evaluating and complying with laws and
regulations and whether they were aware of any instances
ofnon-compliance;
– detecting and responding to the risks of fraud and whether they
have knowledge of any actual, suspected or alleged fraud;
– the internal controls established to mitigate risks of fraud or
non-compliance with laws and regulations;
– the matters discussed among the audit engagement team and
relevant internal specialists, including tax, valuations and ESG
specialists regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities
and incentives that may exist within the organisation for fraud and
identified the greatest potential for fraud in the assessment of fair
value of investments. In common with all audits under ISAs (UK),
weare also required to perform specific procedures to respond
totherisk of management override.
We also obtained an understanding of the legal and regulatory
framework that the company operates in, focusing on provisions
of those laws and regulations that had a direct effect on the
determination of material amounts and disclosures in the financial
statements. The key laws and regulations we considered in this
context included the Companies (Guernsey) Law, 2008, the Listing
Rules and relevant tax legislation.
In addition, we considered provisions of other laws and regulations
that do not have a direct effect on the financial statements but
compliance with which may be fundamental to the company’s
ability to operate or to avoid a material penalty. The key laws and
regulations we considered in this context included the Alternative
Investment Fund Managers (“AIFM”) Directive, the AIC Code, and
theNon-Mainstream Pooled Investments (“NMPI”) regulations.
11.2. Audit response to risks identified
As a result of performing the above, we identified the assessment
of the fair value of investments as a key audit matter related to the
potential risk of fraud. The key audit matters section of our report
explains the matter in more detail and also describes the specific
procedures we performed in response to that key audit matter.
In addition to the above, our procedures to respond to risks identified
included the following:
– reviewing the financial statement disclosures and testing to
supporting documentation to assess compliance with provisions
ofrelevant laws and regulations described as having a direct effect
on the financial statements;
– enquiring of management and the Audit Committee concerning
actual and potential litigation and claims;
– performing analytical procedures to identify any unusual or
unexpected relationships that may indicate risks of material
misstatement due to fraud;
– reading minutes of meetings of those charged with governance;
and
– in addressing the risk of fraud through management override
of controls, testing the appropriateness of journal entries and
other adjustments; assessing whether the judgements made in
making accounting estimates are indicative of a potential bias;
andevaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations
andpotential fraud risks to all engagement team members including
internal specialists, and remained alert to any indications of fraud or
non-compliance with laws and regulations throughout the audit.
118 TRIG Annual Report 2025
Report on other legal and
Regulatory Requirements
12. Corporate Governance Statement
The Listing Rules require us to review the directors' statement
in relation to going concern, longer-term viability and that part of
the Corporate Governance Statement relating to the company’s
compliance with the provisions of the AIC Code specified for
our review.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial
statements and our knowledge obtained during the audit:
– the directors’ statement with regards to the appropriateness of
adopting the going concern basis of accounting and any material
uncertainties identified set out on page 108;
– the directors’ explanation as to its assessment of the company’s
prospects, the period this assessment covers and why the period
is appropriate set out on page 108;
– the directors' statement on fair, balanced and understandable
setout on page 110;
– the board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
page 109;
– the section of the annual report that describes the review of
effectiveness of risk management and internal control systems
setout on page 109; and
– the section describing the work of the Audit Committee set out
onpage 99.
13. Matters on which we are required
toreport by exception
13.1. Adequacy of explanations received and
accounting records
Under the Companies (Guernsey) Law, 2008 we are required
toreport to you if, in our opinion:
– we have not received all the information and explanations
werequire for our audit; or
– proper accounting records have not been kept, or
– the financial statements are not in agreement with the
accounting records.
We have nothing to report in respect of these matters.
14. Other matters which we are required
toaddress
14.1. Auditor tenure
Following the recommendation of the Audit Committee, we were
appointed by the board of directors on 19 September 2013 to audit
the financial statements for the year ending 31 December 2013 and
subsequent financial periods and reappointed for a second time
following an audit tender process that concluded in December 2021.
Our reappointment was subsequently ratified by shareholders at the
company’s AGM in May 2022.
The period of total uninterrupted engagement including previous
renewals and reappointments of the firm is 13 years, covering the
years ending 31 December 2013 to 31 December 2025.
14.2. Consistency of the audit report with the
additional report to the Audit Committee
Our audit opinion is consistent with the additional report to the Audit
Committee we are required to provide in accordance with ISAs (UK).
15. Use of our report
This report is made solely to the company’s members, as a body,
in accordance with Section 262 of the Companies (Guernsey) Law,
2008. Our audit work has been undertaken so that we might state
to the company’s members those matters we are required to state
to them in an auditor’s report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company and the company’s members
as a body, for our audit work, for this report, or for the opinions we
have formed.
Marc Cleeve
(Senior statutory auditor)
For and on behalf of Deloitte LLP
Recognised Auditor
Jersey, Channel Islands
26 February 2026
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119TRIG Annual Report 2025
Company Income Statement
For the year ended 31 December 2025
Note
Year ended
31 December
2025
£’m
Year ended
31 December
2024
£’m
Net loss on investments 12 (212.8) (275.6)
Interest income from investments 108.6 117.2
Total operating loss (104.2) (158.4)
Fund expenses 6 (6.4) (2.7)
Finance and other (expense) / income 7 (19.3) 45.9
Loss before tax (129.9) (115.2)
Income tax 8 – –
Loss after tax 9 (129.9) (115.2)
Attributable to:
Equity holders of the parent (129.9) (115.2)
(129.9) (115.2)
Basic and diluted loss per share (pence) 9 (5.4)p (4.7)p
All results are derived from continuing operations. The accompanying Notes are an integral part of these financial statements.
There is no other comprehensive income or expense apart from those disclosed above and, consequently, a separate statement
ofcomprehensive income has not been prepared.
120 TRIG Annual Report 2025
Company Balance Sheet
As at 31 December 2025
Note
As at
31 December
2025
£’m
As at
31 December
2024
£’m
Non-current assets
Investments at fair value through profit or loss 12 2,473.7 2,800.7
FX forward contracts 16 4.7 26.6
Total non-current assets 2,478.4 2,827.3
Current assets
Other receivables 13 0.1 1.1
FX forward contracts 16 7.4 17.5
Cash and cash equivalents 14 7.1 11.7
Total current assets 14.6 30.3
Total assets 2,493.0 2,857.6
Non-current liabilities
FX forward contracts 16 (4.2) (0.2)
Total non-current liabilities (4.2) (0.2)
Current liabilities
Trade and other payables (1.1) (1.1)
Total current liabilities (1.1) (1.1)
Total liabilities (5.3) (1.3)
Net assets 11 2,487.7 2,856.3
Equity
Share capital and share premium 15 2,447.1 2,752.7
Other reserves 15 – 1.0
Retained reserves 15 40.6 102.6
Total equity attributable to owners of the parent 11 2,487.7 2,856.3
Net assets per Ordinary Share (pence) 11 104.0p 115.9p
The accompanying Notes are an integral part of these financial statements.
The financial statements were approved and authorised for issue by the Board of Directors on 26 February 2026, and signed on its behalf by
Director: John Whittle Director: Richard Morse
Company registered number: 11738373
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121TRIG Annual Report 2025
Company Statement of Changes in Shareholders’ Equity
For the year ended 31 December 2025
Share capital and
share premium
£’m
Other reserves
£’m
Retained
reserves
£’m
Total equity
£’m
Shareholders’ equity at beginning of year 2,752.7 1.0 102.6 2,856.3
Loss for the year – – (129.9) (129.9)
Dividends paid – – (182.1) (182.1)
Shares repurchased (57.1) – – (57.1)
Ordinary Shares issued in year in lieu of management Fees, earned in H2 2024
1
1.0 (1.0) – –
Ordinary Shares issued in year in lieu of management Fees, earned in H1 2025
2
0.5 – – 0.5
Reserves transfer
3
(250.0) – 250.0 –
Shareholders’ equity at end of year 2,447.1 – 40.6 2,487.7
For the year ended 31 December 2024
Share capital and
share premium
£’m
Other reserves
£’m
Retained
reserves
£’m
Total equity
£’m
Shareholders’ equity at beginning of year 2,772.0 1.0 401.3 3,174.3
Loss for the year – – (115.2) (115.2)
Dividends paid – – (183.5) (183.5)
Shares repurchased (21.3) – – (21.3)
Ordinary Shares issued in year in lieu of management fees, earned in H2 2023
4
1.0 (1.0) – –
Ordinary Shares issued in year in lieu of management fees, earned in H1 2024
5
1.0 – – 1.0
Ordinary Shares to be issued in lieu of management fees, earned in H2 2024
1
– 1.0 – 1.0
Shareholders’ equity at end of year 2,752.7 1.0 102.6 2,856.3
In line with the Investment Management Agreement and the Operations Management Agreement, 20% of the management fees are to be
settled in Ordinary Shares up to an Adjusted Portfolio Value of £1bn.
1 The £1,005,464 transfer between reserves represents the 881,732 shares that relate to management fees earned in the six months to 31 December 2024 and were recognised in other reserves at
31 December 2024, and were issued to the Managers during the year, with the balance being transferred to share premium reserve on 31 March 2025.
2 The £493,151 addition to the share premium reserve represents the 463,868 shares that relate to management fees earned in the three months to 31 March 2025 and were issued to the
Managers on 30 September 2025. As per the new management fee agreement effective from 1 April 2025, management fees are paid in cash only hence no accrual related to H2 2025.
3 The Company carried out a transfer from Share Premium Reserve to Retained Reserves on 24 June 2025 to optimise the reserves balance.
4 The £1,008,219 transfer between reserves represents the transfer between reserves represents the 818,326 shares that relate to management fees earned in the six months to 31 December 2023
and were recognised in other reserves at 31 December 2023, and were issued to the Managers during 2024, with the balance being transferred to share premium reserve on 28 March 2024.
5 As at 30 June 2024, 800,776 shares equating to £994,536 based on a Net Asset Value ex dividend of 121.5325p per share (the Net Asset Value at 30 June 2024 of 123.4p per share less dividend
of 1.8675p per share) were due and the Company issued these shares to the Managers on 30 September 2024.
The accompanying Notes are an integral part of these financial statements.
122 TRIG Annual Report 2025
Company Cash Flow Statement
For the year ended 31 December 2025
Note
Year ended
31 December
2025
£’m
Year ended
31 December
2024
£’m
Cash flows from operating activities
Loss before tax 9 (129.9) (115.2)
Adjustments for:
Net loss on investments 12 212.8 275.6
Investment income from investments (108.6) (117.2)
Realised exchange gains FX forwards 7 17.3 16.9
Finance and other expense / (Income) 7 19.3 (45.9)
Operating cash flow before changes in working capital 10.9 14.2
Changes in working capital:
Decrease in receivables 1.2 –
Increase in payables – 0.4
Cash generated by operations 12.1 14.6
Interest received from investments 108.6 117.2
Interest income from cash on deposit 7 0.1 0.3
Net cash from operating activities 120.8 132.1
Cash flows from investing activities
Funding of investments 12 (17.0) (23.1)
Loan stock repayments received 12 130.3 87.6
Net cash from investing activities 113.3 64.5
Cash flows from financing activities
Proceeds from issue of share capital during year 1.5 2.0
Repurchase of shares (57.6) (20.9)
Dividends paid to shareholders 10 (182.1) (183.5)
Net cash used in financing activities (238.2) (202.4)
Net decrease in cash and cash equivalents (4.1) (5.8)
Cash and cash equivalents at beginning of year 14 11.7 18.1
Exchange loss on cash (0.5) (0.6)
Cash and cash equivalents at end of year 14 7.1 11.7
The accompanying Notes are an integral part of these financial statements.
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123TRIG Annual Report 2025
Notes to the Financial Statements
1. General information
The Renewables Infrastructure Group Limited (“TRIG” or the
“Company”) is a closed ended investment company incorporated
in Guernsey under Section 20 of the Companies (Guernsey) Law,
2008. The shares are publicly traded on the London Stock Exchange
under a premium listing. Through its subsidiaries, The Renewables
Infrastructure Group (UK) Limited (“TRIG UK”), and The Renewables
Infrastructure Group (UK) Investments Limited (“TRIG UK I”), TRIG
invests in mainly operational renewable energy generation projects,
predominantly in onshore and offshore wind, solar PV and battery
storage segments, across the UK and Europe. The Company,
TRIGUK, TRIG UK I and its portfolio of investments are known
asthe“Group”.
These financial statements are for the year ended 31 December 2025
and comprise only the results of the Company as all of its subsidiaries
are measured at fair value as explained below in Note 2 (a).
2. Key accounting policies
(a) Basis of preparation
The financial statements were approved and authorised for issue by
the Board of Directors on 26 February 2026.
The financial statements, which give a true and fair view, have been
prepared in compliance with the Companies (Guernsey) Law, 2008
and in accordance with International Financial Reporting Standards
(“IFRS”) as adopted by the European Union (“EU”) using the historical
cost basis, except that the financial instruments and investments,
which are classified at fair value through profit or loss, are stated at
their fair values. All accounting policies have been applied consistently
in these financial statements.
The financial statements are presented in pounds Sterling, which is
the Company’s functional currency. Foreign operations are included
in accordance with the policies set out in this Note.
The preparation of financial statements in conformity with IFRS as
adopted by the EU requires the Directors to make judgements,
estimates and assumptions that affect the application of policies
and the reported amounts of assets and liabilities, income and
expense. The estimates and associated assumptions are based
on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which
form the basis of making the judgements about carrying values of
assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the year in which the estimate is revised if the revision affects only that
year or in the year of the revision and future years if the revision affects
both current and future years. Note 3 shows critical accounting
judgements, estimates and assumptions.
(b) Going concern
The Company has the necessary financial resources to meet its
obligations for at least the next 12 months following the date of this
report. It is more beneficial to consider going concern from the Group
perspective as the Company has access to funding via the revolving
credit facility (“RCF”), which is borne within its subsidiaries as well
as receiving distributions and cash flows from the underlying group
companies, which are passed up to the Company as required as part
of the intercompany funding arrangements.
