Renewables Infrastructure backs dividend target, eyes UK policy hit

(Alliance News) - Renewables Infrastructure Group Ltd on Friday posted a stable net asset value in its first quarter, and backed its full-year payout target, whilst flagging higher-than-anticipated inflation.

The Guernsey-based renewable energy investor, also known as TRIG, reported a NAV per share of 104.1 pence at March 31, broadly flat compared with 104.0 pence at the end of December. The December 31 NAV was down 10% from 115.9p per share a year earlier.

TRIG on Friday noted a "good portfolio performance" in its UK and German wind projects, but said actual inflation is running at a higher rate than assumed at the end of 2025. TRIG also flagged power prices "at elevated levels" reflecting the impact of the US-Israeli war with Iran, which it says is more noticeable in UK prices so far, compared with Spain and Sweden, to which TRIG is also exposed.

The company has lowered its overall power price forecasts, citing higher prices in the short term as amid gas shortages due to the Middle East conflict, but lower prices in the medium term, due to increased use of renewables and the removal of Carbon Price Support in the UK.

Last month, TRIG said it expected NAV to fall by approximately 0.5p per share, due to the British government's decision to remove carbon price support from 2028, as part of an effort to lower the UK's wholesale electricity prices.

The company has backed its targeted dividend of 7.55p per share in 2026, unchanged from 2025. During the quarter to the end of March, it repurchased shares worth GBP13.2 million, estimating that this boosted NAV by 0.3p per share.

TRIG shares were up 0.3% to 69.37p on Friday morning in London and are down 14% over the past year.

By Holly Munks, Alliance News reporter

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