The Group’s business activities, together with the factors likely to
affect its future development, performance and position, are set out
in the Strategic Report. The financial position of the Group, its cash
flows, liquidity position and borrowing facilities are described in the
Financial Review section of the Strategic Report. In addition, Notes
1 to 4 to the financial statements include the Group’s objectives,
policies and processes for managing its capital; its financial risk
management objectives; details of its financial instruments and
hedging activities; and its exposures to credit risk and liquidity risk.
The Group benefits from a range of long-term contracts with various
major UK and European utilities and well-established suppliers across
a range of infrastructure projects.
The £500m RCF was most recently renewed in February 2025
and expires 31 March 2028. The RCF includes a working capital
component and RCF drawings are limited to 30% of Portfolio Value.
At 31 December 2025, the Group was £398m drawn (2024: £309m),
the Group’s leverage was 14% for fund-level financing (2024: 10%).
The Group’s project-level financing is non-recourse to the Company
and is limited to 50% of Gross Portfolio Value. The gearing level is
37% for project-level financing (2024: 37%). As a consequence, the
Directors believe that the Group is well placed to manage its business
risks successfully.
The RCF is also ESG-linked, resulting in a possible increase
or reduction to future interest payments based on the Group’s
performance against KPIs relating to ESG targets over time.
The Group has sufficient headroom on its RCF covenants.
These covenants have been tested and relate to interest cover ratios
and group, gearing limits, and the Group does not expect these
covenants to be breached. The Company and its direct subsidiaries
have a number of guarantees, detailed in Note 18 of these financial
statements. These guarantees relate to certain obligations that
may become due by the underlying investments over their useful
economic lives. We do not anticipate these guarantees to be called
in the next 12 months and in many cases the potential obligations are
insured by the underlying investments.
In the year ended 31 December 2025, the Group net increased the
RCF outstanding balance by c.£89m. The Group’s cash flows in the
year, along with proceeds from disposals and drawings under the
RCF, enabled the Group to meet investment commitments falling
duein the year and funded share buybacks in the year.
A cash balance of £7.1m at 31 December 2025 (2024: £11.7m) is held
by the Company, with further amounts held in the Company’s direct
and indirect subsidiaries.
Post-year-end, on 11 February 2026, as more fully described
on page 53, an indirect subsidiary of the Company (TRIG UK
Investments Limited) entered into a £200m Private Placement (“PP”)
and applied the proceeds to significantly reduce the RCF balance.
The PP has a fixed interest rate (at a similar level to the RCF) and
has an amortisation schedule spreading the repayment / refinancing
requirement over five years from 2033 to 2038. The Company
expects to repay the PP when repayments become due principally
from forecast surplus cash flows from the investments but could
also expect to fund repayment from disposal proceeds and /
or refinancing.
Operating cash flows are expected to remain robust in the next few
years as wholesale electricity prices remain relatively strong and
are expected to enable investment commitments to be partially met
by operational cash flows with the balance being funded by RCF
drawdowns and / or divestment proceeds. Further selective asset
124 TRIG Annual Report 2025
disposals are expected in 2026, and the proceeds will be used to
further reduce the outstanding RCF balance, which was £213m
drawn at the date of this report.
Further, to the above, the Group has a number of outstanding
commitments, which are detailed on page 52 of this Annual Report
and Note 18 of these financial statements. These commitments can
be fully covered by the Group’s RCF.
The Directors have assessed ongoing risks (such as uncertain future
inflation levels and interest rates, global conflicts, potential global
trade tariff increases, regulatory change and global supply chain
issues), and while each of these risks individually or combined have
the potential to have a significant impact on the business, they do not
expect these to have an impact sufficiently adverse to affect the going
concern of the Company or Group. Risk-mitigating activities have
served to reduce the impact on the business of these risks to date.
The Directors continue to work with the Managers to ensure that the
portfolio of investments is able to operate as effectively as possible.
The Managers have performed downside risk scenario planning
encompassing a range of potential outcomes and these demonstrate
that, while profitability may be adversely affected, the Company and
its investments are expected to remain viable. The Directors and
Managers will continue to monitor any future developments.
The Company is affected by climate-related risks, as set out in the
Company’s TCFD reporting on page 69 of this Annual Report, and
the Board considers these when they assess the Company’s ability
to continue as a going concern. The Company continues to assess,
monitor, and where necessary and possible, mitigate and manage
these risks. These risks are not expected to have a material impact
inthe next 12 months.
The Company will hold its Annual General Meeting in summer
2026, which will include an ordinary resolution continuation vote.
The Directors intend to recommend that shareholders vote in favour
of continuation, and for the Company to continue its business as
presently constituted. This includes to continue to deliver the strategy
set out at the Capital Markets Seminar in May 2025, which is to
raise capital through corporate debt issuance and portfolio rotation,
reinvest at double-digit returns and enhance the existing portfolio.
This is a self-funded strategy that seeks to grow the Company’s
NAV and drive forward a compelling total return proposition,
anchored by capital growth, a robust approach to capital allocation
and a resilient dividend for shareholders. In the event that the vote
fails, the Directors will formulate reorganisation or reconstruction
proposals (which may or may not involve the winding up of the
Company), with such proposals to be put to shareholders as soon
as reasonably practicable. The Directors and Managers regularly
meet shareholders and discuss the Company’s performance, plans
and strategy. Based on feedback from these meetings, the Directors
expect to obtain the support of shareholders for continuation and
hence consider that it remains appropriate to assume the Company
continues to operate as a going concern.
Having performed the assessment of going concern, the Directors
have a reasonable expectation that the Group and, therefore,
the Company has adequate resources to continue in operational
existence for a period of at least 12 months from the date of these
financial statements. Thus, they adopt the going concern basis of
accounting in preparing the annual financial statements.
This conclusion is based on a review of the Group’s cash flow
projections including reasonably expected downside sensitivities
together with cash and committed borrowing facilities available to it.
(c) Basis of consolidation
The Company applies IFRS 10 ‘Consolidated Financial Statements’,
and as an investment entity is required to measure all of its
subsidiaries at fair value. However, subsidiaries that are not
themselves investment entities and provide investment-related
services to the Company should be consolidated. The Company
does not have any such subsidiaries and, consequently, values
its subsidiaries, at fair value though profit and loss. The financial
statements, therefore, comprise the results of the Company
only. Subsidiaries are those entities controlled by the Company.
The Company has control of an investee when it has power over the
investee, when it is exposed, or has rights, to variable returns from
its involvement with the investee and has the ability to affect those
returns through its power over the investee as defined in IFRS 10
‘Consolidated Financial Statements’.
The Directors believe it is appropriate and relevant to the investor to
account for the investment portfolio at fair value, where consolidating
it would not be.
The Company’s subsidiaries, TRIG UK and TRIG UK I, carry out
investment activities and incur overheads and borrowings on
behalf of the Group. The Directors, therefore, provide an alternative
presentation of the Company’s results in the Strategic Report on
pages 48 to 52 prepared under the ‘Expanded basis’, which includes
the consolidation of TRIG UK and TRIG UK I.
An entity shall consider all facts and circumstances when assessing
whether it is an investment entity, including its purpose and design.
Under the definition of an investment entity, as set out in paragraph 27
in the standard, the entity must satisfy all three of the following tests:
– Obtains funds from one or more investors for the purpose of
providing those investors with investment management services
– Commits to its investors that its business purpose is to invest funds
solely for returns from capital appreciation, investment income, or
both (including having an exit strategy for investments)
– Measure and evaluate the performance of substantially all of its
investments on a fair value basis
In respect of the first criterion, TRIG is an investment company, which
enables shareholders to gain exposure to a diversified portfolio of
renewable energy and related infrastructure investments coupled
withthe management of these investments.
In respect of the second criterion, the Company’s purpose is to
invest funds for returns from capital appreciation and investment
income. The Company’s exit of its investments in project companies
may be at the time the existing turbines or other generation assets
get to the end of their economic lives or planning or leasehold
land interests expire, at which point the project companies may be
considering redevelopment (referred to as a ‘repowering’) of the
site. The Company may remain invested in the event there is the
opportunity to repower and undertake the repowering, subject to its
investment limits on construction activity being met and depending
on economic considerations at the time. The Company may also exit
investments earlier for reasons of portfolio balance or profit as there is
an active secondary market for renewables projects in the countries
in which we operate.
In respect of the third criterion, the Board evaluates the performance
of the assets on a fair market value basis throughout the year as part
of the management accounts review, and the Company undertakes a
fair market valuation of its portfolio twice a year for inclusion in its
Strategic Report
Financials
Appendices
Governance
125TRIG Annual Report 2025
2. Key accounting policies continued
report and accounts with the movement in the valuation taken to
theIncome Statement and thus measured within its earnings.
Taking these factors into consideration, the Directors are of the
opinion that the Company has all the typical characteristics of an
investment entity and meets the definition in the standard.
(d) Financial instruments
Financial assets and liabilities are recognised on the balance sheet
when the Company becomes a party to the contractual provisions
of the instrument. Financial assets are derecognised when the
contractual rights to the cash flows from the instrument expire or
the asset is transferred, and the transfer qualifies for derecognition
in accordance with IFRS 9 ‘Financial Instruments’. The Company
derecognises financial liabilities when, and only when, the Group’s
obligations are discharged, cancelled or have expired.
Financial derivatives are valued using a mark-to-market valuation
based on the underlying derivative contracts that are executed
with the banks. The movements in mark-to-market valuation are
recognised in the Income Statement.
Non-derivative financial instruments
Non-derivative financial instruments comprise investments in equity
and debt securities, other receivables, cash and cash equivalents,
and trade and other payables.
Non-derivative financial instruments are recognised initially at fair
value (including directly attributable transaction costs where these
instruments are held at amortised cost). Subsequent to initial
recognition, non-derivative financial instruments are measured at
amortised cost with the exception of investments in equity and debt
securities, which are measured as described below.
Investments in equity and debt securities
Investments in the equity, loan stock and mezzanine debt of entities
engaged in renewable energy activities are designated upon initial
recognition as held at fair value through profit or loss. Gains or losses
resulting from the movement in fair value are recognised in the
Income Statement at each valuation point.
Financial assets are recognised / derecognised at fair value at the
date of the purchase / disposal. A financial asset (in whole or part)
isderecognised either:
– When the Group has transferred substantially all of the risk and
rewards of ownership; or
– When it has neither transferred or retained substantially all of the
risks and rewards of ownership but it no longer has control over
theasset or a portion of the asset; or
– When the contractual rights to receive cash flow have expired.
The initial difference between the transaction price and the fair value,
derived from using the discounted cash flows methodology at the
date of acquisition, is recognised only when observable market
data indicates there is a change in a factor that market participants
would consider in setting the price of that investment. For the years
ended 31 December 2025 and 31 December 2024, there were no
such differences.
The Group manages these investments and makes purchase and
sale decisions based on their fair value.
The Directors consider the equity and loan stock to share the same
investment characteristics and risks and they are, therefore, treated
as a single unit of account for valuation purposes and a single class
for disclosure purposes.
(e) Impairment
Financial assets
Financial assets, other than those at fair value through profit or loss,
are assessed for expected credit losses at each balance sheet date
to reflect the changes in credit risk since initial recognition of the
respective financial instrument.
The Company recognises lifetime ECL when there has been a
significant increase in credit risk since initial recognition. However,
if the credit risk on the financial instrument has not increased
significantly since initial recognition, the Group measures the
loss allowance for that financial instrument at an amount equal to
12-month ECL.
Lifetime ECL represents the expected credit losses that will result
from all possible default events over the expected life of a financial
instrument. In contrast, 12-month ECL represents the portion of
lifetime ECL that is expected to result from default events on a
financial instrument that are possible within 12 months after the
reporting date.
(f) Share capital and share premium
Ordinary Shares are classified as equity. Costs directly attributable
to the issue of new shares or associated with the establishment of
the Company that would otherwise have been avoided are written off
against the value of the Ordinary Share premium. Shares repurchased
including broker fees are applied to the Capital reserve.
(g) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, deposits held
on call with banks and other short-term, highly liquid investments with
original maturities of three months or less. Cash equivalents are held
for the purpose of meeting short-term cash commitments rather than
for investment or other purposes.
Bank overdrafts that are repayable on demand, and which form an
integral part of cash management, are included as a component
of cash and cash equivalents for the purpose of the Cash
Flow Statement.
(h) Investment income
Income from investments relates solely to returns from the Company’s
subsidiaries TRIG UK and TRIG UK I. Interest is recognised as it
accrues by reference to the principal outstanding on the loan stock
and the effective interest rate applicable and dividends when these
are received.
(i) Income tax
Under the current system of taxation in Guernsey, the Company
is exempt from paying taxes on non-Guernsey source income or
capital gains.
(j) Foreign exchange gains and losses
Transactions entered into by the Company in a currency other
than its functional currency are recorded at the rates ruling when
the transactions occur. Foreign currency monetary assets and
liabilities are translated at the rates ruling at the balance sheet
date. Exchange differences arising on the retranslation of unsettled
monetary assets and liabilities are recognised immediately in the
Income Statement.
(k) Fund expenses
All expenses are accounted for on an accruals basis. The Company’s
investment management and administration fees (refer to Note
6), finance costs and all other expenses are charged through the
Income Statement.
Notes to the Financial Statements continued
126
TRIG Annual Report 2025
(l) Dividends
Dividends are recognised when they become legally payable.
In thecase of interim dividends, this is when they are paid. For scrip
dividends, where the Company issues shares with an equal value
tothe cash dividend amount as an alternative to the cash dividend,
acredit to equity is recognised when the shares are issued.
(m) Statement of compliance
Pursuant to the Protection of Investors (Bailiwick of Guernsey)
Law, 1987 the Company is a Registered Closed-Ended Investment
Scheme. As an authorised scheme, the Company is subject to
certain ongoing obligations to the Guernsey Financial Services
Commission and meets its compliance requirements.
(n) New and amended IFRS Accounting
Standards that are effective for the
currentyear
In the current year, the Company has applied the following
amendment to IFRS Accounting Standards issued by the IASB,
which is mandatorily effective for an accounting period that begins
on or after 1 January 2025. Its adoption has not had any material
impact on the disclosures or on the amounts reported in these
financial statements.
– Amendments to IAS 21: The Effects of Changes in Foreign
Exchange Rates titled Lack of Exchangeability. The Company has
adopted the amendments to IAS 21 for the first time in the current
year. The amendments specify how to assess whether a currency
is exchangeable, and how to determine the exchange rate when it
is not
At the date of authorisation of these financial statements, the
Company has not applied the following new and revised IFRS
Accounting Standards that have been issued but are not yet effective
and have not yet been adopted by the Company:
– Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial
Instruments: Amendments to the Classification and Measurement
of Financial Instruments (effective date 1 January 2026)
– Annual Improvements to IFRS Accounting Standards – Volume 11:
Amendments to IFRS 1 First-time Adoption of International Financial
Reporting Standards, IFRS 7 Financial Instruments: Disclosures
and its accompanying Guidance on implementing IFRS7, IFRS 9
Financial Instruments, IFRS 10 Consolidated Financial Statements,
and IAS 7 Statement of Cash Flows
– Amendments to IFRS 9 and IFRS 7: Contracts Referencing
Nature-dependent Electricity (effective date 1 January 2026)
– IFRS 18 Presentation and Disclosure in Financial Statements
(effective date 1 January 2027)
– IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective date 1 January 2027)
The Directors do not expect that the adoption of the standards listed
above will have a material impact on the financial statements of the
Group in future periods, except if indicated below:
– IFRS 18 Presentation and Disclosure in Financial Statements
(effective date of 1 January 2027). IFRS 18 introduces new
requirement to:
– present specified categories and defined subtotals in the
statement of profit or loss
– provide disclosures on management-defined performance
measures (MPMs) in the notes to the financial statements
– improve aggregation and disaggregation
The directors of the entity anticipate that the application of these
amendments may have an impact on the group’s financial statements
in future periods. IFRS 18 does not alter the measurement of financial
performance, it significantly impacts how results are presented and
structured, aiming to reduce the inconsistency in reported figures.
3. Critical accounting judgements, estimates
and assumptions
The preparation of financial statements in accordance with
IFRSrequires management to make judgements, estimates and
assumptions in certain circumstances that affect reported amounts.
The judgements, estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are outlined below.
Key source of estimation uncertainty:
Investments at fair value through profit
or loss
IFRS 13 establishes a single source of guidance for fair value
measurements and disclosures about fair value measurements.
Fair value is defined as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The Board base the fair
value of the investments on information received from the Investment
Manager. Fair value is calculated on a discounted cash flow basis.
Fair values for those investments for which a market quote is not
available, in this instance being all investments, are determined
usingthe income approach, which discounts the expected cash
flows at the appropriate rate. In determining the discount rate,
relevantlong-term government bond yields, specific risks associated
with the technology (onshore wind, offshore wind, battery storage
and solar) and geographic location of the underlying investment,
andthe evidence of recent transactions have all been considered.
The investments at fair value through profit or loss, whose fair values
include the use of level 3 inputs, are valued by discounting future
cash flows from investments in both equity (dividends and equity
redemptions) and subordinated loans (interest and repayments) to
theGroup at an appropriate discount rate.
The weighted average discount rate applied in the December 2025
valuation was 9.0% (2024: 8.6%). The discount rate is considered
one of the most significant unobservable inputs and, in addition to
forward-looking power prices, energy yield and inflation, represents
the key sources of estimation uncertainty that have a significant risk
of causing a material impact on the fair value of the investments at
fair value through profit or loss within the next financial year, which is
further discussed in Note 4 under sensitivities, under thesubheadings
discount rates, power price and inflation rates.
The other impacts on the measurement of the fair value of
investments include, operating costs and other
macroeconomic assumptions, which are further discussed in
Note4 under sensitivities but these are not expected to cause
amaterial adjustment within the next financial year.
In determining an appropriate valuation climate change risks
have been considered in the ‘central’ case, including the use of
cannibalisation being applied to the power price assumptions.
On pages 75 and 76 in the TCFD section of this Annual Report,
we have described where the potential valuation impacts of high
transition risk and high physical risk scenarios have been estimated.
Strategic Report
Financials
Appendices
Governance
127TRIG Annual Report 2025
3. Critical accounting judgements,
estimates and assumptions continued
However, the degree of uncertainty underpinning these scenarios
isvery high and further clarity on the extent to which they are
realisedis not expected within the next financial year. In relation
to the high transition risk scenario for instance, the impact on the
composition of the wholesale power price market and wholesale
power price formulation is uncertain and different approaches
couldlead to different economic outcomes for electricity generators
(e.g. higher renewables build out could be incentivised by subsidy
and / or higher carbon taxes, which could have different effects on
achieved power prices).
Some outcomes would lead to positive and negative valuation
impacts and the valuation reflected in the financial statements
represents our best estimate, with the more extreme negative and
positive impacts reflected in our TCFD scenarios being considered
less likely. Accordingly, while the potential impact of different climate
change scenarios are considered on pages 75 and 76 the ‘central
case’ adopted for the fair value of investments, as described
in Note 4, is considered to represent our best estimate as of
31 December 2025.
In addition, the physical risks associated with climate change have
been considered and it has been concluded that there is no material
impact due to the diversified nature of the portfolio and the insurance
in place over the portfolio.
The Investment Manager, when considering the assumptions to apply
to the valuation of the investments at 31 December 2025, considers
several key assumptions.
Key judgements
By virtue of the Company’s status as an investment fund, and in
conjunction with IFRS 10 for investment entities as discussed in
Note 2(c), investments are designated upon initial recognition to
beaccounted for at fair value through profit or loss.
4. Financial instruments
Financial risk management
The objective of the Group’s financial risk management is to
manage and control the risk exposures of its investment portfolio.
The Board of Directors has overall responsibility for overseeing the
management of financial risks; however, the review and management
of financial risks are delegated to the Investment Manager, which
has documented procedures designed to identify, monitor and
manage the financial risks to which the Group is exposed. Note 4
presents information about the Group’s exposure to financial risks,
itsobjectives, policies and processes for managing risk and the
Group’s management of its financial resources.
Through its subsidiaries, TRIG UK and TRIG UK I, the Company
invests in a portfolio of investments predominantly in the
subordinated loan stock and ordinary equity of renewable energy
project companies. These companies are structured at the outset
to minimise financial risks where possible, and the Investment
Manager primarily focuses their risk management on the direct
financial risks of acquiring and holding the portfolio but continues to
monitor the indirect financial risks of the underlying projects through
representation, where appropriate, on the Boards of the project
companies, and the receipt of regular financial and operational
performance reports.
The Company has a diversified portfolio of assets, which include
investments with both higher and lower risks and returns. These risks
and return differences relate, but are not limited to, qualification to
receive government subsidies, exposure to fluctuations in future
energy prices and levels of project finance debt.
Interest rate risk
The Group invests in subordinated loan stock of project companies,
usually with fixed interest rate coupons. The portfolio’s cash
flows are continually monitored and reforecast, both over the
near future and the long term, to analyse the cash flow returns
from investments. The Group may use borrowings to finance the
acquisition of investments and the forecasts are used to monitor
the impact of changes in borrowing rates against cash flow returns
from investments as increases in borrowing rates will reduce net
interest margins. The Group’s policy is to ensure that interest rates
are sufficiently hedged to protect the Group’s net interest margins
from significant fluctuations when entering into material medium- /
long-term borrowings. This includes engaging in interest rate swaps
or other interest rate derivative contracts.
The Company has an indirect exposure to changes in interest rates
through the revolving credit facility and its investment in project
companies, many of which are financed by senior debt. Senior debt
financing of project companies is generally either through floating-rate
debt, fixed-rate bonds or index-linked bonds. Where senior debt
is floating rate, the projects typically have similar length hedging
arrangements in place, which are monitored by the project
companies’ managers, finance parties and boards of directors.
The revolving credit facility is ESG-linked, resulting in a possible
increase or reduction to future interest payments based on the
Group’s performance against KPIs relating to ESG targets over
time.More details can be found in page 79 of this Annual Report.
Inflation risk
The Group’s project companies are generally structured so that
contractual income and costs are either wholly or partially linked to
specific inflation, where possible, to minimise the risks of mismatch
between income and costs due to movements in inflation indexes.
The Group’s overall cash flows vary with inflation, although they
are not directly correlated as not all flows are indexed. The effects
of these inflation changes do not always immediately flow through
to the Group’s cash flows, particularly where a project’s loan stock
debt carries a fixed coupon and the inflation changes flow through
by way of changes to dividends in future years. Inflation is managed
through the use of inflation-linked swaps where the Group deems it
to be appropriate. The sensitivity of the portfolio valuation is shown
furtheron in Note 4.
Market risk
Returns from the Group’s investments are affected by the price at
which the investments are acquired. The value of these investments
will be a function of the discounted value of their expected future
cash flows, and as such will vary with, inter alia, movements in
interest rates, market prices and the competition for such assets.
The Investment Manager carries out a full valuation semi-annually
andthis valuation exercise considers the changes described above.
Currency risk
The projects, in which the Group invests, all conduct their
business and pay interest, dividends and principal in Sterling,
with the exception of the Euro-denominated investments, which
at31 December 2025, was 41% (2024: 39%) of the portfolio by
valueon a committed basis. The sensitivity of the portfolio valuation
isshown in this Note.
Notes to the Financial Statements continued
128
TRIG Annual Report 2025
The Group monitors its foreign exchange exposures using its near
term and long-term cash flow forecasts. Its policy is to use foreign
exchange hedging to provide protection to the level of Sterling
distributions that the Company aims to pay over the medium
term, where considered appropriate. This may involve the use
offorward-exchange contracts.
Credit risk
Credit risk is the risk that a counterparty of the Group will be unable
or unwilling to meet a commitment that it has entered into with the
Group. Key credit ratings for the Company’s counterparties are
detailed in Note 16.
The credit standing of subcontractors is reviewed, and the risk
of default estimated for each significant counterparty position.
Monitoring is ongoing, and year-end positions are reported to the
Board on a quarterly basis. The Group’s largest credit risk exposure
to a project at 31 December 2025 was to the Hornsea One project,
representing 10% (2024: Hornsea One project, representing 10%) of
the invested Portfolio Value.
The largest sub-contractor counterparty risk exposure (Operations
and Maintenance (“O&M”) or Original Equipment Manufacturers
(“OEMs”) whereby the maintenance provider is not always the original
equipment manufacturer) was to Vestas who provided turbine
maintenance services in respect of 23% (2024: Vestas 23%) of the
invested portfolio by value. The largest exposure to any equipment
manufacturer was to Siemens who provided turbines in respect of
45% of the invested Portfolio Value (2024: Siemens 47%).
The Group’s investments enter into Power Price Agreements (“PPAs”)
with a range of providers through which electricity is sold; the PPAs
are priced into the fair value of the investments. The largest PPA
provider to the portfolio at 31 December 2025 was Orsted who
provided PPAs to projects in respect of 13% (2024: Orsted 15%) of
the invested Portfolio Value.
At 31 December 2025 and 31 December 2024, impairment provision
for other receivables was considered not material.
The Group’s maximum exposure to credit risk over financial assets
is the carrying value of those assets in the balance sheet. The Group
does not hold any collateral as security.
In addition, the Group is exposed to credit risk in relation to financial
guarantees given to its subsidiaries. The Group’s maximum exposure
in this respect is the maximum amount the Group could have to pay if
the guarantee is called on (see Note 18).
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
financial obligations as they fall due. The Group’s approach to
managing liquidity is to ensure, as far as possible, that it will have
sufficient financial resources and liquidity to meets its liabilities
when due. The Group ensures it maintains adequate reserves,
banking facilities and reserve borrowing facilities by continuously
monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. The Group’s investments
are predominantly funded by share capital and medium-term
debt funding.
The Group’s investments are generally in private companies, in which
there is no listed market and, therefore, such investment would take
time to realise, and there is no assurance that the valuations placed
on the investments would be achieved from any such sale process.
The Group’s investments have borrowings, which rank senior and
have priority over the Group’s own investments into the companies.
This senior debt is structured such that, under normal operating
conditions, it will be repaid within the expected life of the projects.
Debt raised by the investment companies from third parties is without
recourse to the Group.
The Group’s RCF, which was £397.7m drawn at 31 December 2025
(31 December 2024: £309.2m), is held by TRIG UK and TRIG UK I,
and is guaranteed by the Company. The renewed facility is in place
until March 2028 and contains an option to extend.
Capital management
The Company considers its capital to comprise Ordinary Share
capital, distributable reserves and retained earnings. The Company
isnot subject to any externally imposed capital requirements.
The Company’s primary capital management objectives are to ensure
the sustainability of its capital to support continuing operations, meet
its financial obligations and allow for growth opportunities. Generally,
acquisitions and funding commitments are anticipated to be funded
with a combination of current cash, debt and equity.
At the date of this report, the Group has a £500m revolving credit
facility with:
– Royal Bank of Scotland International Limited
– National Australia Bank Limited
– ING Bank N.V
– Barclays Bank PLC
– Lloyds Bank PLC
– SanPaolo S.P.A.
– BNP Paribas
– Skandinaviska Enskilda Banken AB
– ABN Amro
The facility was last renewed in February 2025 and expires on
31 March 2028 with the option to extend for a further two years.
The facility was £397.7m (2024: £309.2m) drawn at 31 December
2025 and has been included in the fair value of investments. At the
date of this report, the facility was £213m drawn.
Post-year-end, in February 2026, the indirect subsidiary of the
Company (TRIG UK Investments Limited) entered into a £200m
Private Placement (“PP”) and applied the proceeds to significantly
reduce the RCF balance. The PP has a fixed interest rate (at a similar
level to the RCF) and has an amortisation schedule spreading the
repayment / refinancing requirement over five years from 2033 to
2038. The Company expects to repay the PP when repayments
become due from forecast surplus cash flows from the investments
but could also fund repayment from disposal proceeds and /
or refinancing.
The Group makes prudent use of its leverage. Under the investment
policy, fund-level borrowings are limited to 30% of the Portfolio Value.
From time to time, the Company issues its own shares to the market;
the timing of these purchases depends on market prices.
In order to assist in the narrowing of any discount to the Net Asset
Value at which the Ordinary Shares may trade, from time to time the
Company may at the sole discretion of the Directors:
– make market purchases of up to 14.99% per annum of its issued
Ordinary Shares; and
– make tender offers for the Ordinary Shares.
There were no changes in the Group’s approach to capital
management during the year.
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129TRIG Annual Report 2025
4. Financial instruments continued
Fair value estimation
The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments.
Non-derivative financial instruments
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses
the income approach, which discounts the expected cash flows attributable to each asset at an appropriate rate to arrive at fair values.
In determining the discount rate, regard is had to relevant long-term government bond yields, the specific risks of each investment and the
evidence of recent transactions.
Derivative financial instruments
The fair value of financial instruments inputs is based on quoted market prices at the balance sheet date. The quoted market price used as an
input to calculate the fair value of financial assets and financial liabilities held by the Group is the current bid price. Note 2 discloses the methods
used in determining fair values.
Classification of financial instruments
31 December
2025
£’m
31 December
2024
£’m
Financial assets
At fair value through profit or loss:
Investments 2,473.7 2,800.7
FX forward contracts 12.1 44.1
Financial assets at fair value 2,485.8 2,844.8
Other receivables 0.1 1.1
Cash and cash equivalents 7.1 11.7
Financial assets at amortised cost 7.2 12.8
Financial liabilities
At fair value through profit or loss:
FX forward contracts 4.2 0.2
Financial liabilities at fair value 4.2 0.2
At amortised cost:
Trade and other payables 1.1 1.1
Financial liabilities at amortised cost 1.1 1.1
The Directors believe that the carrying values of all financial instruments are not materially different to their fair values.
The fair value of FX forward contracts is discussed in more detail in Note 16 of these financial statements.
Notes to the Financial Statements continued
130
TRIG Annual Report 2025
Fair value hierarchy
The fair value hierarchy is defined as follows:
– Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
– Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices)
– Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
As at 31 December 2025
Level 1
£’m
Level 2
£’m
Level 3
£’m
Tota l
£’m
Investments at fair value through profit or loss – – 2,473.7 2,473.7
– – 2,473.7 2,473.7
FX forward contracts – assets – 12.1 – 12.1
FX forward contracts – liabilities – (4.2) – (4.2)
– 7.9 – 7.9
As at 31 December 2024
Level 1
£’m
Level 2
£’m
Level 3
£’m
Tota l
£’m
Investments at fair value through profit or loss – – 2,800.7 2,800.7
– – 2,800.7 2,800.7
FX forward contracts – assets – 44.1 – 44.1
FX forward contracts – liabilities – (0.2) – (0.2)
– 43.9 – 43.9
Investments at fair value through profit or loss comprise the fair value of the investment portfolio on which the sensitivity analysis is calculated,
and the fair value of TRIG UK and TRIG UK I, the Company’s subsidiaries being its cash, working capital and debt balances.
31 December
2025
£’m
31 December
2024
£’m
Portfolio Value 2,874.5 3,115.6
TRIG UK and TRIG UK I
Cash 0.2 0.1
Working capital (6.2) (8.0)
Debt
1
(394.8) (307.0)
(400.8) (314.9)
Investments at fair value through profit or loss 2,473.7 2,800.7
1 Debt arrangement costs of £2.9m (2024: £2.2m) have been netted off the £397.7m (2024: £309.2m) debt drawn by TRIG UK and TRIG UK I.
The debt figure of £394.8m (2024: £307.0m) above is held in TRIG UK and TRIG UK I, the Company’s subsidiaries, and represents the revolving
credit facility (less debt arrangement costs). The revolving credit facility is included within the fair value of the Company’s subsidiaries.
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Governance
131TRIG Annual Report 2025
4. Financial instruments continued
Level 2
Valuation methodology
The Company has derivative hedging instruments in place to manage the currency risk its underlying Euro investments are exposed to.
The fairvalue of the hedging instruments is valued by an independent third party and 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 at least a six-monthly basis every June and December
forallfinancial 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 2025 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 fair value of investments has been calculated using a bifurcated methodology whereby cash flows are discounted on the basis of the risk
and return profile of the underlying cash flows. Further information on the valuation process can be found in the Valuation of Portfolio section
onpage 37.
The following economic assumptions were used in the discounted cash flow valuations at:
31 December 2025 31 December 2024
Inflation assumed to apply to UK ROC Income* Actual inflation to Dec-25 (Retail Price
Index – applied 1 April 2026), 2.50%
thereafter (Consumer Price index)
Actual inflation applied to Dec-24, 3.25% until
2029, 2.50% thereafter (all Retail price Index)
Inflation assumed as measured by the
UK Consumer Prices Index (applies to
UK CfD Income)*
Actual inflation applied to Dec-25, 2.50%
thereafter
Actual inflation applied to Dec-24, 2.50%
thereafter
Inflation assumed to apply to UK Power Prices*
(Retail Price Index)
Actual inflation applied to Dec-25, 3.25%
until 2029, 2.50% thereafter
Actual inflation applied to Dec-24, 3.25% until
2029, 2.50% thereafter
Inflation assumed to apply in France, Sweden,
Germany and Spain*
Actual inflation applied to Dec-25, 2.00%
thereafter
Actual inflation applied to Dec-24, 2.00%
thereafter
UK deposit interest rates 3.5% 4.00% to 2024, 3.25% thereafter
France, Sweden, Germany and Spain deposit
interest rates
2.00%% to 2030, 2.25% thereafter 2.50%% to 2024, 2.00% thereafter
UK corporation tax rate 25% 25%
France corporation tax rate 25% 25%
Sweden corporation tax rate 20.6% 20.6%
Germany corporation tax rate 15.8% to 2027, reducing 1% per year
during 2028-2033 then 10.6% thereafter
15.8%
Spain corporation tax rate 25% 25%
Euro / Sterling exchange rate 1.1472 1.2085
Energy yield assumptions P50 case P50 case
* The stated inflation assumption applies the stated (annualised) rate on a monthly basis to the previous month’s index.
Index – Actual inflation UK CPI UK RPI France CPI Germany CPI Spain CPI Sweden CPI
Dec 2025 / Dec 2024 3.3% 4.1% 0.8% 2.0% 2.4% 2.1%
The table below highlights the power price averages for GB and the EU markets:
Forecast prices by region (real 2024)* Average 2025-2030 Average 2031-2035 Average 2036-2050
Great Britain (GBP per MWh) 60 54 52
Average of five Euro-denominated markets (EUR per MWh) 51 56 54
* The average forecast price for 2051-2060 is 50 GBP per MWh in Great Britain and 50 EUR per MWh in Europe.
A blended curve is provided on page 39 of the Valuation of the Portfolio section.
Notes to the Financial Statements continued
132
TRIG Annual Report 2025
The Electricity Generator Levy (“EGL”) remains in effect to 31 March 2028 within Great Britain and applies a levy of 45%, which is not deductible
for corporation tax, resulting in an effective tax rate (when considering levy and tax) of 70% to revenues received for the sale of wholesale above
a threshold level. The threshold level for revenues indexes 1 April each year (by the UK Consumer Price Index), and was:
– £75.00/MWh from inception to 31 March 2024;
– £77.94/MWh from 1 April 2024 to 31 March 2025; and
– £79.95/MWh from 1 April 2025 to 31 March 2026;
plus a £10m per annum, per group allowance (with the UK assets the Group holds considered one group). The wholesale power price in the UK
has not exceeded the threshold in the year ended 31 December 2025 and is not forecast to going forward hence there is no valuation impact.
The European Union legislated the inframarginal cap framework in 2022 under which each of the national governments can introduce legislation
within specified parameters, however, none of the European markets TRIG invests in has an active Inframarginal cap.
Valuation sensitivities
Sensitivity analysis is produced to show the impact of changes in key assumptions adopted to arrive at the valuation. For each of the
sensitivities, it is assumed that potential changes occur independently of each other with no effect on any other base case assumption,
andthatthe number of investments in the portfolio remains static throughout the modelled life.
The sensitivities assume the portfolio is fully invested and hence the Portfolio Value for the sensitivity analysis is the sum of the Portfolio
Valuation (£2,875m) and the outstanding investment commitments (£114m), which is £2,989m as at 31 December 2025.
Accordingly, the NAV per share impacts shown below assume the issue of further shares to fund these commitments. In practice, the
outstanding commitments may be funded by surplus cash flows and / or proceeds from disposals. If investments disposed are of a similar
natureand sensitivity to the portfolio average, this would be expected to yield a similar sensitivity to that presented above.
The analysis below shows the sensitivity of the Portfolio Value (and its impact on NAV) to changes in key assumptions as follows:
Discount rates
The discount rates used for valuing each investment are based on market information and the current bidding experience of the Group and its
Managers. The weighted average valuation discount rate applied to calculate the portfolio valuation is 9.0% at 31 December 2025 (2024: 8.6%).
An increase or decrease in this rate by 0.5% has the following effect on valuation.
Discount rate NAV / share impact -0.5% change Total Portfolio Value +0.5% change NAV / share impact
Directors’ valuation – December 2025 +3.6p +£97.3m £2,988.9m (£91.1m) (3.4p)
Directors’ valuation – December 2024 +3.9p +£107.3m £3,126.0m (£100.2m) (3.7p)
Power price
The sensitivity considers a flat 10% movement in power prices for all years, i.e. the effect of adjusting the forecast electricity price assumptions
in each of the jurisdictions applicable to the portfolio down by 10% and up by 10% from the base case assumptions for each year throughout
the operating life of the portfolio.
A change in the forecast electricity price assumptions by plus or minus 10% has the following effect.
Power price NAV / share impact -10% change Total Portfolio Value +10% change NAV / share impact
Directors’ valuation – December 2025 (7.3p) (£196.6m) £2,988.9m +£200.0m +7.4p
Directors’ valuation – December 2024 (7.5p) (£204.4m) £3,126.0m +£202.6m +7.4p
Strategic Report
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Appendices
Governance
133TRIG Annual Report 2025
4. Financial instruments continued
Energy yield
The base case assumes a ‘P50’ level of output. The P50 output is the estimated annual amount of electricity generation (in MWh) that has
a50% probability of being exceeded – both in any single year and over the long term – and a 50% probability of being under achieved.
Hence the P50 is the expected level of generation over the long term.
The sensitivity illustrates the effect of assuming ‘P90 ten-year’ (a downside case) and ‘P10 ten-year’ (an upside case) energy production
scenarios. A P90 ten-year downside case assumes the average annual level of electricity generation that has a 90% probability of being
exceeded over a ten-year period. A P10 ten-year upside case assumes the average annual level of electricity generation that has a 10%
probability of being exceeded over a ten-year period. This means that the portfolio aggregate production outcome for any given ten-year
periodwould be expected to fall somewhere between these P90 and P10 levels with an 80% confidence level, with a 10% probability of
it fallingbelow that range of outcomes and a 10% probability of it exceeding that range. The sensitivity includes the portfolio effect, which
reducesthe variability because of the diversification of the portfolio. The sensitivity is applied throughout the life of each asset in the portfolio
(even where this exceeds ten years).
The table below shows the sensitivity of the Portfolio Value to changes in the energy yield applied to cash flows from project companies in the
portfolio as per the terms P90, P50 and P10 explained above.
Energy yield NAV / share impact
P90 ten-year
exceedance Total Portfolio Value
P10 ten-year
exceedance NAV / share impact
Directors’ valuation – December 2025 (15.5p) (£415.5m) £2,988.9m +£439.1m +16.3p
Directors’ valuation – December 2024 (14.4p) (£395.0m) £3,126.0m +£425.3m +15.5p
Inflation rates
The projects’ income streams are principally a mix of subsidies, which are amended each year with inflation, and power prices, which
thesensitivity assumes will move with inflation. The projects’ management, maintenance and tax expenses typically move with inflation,
butdebt payments are fixed. This results in the portfolio returns and valuation being positively correlated to inflation.
The assumptions for inflation incorporated in the portfolio valuation are stated below. The differences in forecast result from differences in
market, in the calculation methodology of the index or in the basket of goods considered within the index or specific good in the case of UK
power prices. The sensitivity is applied to all forecast inflation assumptions (actual inflation assumptions remain unchanged).
31 December 2025 31 December 2024
Inflation assumed to apply to UK ROC Income Actual inflation to Dec-25 (Retail Price
Index – applied 1 April 2026), 2.50%
thereafter (Consumer Price index)
Actual inflation applied to Dec-24, 3.25% until
2029, 2.50% thereafter (all Retail price Index)
Inflation assumed as measured by the
UK Consumer Prices Index (applies to
UK CfD Income)
Actual inflation applied to Dec-25, 2.50%
thereafter
Actual inflation applied to Dec-24, 2.50%
thereafter
Inflation assumed to apply to UK Power Prices
(Retail Price Index)
Actual inflation applied to Dec-25, 3.25%
until 2029, 2.50% thereafter
Actual inflation applied to Dec-24, 3.25% until
2029, 2.50% thereafter
Inflation assumed to apply in France, Sweden,
Germany and Spain
Actual inflation applied to Dec-25, 2.00%
thereafter
Actual inflation applied to Dec-24, 2.00%
thereafter
Index – Actual inflation UK CPI UK RPI France CPI Germany CPI Spain CPI Sweden CPI
Dec 2025 / Dec 2024 3.3% 4.1% 0.8% 2.0% 2.4% 2.1%
The sensitivity illustrates the effect of a 0.5% decrease and a 0.5% increase from all of the assumed annual inflation rates as stated above in the
financial model for each year throughout the operating life of the portfolio.
Inflation assumption NAV / share impact -0.5% change Total Portfolio Value +0.5% change NAV / share impact
Directors’ valuation – December 2025 (4.0p) (£107.4m) £2,988.9m +£129.8m +4.8p
Directors’ valuation – December 2024 (4.5p) (£122.1m) £3,126.0m +£144.4m +5.3p
Notes to the Financial Statements continued
134
TRIG Annual Report 2025
Operating costs
The sensitivity shows the effect of a 10% decrease and a 10% increase to the base case for annual operating costs for the portfolio, in each
case assuming that the change to the base case for operating costs occurs with effect from 1 January 2026 and that change to the base case
remains reflected consistently thereafter during the life of the projects.
Operating costs NAV / share impact -10% change Total Portfolio Value +10% change NAV / share impact
Directors’ valuation – December 2025 +5.2p +£140.0m £2,988.9m (£135.2m) (5.0p)
Directors’ valuation – December 2024 +5.1p +£138.5m £3,126.0m (£139.3m) (5.1p)
Taxation rates
The profits of each project company are subject to corporation tax in their home jurisdictions at the applicable rates (the tax rates adopted in
the valuation are set out in Note 4 to the financial statements). The tax sensitivity looks at the effect on the Directors’ valuation of changing the
tax rates by +/- 2% each year in each jurisdiction and is provided to show that tax can be a material variable in the valuation of investments.
The sensitivities incorporate the impact of portfolio-level reliefs.
Taxation rates NAV / share impact -2% change Total Portfolio Value +2% change NAV / share impact
Directors’ valuation – December 2025 +1.5p +£40.9m £2,988.9m (£40.6m) (1.5p)
Directors’ valuation – December 2024 +1.7p +£47.2m £3,126.0m (£47.3m) (1.7p)
Interest rates
This shows the sensitivity of the portfolio valuation to the effects of a reduction of 2% and an increase of 2% in interest rates. The change is
assumed with effect from 1 January 2026 and continues unchanged throughout the life of the assets.
The portfolio is relatively insensitive to changes in interest rates. This is an advantage of TRIG’s approach of favouring long-term structured
project financing (over shorter-term corporate debt), which is secured with the substantial majority of this debt having the benefit of long-term
interest rate swaps, which fix the interest cost to the projects.
Interest rates NAV / share impact -2% change Total Portfolio Value +2% change NAV / share impact
Directors’ valuation – December 2025 (0.3p) (£8.5m) £2,988.9m +£7.3m +0.3p
Directors’ valuation – December 2024 (0.1p) (£3.7m) £3,126.0m +£7.3m +0.3p
Currency rates
The sensitivity shows the effect of a 10% decrease (Euro weakens relative to Sterling) and a 10% increase (Euro strengthens relative to Sterling)
in the value of the Euro relative to Sterling used for the 31 December 2025 valuation (based on a 31 December 2025 exchange rate of €1.1472 to
£1). In each case it is assumed that the change in exchange rate occurs from 1 January 2026 and thereafter remains constant at the new level
throughout the life of the projects.
At the year end, 41% of the committed portfolio was located in Sweden, France, Germany and Spain comprising Euro-denominated assets.
The Group has entered into forward hedging of the expected Euro distributions for up to 48 months ahead and in addition placed further
hedges to reach a position where around 80% of the valuation of Euro-denominated assets is hedged. The hedge reduces the sensitivity of the
Portfolio Value to foreign exchange movements and, accordingly, the impact is shown net of the benefit of the foreign exchange hedge in place.
The value of the outstanding commitments on the battery projects is included in this sensitivity. A 80% hedge is assumed for the sensitivity
below which reflects the typical hedge levels.
Currency rates NAV / share impact -10% change Total Portfolio Value +10% change NAV / share impact
Directors’ valuation – December 2025 (0.8p) (£22.0m) £2,988.9m +£22.0m +0.8p
Directors’ valuation – December 2024 (0.9p) (£23.5m) £3,126.0m +£23.5m +0.9p
The Euro / Sterling exchange rate sensitivity does not attempt to illustrate the indirect influences of currencies on UK power prices, which are
interrelated with other influences on power prices.
Strategic Report
Financials
Appendices
Governance
135TRIG Annual Report 2025
4. Financial instruments continued
Asset lives
Assumptions adopted in the year-end valuation typically range from 25 to 40 years from the date of commissioning, with an average 31 years for
the wind portfolio, 39 years for the solar portfolio and 30 years for the battery portfolio. The overall average across the portfolio at 31 December
2025 is 31 years (31 December 2024: 31 years).
The sensitivity below shows the impact on the valuation of assuming all assets within the portfolio have a year longer and a year shorter asset
life assumed.
Asset lives NAV / share impact -1 year change Total Portfolio Value +1 year change NAV / share impact
Directors’ valuation – December 2025 (1.1p) (£29.7m) £2,988.9m +£23.7m +0.9p
Directors’ valuation – December 2024 (1.3p) (£36.2m) £3,126.0m +£34.4m +1.3p
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
CODMtoallocate resources and manage the Group presents the business as a single segment comprising a homogeneous portfolio.
6. Fund expenses
For year ended
31 December
2025
£’m
For year ended
31 December
2024
£’m
Fees payable to the Company’s auditor
For audit of the Company’s financial statements 0.4 0.3
For the other audit-related assurance services 0.1 0.1
For additional fees in respect to the prior period – –
Investment and management fees (Note 17) 0.2 0.2
Directors’ fees (Note 17) 0.4 0.4
Other costs 5.3 1.7
Fund expenses 6.4 2.7
On the Expanded basis, fund expenses are £29,122k (2024: £31,914k); the difference being the costs incurred within TRIG UK and TRIG UK
I, the Company’s subsidiaries. The reconciliation from the IFRS basis to the Expanded basis is shown in the Financial Review of the Strategic
Report on page 48.
The fees to the Company’s auditor for the audit of the Company’s 2025 financial statements were £362k (2024: £283k).
Additional fees paid in the year relating to the prior-period audit of the Company’s subsidiaries TRIG UK and TRIG UK I and unconsolidated
project subsidiaries were £84k (2024: £41k).
The fees to the Company’s Auditor include £102k (2024: £74k) payable in relation to audit-related assurance services in respect of the interim
review of the half-yearly financial statements.
In addition to the above, £456k (2024: £767k) was payable to Deloitte LLP (the Company’s auditor) in respect of audit services provided in the
year relating to full-year 2025 accounts and £nil (2024: £9k) of minor other services to unconsolidated subsidiaries.
Investment and operations management fees paid in the year were £200k (2024: £200k) and Directors’ fees paid in the year were £378k
(2024: £368k) and are both described further in Note 17.
The Other costs of £5.3m include bid and advisory fees relating to investment and disposal activity and corporate actions that total £4.0m.
The largest element of bid costs being professional advisory fees of £3.3m relate to the proposed combination of TRIG with HICL Infrastructure
plc that didn’t proceed.
The Company had no employees during the current or prior year. The Company has appointed the Investment Manager and the Operations
Manager to manage the portfolio, the Company and its subsidiaries, on its behalf.
Notes to the Financial Statements continued
136
TRIG Annual Report 2025
7. Finance and other income
For year ended
31 December
2025
£’m
For year ended
31 December
2024
£’m
Interest income:
Interest on bank deposits 0.1 0.3
Total finance income 0.1 0.3
Gain on foreign exchange:
Realised gains on settlement of FX forwards 17.3 16.9
Fair value (loss) / gain of FX forward contracts (36.1) 28.9
Other foreign exchange losses (0.6) (0.2)
Total (loss) / gain on foreign exchange (19.4) 45.6
Finance and other (expense) / income (19.3) 45.9
On the Expanded basis, finance income is £0.1m (2024: £0.3m) and finance costs are £21.0m (2024: £25.6m); the difference being the Group’s
credit facility costs, which are incurred within TRIG UK and TRIG UK I, the Company’s subsidiaries. These costs are shown in the Financial
Review of the Strategic Report on page 49.
The loss on foreign exchange on the Expanded basis is £25.8m (2024: £53.6m gain). The reconciliation from the Statutory IFRS basis to the
Expanded basis, which includes an FX movement within TRIG UK and TRIG UK I, the Company’s subsidiaries, is shown in the Financial Review
section on page 48.
8. 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.
The Pillar Two Legislation does not have any impact on the Group as it did not exceed the turnover threshold of €750m.
9. Earnings per share
Earnings per share (“EPS”) is calculated by dividing the (loss) / profit attributable to equity shareholders of the Company by the weighted
average number of Ordinary Shares in issue during the year. There are no potential Ordinary Shares that have a dilutive effect on EPS and,
therefore, the diluted EPS is the same as basic EPS.
31 December
2025
31 December
2024
Loss attributable to equity holders of the Company (£’m) (129.9) (115.2)
Weighted average number of Ordinary Shares in issue (‘m) 2,415.8 2,475.1
Loss per Ordinary Share (pence) (5.4)p (4.7)p
Further details of shares issued in the year are set out in Note 15.
Strategic Report
Financials
Appendices
Governance
137TRIG Annual Report 2025
10. Dividends
31 December
2025
£’m
31 December
2024
£’m
Amounts recognised as distributions to equity holders during the year:
Interim dividend for the quarter ended 31 December 2023 of 1.795p – 44.6
Interim dividend for the quarter ended 31 March 2024 of 1.8675p – 46.4
Interim dividend for the quarter ended 30 June 2024 of 1.8675p – 46.4
Interim dividend for the quarter ended 30 September 2024 of 1.8675p – 46.1
Interim dividend for the quarter ended 31 December 2024 of 1.8675p 45.8
Interim dividend for the quarter ended 31 March 2025 of 1.8875p 45.7
Interim dividend for the quarter ended 30 June 2025 of 1.8875p 45.4
Interim dividend for the quarter ended 30 September 2025 of 1.8875p 45.2
182.1 183.5
Dividends settled as a scrip dividend alternative – –
Dividends settled in cash 182.1 183.5
182.1 183.5
On 5 February 2026, the Company declared an interim dividend of 1.8875p per share for the period 1 October 2025 to 31 December 2025.
The total dividend, £45,126,529, payable on 31 March 2026, is based on a record date of 13 February 2026 and the number of shares inissue
at that time being 2,390,809,471.
11. Net assets per Ordinary Share
31 December
2025
31 December
2024
Shareholders’ equity at balance sheet date (‘m) £2,487.7 £2,856.3
Number of shares at balance sheet date (‘m) 2,392.5 2,464.8
Net Assets per Ordinary Share at balance sheet date (pence) 104.0p 115.9p
The denominator in the above Net Assets per Ordinary Share calculation is as follows:
31 December
2025
’m
31 December
2024
’m
Ordinary Shares in issue at balance sheet date 2,392.5 2,463.9
Number of shares to be issued in lieu of Management fees – 0.9
Total number of shares used in Net Assets per Ordinary Share calculation 2,392.5 2,464.8
12. 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 and TRIG UK I, the
Company’s subsidiaries.
31 December
2025
£’m
31 December
2024
£’m
Brought forward 2,800.7 3,140.8
Investments in the year 17.0 23.1
Loan principal repayment to the Company (130.3) (87.6)
Loss on valuation (212.8) (275.6)
Other movements (0.9) –
Carried forward 2,473.7 2,800.7
Notes to the Financial Statements continuedNotes to the Financial Statements continued
138
TRIG Annual Report 2025
The following information in this Note 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 and TRIG UK I, the Company’s subsidiaries.
31 December
2025
£’m
31 December
2024
£’m
Fair value of investment portfolio
Brought forward value of investment portfolio 3,115.6 3,509.1
Investments in the year 116.7 48.3
Divestments in the year (83.7) (103.9)
Distributions paid to TRIG UK and TRIG UK I (219.5) (226.8)
Interest income 123.1 123.1
Dividend income 62.0 88.3
Loss on valuation (239.6) (322.5)
Carried forward value of investment portfolio
2
2,874.6 3,115.6
Fair value of TRIG UK and TRIG UK I
Brought forward value of TRIG UK and TRIG UK I (314.9) (368.2)
Cash movement 0.1 (0.2)
Working capital movement 1.9 0.8
Debt movement
1
(87.8) 52.7
Carried forward value of TRIG UK and TRIG UK I
2
(400.9) (314.9)
Total investments at fair value through profit or loss
2
2,473.7 2,800.7
1 Debt arrangement costs of £2.9m (2024: £2.2m) have been netted off the £397.7m (2024: £309.2m) debt drawn by TRIG UK and TRIG UK I.
2 Balance may not cast due to rounding.
The (losses) / gains on investment valuation are unrealised.
The SPVs (project companies) in which the Company invests are generally restricted on their ability to transfer funds to the Company under the
terms of their individual senior funding arrangements. 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
– The project company is in compliance with the terms of its senior funding arrangements
– Senior lenders have approved the annual budget for the Company
On 10 March 2025, the Company sold 15.2% equity stake in Gode One offshore wind farm located in Germany for a consideration of €100m
equivalent to £83.7m. The sale was at a 9% premium to the valuation of the wind farm as at 31 December 2024. The gain element from this sale
is included within loss on valuation.
13. Other receivables
31 December
2025
£’m
31 December
2024
£’m
Management fee receivable – 1.0
Prepayments 0.1 0.1
Loan interest receivable – –
Total other receivables 0.1 1.1
As at 31 December 2025, no expected credit losses have been recognised against Other receivables as they are negligible (2024: nil). For more
information on the balances, refer to Note 17 of these financial statements.
Strategic Report
Financials
Appendices
Governance
139TRIG Annual Report 2025
14. Cash and cash equivalents
31 December
2025
£’m
31 December
2024
£’m
Bank balances 7.1 11.7
Cash and cash equivalents 7.1 11.7
On the Expanded basis, which includes balances carried in TRIG UK and TRIG UK I, cash is £7.3m (2024: £11.8m). The reconciliation from the
IFRS basis to the Expanded basis is shown in the Strategic Report on page 50.
As at the year end, cash and cash equivalents on the Expanded basis consisted of £7.3m (2024: £11.8m) held with Royal Bank of Scotland
International Limited.
At 31 December 2025, Royal Bank of Scotland International Limited had an S&P credit rating of A Stable (2024: A Stable).
15. Share capital and reserves
Ordinary Shares
31 December
2025
’m
Ordinary Shares
31 December
2024
’m
Opening balance 2,463.9 2,484.3
Issued for cash – –
Shares repurchased (72.8) (22.1)
Issued as a scrip dividend alternative – –
Issued in lieu of management fees 1.3 1.6
Issued at 31 December – fully paid
1
2,392.5 2,463.9
1 Balance does not cast due to rounding.
The holders of the 2,392,465,556 (2024: 2,463,893,326) 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.
On 31 March 2025, the Company issued share capital and reserves of £1,005,464, equivalent of 881,732 shares, in lieu of management fees
incurred in H2 2024. The issued shares have been transferred to share premium.
On 30 September 2025, the Company issued share capital and reserves of £493,151, equivalent of 463,868 shares, in lieu of management fees
incurred in Q1 2025.
During the year, the Company repurchased 77,772,955 shares under the share buyback programme (2024: 22,069,560), equivalent to
£57,146,244 (2024: £21,304,828) including broker costs and applied to the Capital reserve. The shares repurchased are settled on a T+2 basis.
Share capital and share premium
31 December
2025
£’m
31 December
2024
£’m
Opening balance 2,752.7 2,772.0
Ordinary Shares issued 1.5 2.0
Shares repurchased (57.1) (21.3)
Reserves transfer (250.0) –
Closing balance 2,447.1 2,752.7
Retained reserves
Retained reserves comprise retained earnings, as detailed in the Statement of Changes in Shareholders’ Equity.
Notes to the Financial Statements continued
140
TRIG Annual Report 2025
16. Foreign exchange forward contracts
The Company has entered into forward foreign currency contracts to hedge the expected Euro distributions up to a maximum of 48 months.
In addition, the Company has placed further hedges and aims to reach a position where 80%-85% 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 2025. The total Euro balance hedged at
31 December 2025 was €977.9m (2024: €1,123.2m).
31 December 2025
Average
exchange rate
(GBP:EUR)
Foreign currency
€’m
Notional value
£’m
Fair value
£’m
Less than 3 months 1.1230 45.0 40.0 0.8
3 to 6 months 1.1367 42.8 37.7 0.1
6 to 12 months 1.0922 205.1 187.8 6.5
12 to 24 months 1.0941 208.6 190.7 4.2
Greater than 24 months 1.1091 476.4 429.5 (3.7)
1.1041 977.9 885.7 7.9
31 December 2024
Average
exchange rate
(GBP:EUR)
Foreign currency
€’m
Notional value
£’m
Fair value
£’m
Less than 3 months 1.1869 43.0 36.2 0.5
3 to 6 months 1.1193 176.2 157.4 10.4
6 to 12 months 1.1236 146.6 130.5 6.6
12 to 24 months 1.1032 406.1 368.1 18.8
Greater than 24 months 1.1034 351.3 318.4 7.6
1.1114 1,123.2 1,010.6 43.9
As at the year end, the valuation on the foreign exchange derivatives consisted of:
31 December 2025 31 December 2024
Fair value
amount
(£’m)
S&P credit
rating at
31 December
2024
Fair value
amount
(£’m)
S&P credit
rating at
31 December
2024
NatWest Markets Plc 2.0 A/Stable 16.8 A/Stable
National Australia Bank Limited 4.3 AA-/Negative 20.6 AA-/Negative
Barclays Bank Plc 2.2 A+/Stable 5.7 A+/Stable
Intesa Sanpaolo S.P.A 0.1 BBB/Stable 0.1 BBB/Stable
ABN Amro Bank N.V – A/Stable 0.3 A/Stable
Skandinaviska Enskilda Banken AB (0.3) A+/Stable 0.4 A+/Stable
BNP Paribas (0.4) A+/Stable – –
Total fair value of FX forward hedges 7.9 43.9
The fair value of the derivative trades has been split in the following table. At year end, the Company was in a net receivable position of
£7.9m (2024: £43.9m receivable), consisting of £12.1m receivable netted off with £4.2m payable (2024: £44.1m receivable netted off with
£0.2m payable).
Sensitivity of these FX forward contracts have been taken into account in the valuation of the portfolio and therefore, it is also included in the
currency rates sensitivity in Note 4 of these financial statements.
Strategic Report
Financials
Appendices
Governance
141TRIG Annual Report 2025
16. Foreign exchange forward contracts continued
31 December
2025
£’m
31 December
2024
£’m
Assets
FX forward contracts expiring within 12 months 7.4 17.5
FX forward contracts expiring after 12 months 4.7 26.6
Total assets 12.1 44.1
Liabilities
FX forward contracts expiring within 12 months – –
FX forward contracts expiring after 12 months (4.2) (0.2)
Total liabilities (4.2) (0.2)
17. Related party and key adviser transactions
31 December
2025
£’m
31 December
2024
£’m
Loans to related parties:
Short-term balance outstanding on accrued interest receivable
1
– –
Short-term balance outstanding from TRIG UK, in relation to Management fees to be settled in shares
1
– 1.0
Long-term loan stock to TRIG UK and TRIG UK I
2
1,563.9 1,655.1
1,563.9 1,656.1
1 Included within Other receivables on the Balance Sheet.
2 Included within Investments at fair value through profit or loss on the Balance Sheet.
During the year, interest totalling £108.6m (2024: £117.2m) was earned in respect of the long-term interest-bearing loan between the Company
and its subsidiaries TRIG UK and TRIG UK I, of which £nil (2024: £nil) was receivable at the balance sheet date.
Key adviser transactions
The Group’s Investment Manager (InfraRed Capital Partners Limited) and Operations Manager (Renewable Energy Systems Limited) are entitled
to 65% and 35%, respectively, of the aggregate management fee (see below), payable quarterly in arrears. The Directors and the key Investment
Manager personnel are considered to be the Company’s key management personnel defined by IAS 24 ‘Related Party Disclosures’.
Up until 31 March 2025, in line with the Investment Management Agreement and the Operations Management Agreement, 20 per cent of the
Group’s aggregate management fees up to an Adjusted Portfolio Value of £1 billion 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. Accordingly, TRIG UK reimburses the Company for the shares issued.
Until 31st March 2025 the manager fee arrangements applied were as follows. 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,
0.8 per cent in respect of the Adjusted Portfolio Value between £1 billion and £2 billion, 0.75 per cent in respect of the Adjusted Portfolio Value
between £2 billion and £3 billion and 0.70 per cent in respect of the Adjusted Portfolio Value in excess of £3 billion. These fees are payable by
TRIG UK, less the proportion that relates solely to the Company, the advisory fees, which are payable by the Company.
From 1 April 2025, the Board and the Managers have agreed to a revised management fee arrangement. Rather than being applied to adjusted
portfolio value, the new management fee has applied to an equal weighting of (i) the average of the closing daily market capitalisation during
each quarter and (ii) the published Net Asset Value for the quarter. The fee bands are unchanged and are as above. The new management fees
are payable in cash only, rather than cash and shares applied in the previous arrangement.
The Investment Manager management fee charged to TRIG UK for the year was £13.9m (2024: £18.3m), of which £3.2m (2024: £4.2m)
remained payable in cash at the balance sheet date. The Operations Manager management fee charged to TRIG UK for the year was £7.5m
(2024: £9.9m), of which £1.7m (2024: £2.2m) remained payable in cash at the balance sheet date.
Notes to the Financial Statements continued
142
TRIG Annual Report 2025
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 total
fee amount charged to the Company and its subsidiary, TRIG UK, as set out above. The Investment Manager advisory fee charged to the
income statement for the year was £130k (2024: £130k), of which £33k (2024: £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 (2024: £70k), of which £18k (2024: £18k)
remained payable in cash at the balance sheet date.
In addition, the Operations Manager received £16.7m (2024: £15.7m) for services in relation to Asset Management, Operation and Maintenance
and other services provided to project companies within the investment portfolio, and £nil (2024: £0.2m relating to project management support
related to disposal activity) for additional services provided to TRIG UK, neither of which are consolidated in these financial statements.
The Managers also invoiced fees in respect of services provided that are beyond the scope of the Investment Management Agreement and the
Operations Management Agreements totalling £0.5m by InfraRed and £0.3m by RES.
On 31 March 2025, the Company issued 881,732 shares, equating to £1.0m, based on a Net Asset Value ex dividend of 114.0325 p per
share (the Net Asset Value at 31 December 2024 of 115.9 pence per share less the interim dividend of 1.8675 pence per share), in respect
ofmanagement fees earned in H2 2024.
On 30 September 2025, the Company issued 463,868 shares equating to £0.5m based on a Net Asset Value ex dividend of 106.3125 pence
per share (the Net Asset Value at 30 June 2025 of 108.2 pence per share less the interim dividend of 1.8875 pence per share), in respect of
management fees earned in H1 2025.
The Company is governed by a Board of Directors (the “Board”), all of whom are independent and non-executive. During the year, the Board
received fees for their services. Further details are provided in the Directors’ Remuneration Report on page 103. Total fees for the Directors for
the year were £377,600 (2024: £367,500). Directors’ expenses of £18,243 (2024: £11,481) were also paid in the year. There are no other Key
Management personnel within the Company.
18. Guarantees and other commitments
As at 31 December 2025, the Group had provided £196.8m (2024: £156.7m) in guarantees in relation to projects in the TRIG portfolio. The fair
value of the guarantees are negligible to the Company.
The Company also guarantees the revolving credit facility, entered into by TRIG UK and TRIG UK I, which it may use to acquire
further investments.
As at 31 December 2025 the Group has £114m of future investment obligations (2024: £95m).
More details on timing and amounts can be found on page 52 of the Strategic Report.
The Group have issued decommissioning and other similar guarantee bonds with a total value of £25.1m (2024: £34.8m).
19. Contingent consideration
The Group has no contingent consideration obligations
20. Events after the balance sheet date
On 5 February 2026, the Company declared an interim dividend of 1.8875 pence per share for the period 1 October to 31 December 2025.
The total dividend, £45,126,529, payable on 31 March 2026, is based on a record date of 13 February 2026 and the number of shares in issue
at that time being 2,390,809,471.
2.5m shares were repurchased between the balance sheet date and 26 February 2026 as part of the share buyback programme, equivalent to
£1.7m including broker fees and applied to the Capital reserve.
Post year end, in February 2026, the indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private
Placement (“PP”) and applied the proceeds to significantly reduce the RCF balance. The PP has a fixed interest rate (at a similar level to the
RCF) and has an amortisation schedule spreading the repayment/ refinancing requirement over 5 years from 2033 to 2038. The Company
expects to repay the PP when repayments become due from forecast surplus cashflows from the investments but could also fund repayment
from disposal proceeds and/or refinancing.
Strategic Report
Financials
Appendices
Governance
143TRIG Annual Report 2025
21. Subsidiaries, joint ventures and associates
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 (including Associates and Joint Ventures) are held at fair value
based on the Company’s ownership interest as opposed to being consolidated on a line-by-line basis. The following entities have not been
consolidated in these Financial Statements:
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
The Renewables Infrastructure Group (UK) Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
The Renewables Infrastructure Group (UK) Investments
Limited
Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Roos Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Grange Renewable Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Hill of Towie Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Green Hill Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Wind Farm Holdings Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Altahullion Wind Farm Limited Unit C1 & C2, Willowbank Business Park, Millbrook,
Larne, BT40 2SF
100% 100%
Lendrum’s Bridge Wind Farm Limited Unit C1 & C2, Willowbank Business Park, Millbrook,
Larne, BT40 2SF
100% 100%
Lendrum’s Bridge (Holdings) Limited Unit C1 & C2, Willowbank Business Park, Millbrook,
Larne, BT40 2SF
100% 100%
Lough Hill Wind Farm Limited Unit C1 & C2, Willowbank Business Park, Millbrook,
Larne, BT40 2SF
100% 100%
European Investments (SCEL) Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
European Investments (Cornwall) Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
European Investments (Cornwall) Holdings Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Churchtown Farm Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
East Langford Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Manor Farm Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
European Investments Solar Holdings Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Sunsave 12 (Derriton Fields) Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Notes to the Financial Statements continued
144
TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
Sunsave 25 (Wix Lodge Farm) Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Parley Court Solar Park Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Egmere Airfield Solar Park Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Penare Farm Solar Park Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
European Investments (Earlseat) Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Earlseat Wind Farm Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
European Investments Solar Holdings 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
BKS Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Hazel Renewables Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Kenwyn Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
MC Power Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Tallentire Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Freasdail Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Neilston Community Wind Farm LLP Third Floor, Stv, Pacific Quay, Glasgow, G51 1PQ 100% 100%
Carbon Free Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
NDT Trading Limited Third Floor, Stv, Pacific Quay, Glasgow, G51 1PQ 100% 100%
Carbon Free Neilston Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Garreg Lwyd Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
UK Energy Storage Services Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Solwaybank Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
European Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
European Wind Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Strategic Report
Financials
Appendices
Governance
145TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
Offshore Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Scandinavian Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
European Storage Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Trafalgar Wind Holdings Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
European Investments Tulip Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Blary Hill Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Offshore Wind Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Offshore Wind Investments Group 3 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Offshore Wind Investments Group 4 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Offshore Wind Investments Group 5 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Offshore Wind Investments Group 6 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Offshore Wind Investments Group 7 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Offshore Wind Investments Group 8 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Scandinavian Wind Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Iberian Solar Investment Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Iberian Solar Investment Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
European Storage Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Verneuil Holdings Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
71.70% 71.70%
Merkur Offshore Wind Farm Holdings Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Fred. Olsen Wind Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
Fred. Olsen Wind Holdings Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
21. Subsidiaries, joint ventures and associates continued
Notes to the Financial Statements continued
146
TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
Fred Olsen Wind 2 Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
Crystal Rig Windfarm Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
Rothes Wind Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
Paul’s Hill Wind Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
Crystal Rig II Limited C/O Harper Macleod Llp The Cadoro, 45 Gordon Street,
Glasgow, G1 3PE
49% 49%
Rothes II Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49%
Mid Hill Wind Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
49% 49%
Equitix Offshore 3 Limited (MidCo 1) 3rd Floor South Building, 200 Aldersgate Street, London,
England, EC1A 4HD
36.70% 36.70%
Equitix Offshore 4 Limited (MidCo 2) 3rd Floor South Building, 200 Aldersgate Street, London,
England, EC1A 4HD
36.70% 36.70%
Equitix Offshore 5 Limited (BidCo) 3rd Floor South Building, 200 Aldersgate Street, London,
England, EC1A 4HD
36.70% 36.70%
Bilbao Offshore Investment Limited 3 More London Riverside, 4th Floor, London, England,
SE1 2AQ
35.90% 35.90%
Bilbao Offshore Holding Limited 3 More London Riverside, 4th Floor, London, England,
SE1 2AQ
35.90% 35.90%
Beatrice Offshore Windfarm Holdco Ltd Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ 17.50% 17.50%
Beatrice Offshore Windfarm Ltd Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ 17.50% 17.50%
Scira Offshore Energy Limited 1 Kingdom Street, London, W2 6BD 14.70% 14.70%
East Anglia One Limited 3rd Floor, 1 Tudor Street, London, EC4Y 0AH 14.30% 14.30%
Horizon Offshore Wind Limited 3rd Floor South Building, 200 Aldersgate Street, London,
England, EC1A 4HD
40.60% 40.60%
Jupiter Investor TopCo Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30%
Jupiter Investor MidCo Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30%
Jupiter Investor HoldCo Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30%
Jupiter Offshore Wind Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30%
Hornsea 1 Holdings Limited 5 Howick Place, London, SW1P 1WG 10.20% 10.20%
Hornsea 1 Limited 5 Howick Place, London, SW1P 1WG 10.20% 10.20%
European Storage Investments Holdings 1 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
European Storage Investments Holdings 2 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
European Storage Investments Holdings 3 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Capella BESS Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Strategic Report
Financials
Appendices
Governance
147TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
Aludra BESS Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Botein BESS Limited Beaufort Court, Egg Farm Lane, Kings Langley,
Hertfordshire, WD4 8LR
100% 100%
Development Storage Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Fig Power Holdings Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Fig Power Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Albrighton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Aspley Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Minsterley Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Uffington Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Market Drayton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Drumore Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Spittal Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Templeton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Newburn Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Birtley Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Nuneaton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Torquay Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Yeowood Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Port Dundas Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Avonmouth Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Northampton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100%
Spennymoor Energy Storage Limited Beaufort Court, Egg Farm Lane, Kings Langley, WD4
8LR
100% 100%
European Wind Investments Group 4 Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Lendrums Bridge Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, WD4
8LR
50% 50%
Altahullion Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, WD4
8LR
50% 50%
The Renewables Infrastructure Group (France) SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
CEPE de Haut Languedoc SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
CEPE du Haut Cabardes SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
21. Subsidiaries, joint ventures and associates continued
Notes to the Financial Statements continued
148
TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
CEPE de Cuxac SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
CEPE des Claves SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
CEPE de Puits Castan SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
Verrerie Photovoltaique SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
Ferme Eolienne Epine SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
CEPE Rosieres SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
CEPE Montigny La Cour SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
Energies TIlle et Venelle Holdings SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
Energies Entre Tille et Venelle SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
Haut Vannier Holding SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
Haut Vannier SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100%
FPV du Midi 140, avenue des Champs Elysées – 75008 Paris, France 51% 51%
FPV Chateau 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10%
FPV du Plateau 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10%
SECP Bongo 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10%
SECP Olmo 2 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10%
FPV Pascialone 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10%
FPV Santa Lucia 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10%
FPV Agrinergie 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10%
FPV d’Export 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10%
Agrisol 1A Services 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10%
SECP Chemin Canal 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10%
FPV Ligne des Quatre Cents 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10%
FPV Ligne des Bambous 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10%
Heliade Bellevue CENTRALE PHOTOVOLTAIQUE HELIADE BELLEV LD
BELLEVUE 97140 CAPESTERRE-DE-MARIE-GALANTE,
France
49.10% 49.10%
SECP Creuilly CENTRALE PHOTOVOLTAIQUE HELIADE BELLEV LD
BELLEVUE 97140 CAPESTERRE-DE-MARIE-GALANTE,
France
49.10% 49.10%
Akuo Tulip Assets SAS 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10%
FPV Broussan 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10%
Fujin SAS 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90%
Eolienne de Rully 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90%
Parc Eollen de Fontaine Macon 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90%
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149TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
Parc Eollen de Vignes 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90%
Parc Eolien du Val de Gronde S.A.S. 140, avenue des Champs Elysées – 75008 Paris, France 37.30% 37.30%
Energie du Porcien 140, avenue des Champs Elysées – 75008 Paris, France 33.50% 33.50%
German Offshore Wind Investments Group (Holdings)
Limited
Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
German Offshore Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London,
EC1A 7BL
100% 100%
Gode Wind 1 Investor Holding GmbH Eschersheimer Landstr. 14, 60322 Frankfurt a. Main,
Germany
19.7% 50%
Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Am Osthafen 2, 26506 Norden, Germany 9.9% 25%
Merkur Offshore GP GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70%
Merkur Offshore Investment Holdings GmbH & Co KG Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70%
Merkur Offshore Holdings GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70%
Merkur Wind GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70%
Merkur Offshore GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70%
Merkur Offshore Service GmbH Am Sandtorkai 74, 20457 Hamburg, Germany 35.70% 35.70%
Malabrigo Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100%
Arenosas Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100%
El Yarte Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100%
Guita Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100%
Pisa Solar Holdings S.L.U. C/ Suero de Quiñones 34-36, Madrid, Spain 100% 100%
Evacuacion Solar Arcos SL Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100%
Valdesolar SL C/ MÉNDEZ ÁLVARO 44, Madrid, 28045, Spain 49% 49%
Sirocco Wind Holding AB Lilla Bommen 1, 411 04 Göteborg, Sweden 100% 100%
Jadraas Vindkraft AB Lilla Bommen 1, 411 04 Göteborg, Sweden 100% 100%
Gronhult Wind AB C/O Linda Ahlskog, Stockholm, 169 92, Sweden 100% 100%
Hallasen Kraft AB Lilla Bommen 1, 411 04 Göteborg, Sweden 100% 100%
Krange Wind AB Linjegatan 7, 302 50 Halmstad, Sweden 50% 50%
GOW01 Investor LuxCo SARL 28 Boulevard F.W. Raiffeisen 2411 Luxembourg 50% 50%
Phoenix SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100%
Le HaFontaine Macon 2 SAS m SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100%
Le Ham SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100%
Yvignac SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100%
Croix Benjamin SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100%
21. Subsidiaries, joint ventures and associates continued
Notes to the Financial Statements continued
150
TRIG Annual Report 2025
Name Registered address
Ownership
Interest and
Voting Rights
31 December
2025
Ownership
Interest and
Voting Rights
31 December
2024
Gatinais SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100%
Bardzour SAS 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 100% 100%
Les Cédres SAS 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 100% 100%
Mortella SAS 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 100% 100%
Olmo 1 SAS 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 100% 100%
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WHAT'S IN THIS SECTION
Appendices (unaudited) 153
Glossary 160
Directors and Advisers 161
Key Company Data 162
Appendices
152 TRIG Annual Report 2025
Appendices (unaudited)
Product name: The Renewables Infrastructure Group Limited
Legal entity identifier: 213800NO6Q7Q7HMOMT20
Environmental and / or social characteristics
Did this financial product have a sustainable investment objective?
Yes
No
It made sustainable investments
with an environmental objective:
___%
in economic activities that qualify as
environmentally sustainable under
theEU Taxonomy
in economic activities that do not
qualify as environmentally sustainable
under the EU Taxonomy
It made sustainable investments
with a social objective: ___%
It promoted Environmental/Social
(E/S) characteristics and while
it did not have as its objective
a sustainable investment, it
had a proportion of ___% of
sustainable investments
with an environmental objective in
economic activities that qualify as
environmentally sustainable under
theEU Taxonomy
with an environmental objective
in economic activities that
do not qualify as environmentally
sustainable under the
EU Taxonomy
with a social objective
It promoted E/S characteristics,
but did not make any
sustainable investments
To what extent were the environmental and / or social characteristics
promoted by this financial product met?
The Renewables Infrastructure Group Limited’s (the “Company” or “TRIG”) investment
proposition is to generate sustainable returns from a diversified portfolio of renewables
infrastructure that contribute towards a net zero carbon future. The Company’s E/S
characteristics are as follows:
– Mitigate adverse climate change
– Preserve our natural environment
– Positively impact the communities we work in
– Maintain ethics and integrity in governance
These were met during the year, which can be exemplified by the actions reported on pages
159-160 and the indicators on page 36.
Sustainable investment means an
investment in an economic activity
that contributes to an environmental
or social objective, provided that the
investment does not significantly harm
any environmental or social objective
andthat the investee companies
followgood governance practices.
The EU Taxonomy is a classification
system laid down in Regulation
(EU) 2020/852, establishing a list
of environmentally sustainable
economic activities. That Regulation
does not lay down a list of socially
sustainable economic activities.
Sustainable investments with an
environmental objective might be
alignedwith the Taxonomy or not.
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153TRIG Annual Report 2025
How did the sustainability indicators perform?
InfraRed has used the following sustainability indicators to measure the attainment of the
E/S characteristics:
– Environmental: Renewable electricity generated, homes (equivalent) powered, carbon
emissions avoided, percentage of UK portfolio sourcing electricity under Renewable
Electricity Supply Contracts and Scope 1, 2, 3 emissions; and
– Social: Number of community funds within the TRIG portfolio, community contributions per
annum in £, and number of sites that have any outstanding issues with the local community.
– Information regarding the performance of TRIG’s investments against sustainability
indicators is provided in the table on page 36 of this Annual Report.
…and compared to previous periods?
A comparison to the previous period’s results can be found in the table on page 36.
What were the objectives of the sustainable investments that the
financial product partially made and how did the sustainable investment
contribute to such objectives?
N/A
How did the sustainable investments that the financial product partially
made not cause significant harm to any environmental or social
sustainable investment objective?
N/A
How were the indicators for adverse impacts on sustainability factors
taken into account?
N/A
Were sustainable investments aligned with the OECD Guidelines for
Multinational Enterprises and the UN Guiding Principles on Business
and Human Rights? Details:
N/A
The EU Taxonomy sets out a “do no significant harm” principle by which
Taxonomy-aligned investments should not significantly harm EU Taxonomy
objectives, and is accompanied by specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying the
financial product that take into account the EU criteria for environmentally sustainable
economic activities. The investments underlying the remaining portion of this financial
product do not take into account the EU criteria for environmentally sustainable
economic activities.
Any other sustainable investments must also not significantly harm any environmental
orsocial objectives.
Sustainability indicators measure
how the environmental or social
characteristics promoted by the
financialproduct are attained.
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TRIG Annual Report 2025
How did this financial product consider principal adverse
impacts on sustainability factors?
Prior to acquisition of an investment, the Investment Manager considered the mandatory
principal adverse impact indicators in Table 1 Annex 1 of the SFDR RTS, to the extent that
relevant data is available from each potential investee company. There were no new assets
acquired in the reporting period.
Post-acquisition, the Investment Manager and Operations Manager (together, the “Managers”)
ensured assessment of the mandatory principal adverse impacts on an ongoing basis through
an annual Sustainability Survey which portfolio companies are asked to complete, the results
of which are published in TRIG’s Sustainability Report in the second quarter of each year.
Information regarding InfraRed’s consideration of the principal adverse impacts in respect
of TRIG’s investments will be provided in TRIG’s Sustainability Report due to be published
in 2026.
What were the top investments of this financial product?
The information shown in the table below has also been provided on page 44 of this
Annual Report.
Project Location Type 31 December 2025
Hornsea One England Offshore wind 10%
Merkur Germany Offshore wind 7%
Jädraås Sweden Onshore wind 6%
East Anglia One England Offshore wind 5%
Beatrice Scotland Offshore wind 5%
Garreg Lwyd Wales Onshore wind 4%
Grönhult Sweden Onshore wind 3%
Solwaybank Scotland Onshore wind 3%
Ranasjö Sweden Onshore wind 3%
Blary Hill Scotland Onshore wind 2%
December 2025 largest ten investments 50%
Balance does not cast due to rounding
What was the proportion of sustainability-related investments?
N/A
Principal adverse impacts are the
most significant negative impacts of
investment decisions on sustainability
factors relating to environmental, social
and employee matters, respect for
human rights, anti-corruption and
anti-bribery matters.
The list includes the investments
constituting the greatest proportion
of investments of the financial product
during the reference period which is:
1 January to 31 December 2025
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155TRIG Annual Report 2025
Asset allocation describes the share of
investments in specific assets.
What was the asset allocation?
99.7% of TRIG’s investments were made to attain the E/S characteristics in the
reporting period.
To confirm, the Company’s asset allocation has been calculated based on market values
in respect of “#1 Aligned with E/S characteristics” investments and mark-to-market value in
respect of the “#2 Other” assets (as detailed further below).
#2 Other – 0.3%
#1 Aligned with E/S
characteristics – 99.7%
Investments
#1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental
orsocial characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or
social characteristics, nor are qualified as sustainable investments.
In which economic sectors were the investments made?
The Company’s investments were in infrastructure assets, in the following sectors: onshore
and offshore wind farms, solar parks and flexible capacity infrastructure.
To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?
While the Company has not made a commitment to make sustainable investments within the
meaning of SFDR, the Company has made investments which are Taxonomy-aligned.
This Annual Report contains the latest results of an internal assessment of the Company’s
investments against the EU Taxonomy technical screening criteria contained in the Taxonomy
Climate Delegated Act. The Company conducted the assessment on all investments, of which
98% were determined as eligible to contribute to an environmental objective as defined by the
EU Taxonomy. Based on the information provided by those eligible investments, the Company
determined that 95% of all investments, by portfolio value, are Taxonomy aligned. The same
position as last year.
TRIG’s Taxonomy-aligned investments substantially contributed to the environmental objective
of climate change mitigation, and are aligned with the following environmentally sustainable
economic activities:
– Electricity generation from solar photovoltaic technology
– Electricity generation from wind power
– Storage of electricity
1
The Company notes the publication of the Omnibus Taxonomy Delegated Act in the Official
Journal on 8 January 2026, which entered into force on 28 January 2026. For the 2025
Financial Year, TRIG has maintained its reporting under the existing framework to ensure
consistency and data comparability. However, the Company intends to adopt the simplified
reporting rules introduced by the Omnibus Act for the next reporting period (FY 2026).
1 As provided in Annex I of Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021.
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TRIG Annual Report 2025
Did the financial product invest in fossil gas and / or nuclear energy
related activities complying with the EU Taxonomy?
1
Did this financial product have a sustainable investment objective?
Yes (specify below, and details in the
graphs of the box)
No
In fossil gas
In nuclear energy
The graphs below show in green the percentage of investments that were aligned
with the EU Taxonomy. As there is no appropriate methodology to determine the
taxonomy-alignment of sovereign bonds,* the first graph shows the Taxonomy alignment
in relation to all the investments of the financial product including sovereign bonds, while
the second graph shows the Taxonomy alignment only in relation to the investments of the
financial product other than sovereign bonds.
OpEx
CapEx
Turnover
Valuation
0%
60% 80%40%20% 100%
Taxonomy-alignment of investments
including sovereign bonds*
Taxonomy-alignment of investments
excluding sovereign bonds*
Taxonomy-aligned Non-taxonomy aligned - non eligible
95.2% 2.4%
99.0%
1.0%
Non-taxonomy aligned - eligible
2.4%
98.1% 1.9%
OpEx
CapEx
Turnover
Valuation
0%
60% 80%40%20% 100%
95.2% 2.4%
99.0%
1.0%
2.4%
98.1% 1.9%
* For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures.
What was the share of investments made in transitional and
enablingactivities?
The environmentally sustainable economic activity of storage of electricity is an enabling
activity under the EU Taxonomy. However, the proportion of TRIG’s portfolio that performs
thisactivity will be dependent on the investment composition by asset type. Based on the
portfolio composition as at 31 December 2025, investments in renewable energy enabling
infrastructure constituted 6% of TRIG’s committed portfolio valuation, however this percentage
will change based on future investments or divestments. On that basis, the minimum
share could be less than 6%. In addition, the Company does not make any investments in
transitional activities, therefore the minimum share of investments in such activities is 0%.
However, TRIG invests in renewables and related infrastructure opportunities which, over time,
may include transitional activities (which, if applicable, would be reported as part of TRIG’s
annual results).
How did the percentage of investments that were aligned with
theEUTaxonomy compare with previous reference periods?
The Managers have reviewed and assessed that 95% of the Company’s investments are
aligned with the EU Taxonomy on the basis of the portfolio valuation as at 31 December 2025,
maintaining the same alignment level as in 2024. One new project currently in construction has
been added to the assessment in 2025, and met the criteria for alignment. The remaining 2%
of eligible projects sits with two projects where TRIG continues to work on further enhancing
the robustness in circularity practices and ability to fully evidence Minimum Social Safeguard
criteria to bring the alignment to all eligible projects.
Taxonomy-aligned activities are
expressed as a share of:
– Turnover reflects the ‘greenness’ of
investee companies today.
– Capital expenditure (CapEx) shows
the green investments made by
investee companies, relevant for a
transition to a green economy.
– operational expenditure (OpEx)
reflects the green operational activities
of investee companies.
1 Fossil gas and / or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any
EU Taxonomy objective – see explanatory note in the left-hand margin. The full criteria for fossil gas and nuclear energy economy activities that comply with the EU Taxonomy are laid down in
Commission Delegated Regulation (EU) 2022/1214.
To comply with the EU Taxonomy, the
criteria for fossil gas include limitations
on emissions and switching to fully
renewable power or low-carbon fuels by
the end of 2035. For nuclear energy,
the criteria include comprehensive safety
and waste management rules.
Enabling activities directly
enable other activities to make
a substantial contribution to an
environmental objective.
Transitional activities are activities
for which low-carbon alternatives are
not yet available and, among others,
have greenhouse gas emission levels
corresponding to the best performance.
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157TRIG Annual Report 2025
Sustainable investments with an
environmental objective that do not
take into account the criteria for
environmentally sustainable economic
activities under Regulation (EU)
2020/852.
What was the share of sustainable investments with an environmental
objective not aligned with the EU Taxonomy?
N/A
What was the share of socially sustainable investments?
N/A
What investments were included under “other”, what was their purpose
and were there any minimum environmental or social safeguards?
Currency, interest rate and power price hedging is carried out to seek to provide protection
against foreign exchange risk and increasing costs of servicing Group debt (as defined in the
Prospectus) drawn down to finance investments. However, currency and interest rate hedging
transactions will only be undertaken for the purpose of efficient portfolio management and
will not be carried out for speculative purposes. As at the end of this reporting period, the
company held FX forward contracts which are classified as “other” and equated to 0.3%.
What actions have been taken to meet the environmental
and/ or social characteristics during the reference period?
The Company took several actions during the period to meet its E/S characteristics,
asoutlined below.
Mitigating adverse climate change
Renewable energy generated in the period decreased from 5,915GWh to 5,431GWh.
Electricity generation was impacted by a combination of factors, most notably low wind
resource in the first half of the year in the UK, France and Germany and curtailment of
generation in Sweden due to negative market prices. The corresponding benefits of
renewableenergy generation in respect of carbon emissions avoided and equivalent
homespowered is reported in the table on page 36 of this Annual Report.
In addition to investing in renewables and supporting infrastructure, the Company also took
a number of steps to reduce portfolio emissions. This included maintaining the proportion of
the total portfolio sourcing on-site electricity under Renewable Electricity Supply Contracts,
or generating for own use, at 94% with one new green tariff contract signed in 2025.
With new projects entering construction in 2025, TRIG’s Managers continued to engage
with suppliers, with a particular focus on responsible procurement of new products and
circularity. This was achieved by using lower impact materials such as screw piles in place of
full concrete foundations for Ryton battery storage project to reduce emissions and by working
in partnership with local recycling plants during repowering and replacement initiatives so
thatsolar panels and wind turbine components can be recycled.
Preserving the natural environment
In 2025, the number of ongoing proactive environment enhancement projects that exceed
standard environmental maintenance within TRIG’s portfolio increased from 53 to 58.
This increase is the result of engagement with TRIG’s stakeholders to understand where
further initiatives within the portfolio can be implemented and are needed most.
The nature of habitat enhancement varies depending on the asset and its location, but
can include the installation of beehives, planting of wildflower meadows and hedgerows,
installation of bat and bird boxes and habitat improvement for local endangered species.
During 2025, the focus was on introducing nest boxes at two of the Cadiz solar projects in
Spain and sowing new meadows at solar projects in the UK. The percentage of individual
projects in the portfolio maintaining voluntary environmental enhancements has increased
from 37% to 39%. This is expected to continue improving in 2026 with plans in place to
focuson TRIG’s French assets to introduce further initiatives.
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TRIG Annual Report 2025
Positively impacting the communities in which the Company works
As highlighted above, during 2025 TRIG distributed £1.7m of community funding across
48community funds. Two new community benefit funds have been established in France
through the Puits Castan and Haut Cabardès projects. The funds will support the work
of Énergie Solidaire to provide aid to vulnerable households experiencing energy poverty.
In addition to community funding, TRIG also looks to identify opportunities to engage with
schools in the local communities to educate students on renewable energy, facilitating site
visits to the projects where possible.
Further information on specific case studies for TRIG’s and the Manager’s community-related
initiatives is provided in the Company’s Sustainability Reports.
Maintaining ethics and integrity in governance
During the period, several initiatives were undertaken to support this E/S characteristic:
– The Investment Manager continued to undertake detailed due diligence on its supply chain,
particularly in relation to new flexible capacity investments, solar panels replacements and
repowering projects.
– The Operations Manager continued to engage with the portfolio companies to improve
participation in the annual sustainability survey and the cybersecurity survey and to provide
further evidence to support the information provided. The results of these surveys will be
published in TRIG’s FY 2025 Sustainability Report.
– The Investment Manager and Operations Manager hosted Spring and Autumn TRIG
sustainability summits. These happen biannually and are organised for stakeholders that
are integral to providing sustainability data. The events celebrate sustainability initiatives and
share best practice across portfolio, provide information on TRIG’s annual sustainability
performance and identify areas for further improvement in key sustainability metrics.
Both Managers engaged directly with policy makers and through trade bodies in relation to
public policy matters.
How did this financial product perform compared to the
reference benchmark?
N/A
How does the reference benchmark differ from a broad market index?
N/A
How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with
the environmental or social characteristics promoted?
N/A
How did this financial product perform compared with the reference
benchmark?
N/A
How did this financial product perform compared with the broad
market index?
N/A
Reference benchmarks are indexes to
measure whether the financial product
attains the environmental or social
characteristics that they promote.
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159TRIG Annual Report 2025
Glossary
Item Definition
Initial Public Offering (IPO) The act of offering the stock of a company on a public stock exchange for the first time.
TRIGcompleted its IPO in July 2013.
Net Asset Value (NAV) Net Asset Value, being the value of the investment company’s assets, less any liabilities it has.
TheNAV per share is the NAV divided by the number of shares in issue. The difference between
theNAV per share and the share price is known as the discount or premium.
Renewable electricity generated The amount of renewable electricity generated by the portfolio during the year, net of the Company’s
ownership share.
Tonnes of CO
2
avoided per annum The estimate of the portfolio’s annual CO
2
emission reductions, based on the portfolio’s estimated
generation as at the relevant reporting date prepared on the IFI approach to GHG Accounting.
Sustainable Finance Disclosures
Regulation (SFDR)
An EU law which aims to standardise disclosure requirements on how financial market participants
integrate environmental, social and governance factors in their investment decision-making and risk
processes. Further detail can be found in the Sustainability section.
Revolving Credit Facility (RCF) TRIG has a £500m RCF at fund level which provides short-term financing. The RCF has a three-year
term and expires on 31 March 2028. See the Financial Review section of the report onpage 52.
Renewable Energy Guarantees
ofOrigin certificates (REGOs)
The Renewable Energy Guarantees of Origin (REGO) scheme in the UK provides transparency
toconsumers about the proportion of electricity that suppliers source from renewable electricity.
This scheme provides certificates called REGOs which demonstrate electricity has been generated
from renewable sources. EU Member States’ version of the REGO scheme is called Guarantees of
Origin (GoOs).
Lost Time Accident Frequency
Rate(LTAFR)
A safety at work metric which measures the number of personnel injured and unable to performtheir
normal duties for seven days or more, for each hundred thousand hours worked. Allaccidents are
recorded, but only accidents that have resulted in the worker being unable to perform their normal
duties for more than seven days are included in this calculation, in line with reportable accidents as
defined by UK HSE RIDDOR regulation.
RIDDORs RIDDOR, short for Reporting of Injuries, Diseases and Dangerous Occurrences Regulations, is
aformof Health & safety legislation in the UK that governs what incidents organisations are required
toreport on.
Review of Electricity Market
Arrangements (REMA)
REMA fulfils a Government commitment in the British Energy Security Strategy to undertake a
comprehensive review of electricity market design, to ensure that it is fit for the purpose of maintaining
energy security and affordability through the energy transition. The review primarily explores reforms to
wholesale electricity markets to decouple power and gas prices and reviewing options to encourage
the mass adoption of low carbon technology.
Local Electricity Discount
Schemes(LEDS)
LEDS is a type of community fund initiative designed to offer energy consumers, local to participating
projects, a discount on their annual electricity bills.
160 TRIG Annual Report 2025
Directors and Advisers
Directors
Richard Morse (Chair)
John Whittle
Tove Feld
Erna-Maria Trixl
Selina Sagayam
Registrar
MUFG Corporate Markets (Guernsey) Limited
PO Box 627
St Peter Port
Guernsey GY1 4PP
Administrator to Company, Designated
Manager, Company Secretary and
Registered Office
Aztec Financial Services (Guernsey) Limited
PO Box 656
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP
+44 1481 748 831
Investment Manager
InfraRed Capital Partners Limited|
Level 7, One Bartholomew Close
Barts Square
London
EC1A 7BL
Operations Manager
Renewable Energy Systems Limited
Beaufort Court
Egg Farm Lane
Kings Langley
Hertfordshire
WD4 8LR
Financial PR
Brunswick
16 Lincoln’s Inn Fields
London
WC2A 3ED
UK Transfer Agent
MUFG Corporate Markets (UK) Limited
Central Square
29 Wellington Street
Leeds
LS1 4DL
Auditor
Deloitte LLP
Regency Court
Esplanade
St Peter Port
Guernsey
GY1 3HW
Joint Brokers
Investec Bank Plc
30 Gresham Street
London
EC2V 7QP
BNP Paribas
10 Harewood Avenue
London
NW1 6AA
Strategic Report
Financials
Appendices
Governance
161TRIG Annual Report 2025
Key Company Data
Company Name The Renewables Infrastructure Group Limited
Registered address East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
Listing London Stock Exchange – Premium Listing
Ticker symbol TRIG
SEDOL BBHX2H9
Index inclusion FTSE All-Share, FTSE 250, FTSE 350 and FTSE 350 High Yield indices
Company year end 31 December
Dividend payments Quarterly (March, June, September, December)
Investment Manager (“IM”) InfraRed Capital Partners Limited
Operations Manager (“OM”) Renewable Energy Systems Limited
Company Secretary
andAdministrator
Aztec Financial Services (Guernsey) Limited
Net assets £2,488m as at 31 December 2025
Market capitalisation £1,648m as at 31 December 2025
Management Fees Calculated on the basis of an equal weighting of (i) the average of the closing daily market capitalisation
during each quarter and (ii) the published Net Asset Value for the quarter. Thefollowing percentages are
then applied to this basis: 1% per annum up to £1.0bn, falling to 0.8% per annum for the above £1.0bn,
0.75% per annum above £2.0bn and 0.7% per annum above £3.0bn; fees are split 65:35 between
Investment Manager and Operations Manager.
ISA, PEP and SIPP status No performance or acquisition fees
NMPI status The ordinary shares are eligible for inclusion in PEPs and ISAs (subject to applicable subscription limits)
provided that they have been purchased in the market. The shares are permissible assets forSIPPs.
FATCA Following the receipt of legal advice, the Board confirms that it conducts the Company’s affairs,
and intends to continue to conduct the Company’s affairs, such that the Company would qualify for
approval as an investment trust if it were resident in the United Kingdom and that IFAs should therefore
be able to recommend its Ordinary Shares to ordinary retail investors in accordance with the FCA’s
rules relating to non-mainstream investment products.
KID The Company has registered for FATCA and has a GIIN number J0L1NL.99999.SL.831
Investment policy The Company issues a KID in line with UK PRIIPs regulation and this can be found on the
Company’swebsite
Local Electricity Discount
Schemes(LEDS)
The Company’s investment policy can be found on the Company’s website
162 TRIG Annual Report 2025
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trig-ltd.com
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP