Renewables Infrastructure Group Regulatory News (TRIG)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

This announcement has been determined to contain inside information for the purposes of the market abuse regulation (EU) No.596/2014.

Investec Bank plc (Investec Bank) is authorised in the United Kingdom by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Investec Europe Limited (trading as Investec Europe, Investec Europe and together with Investec Bank, Investec) is regulated in Ireland by the Central Bank of Ireland. Liberum Capital Limited (Liberum and together with Investec, the Joint Bookrunners) is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Investec and Liberum are acting exclusively for the Company in connection with the matters described in this announcement and are not acting for or advising any other person, or treating any other person as their respective client, in relation thereto and will not be responsible for providing the regulatory protections afforded to their respective clients or advice to any other person in relation to the matters contained herein. This does not exclude any responsibilities or liabilities of any of the Joint Bookrunners under the Financial Services and Markets Act 2000 (FSMA) or the regulatory regime established thereunder.

24 March 2022

The Renewables Infrastructure Group Limited("TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and RES ("Renewable Energy Systems") as Operations Manager)

Result of the Issue and PrimaryBid Offer

· £277.3 million raised through the issue of 210,104,535 New Ordinary Shares, being the maximum permitted under the Company's tap authority

· Strike price of 132p per Share

· Proceeds to be used for the completion of the acquisition of Hornsea One and repaying drawings under the RCF

Further to its announcement of 17 March 2022, the Board of TRIG is pleased to announce that the Company has raised gross proceeds of approximately £277.3 million through the issue (by way of placing) of 210,104,535 new ordinary shares in the capital of the Company (the "New Ordinary Shares"), being the maximum available under the Company's general authority to disapply pre-emption rights taken at the last AGM, at a price of 132p (the "Strike Price") per New Ordinary Share (the "Issue"). There was strong institutional and retail demand for the Issue, at a range of prices, and applications have been scaled back at the Strike Price.

The Company will issue 206,156,691 New Ordinary Shares pursuant to the Issue and 3,947,844 New Ordinary Share pursuant to the PrimaryBid Offer.

The net proceeds of the Issue will be applied towards funding the acquisition of a 7.8% equity interest in the Hornsea One offshore wind farm in the UK ("Hornsea One"), completion of which is expected in the coming weeks and repaying amounts drawn under the Company's revolving credit facility ("RCF").

Sun Life Assurance Company of Canada ("Sun Life") has subscribed for 11,419,592 New Ordinary Shares (the "Sun Life Subscription"). Sun Life is a member of the same group as InfraRed Capital Partners, the Company's Investment Manager, and is therefore a related party for the purposes of Chapter 11 of the FCA's Listing Rules. The Sun Life Subscription will be a 'smaller related party transaction' pursuant to LR11.1.10.

Investec and Liberum acted as Joint Bookrunners in relation to the Issue.

Helen Mahy CBE, Chairman of TRIG, said:

"We are grateful for the significant support from our shareholders to finance the growth of renewables. The acquisition of a stake in Hornsea One, the world's largest operating offshore windfarm, furthers TRIG's contribution to the energy security and decarbonisation agendas. The headroom created by this fundraising enables InfraRed to continue to pursue attractive opportunities on behalf of the Company."

Application for Admission

Applications will be made to the Financial Conduct Authority for admission of the New Ordinary Shares to the premium segment of the Official List and to London Stock Exchange plc for admission to trading of the New Ordinary Shares on its main market for listed securities (the "Main Market"), (together, "Admission"). It is expected that Admission will become effective, and that dealings in the New Ordinary Shares on the Main Market will commence, on 28 March 2022.

Total Voting Rights

Immediately following Admission, the Company's issued share capital will consist of 2,477,350,950 Ordinary Shares with voting rights. This figure may be used by shareholders to determine the denominator for the calculation by which they will establish if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

LEI: 213800N06Q7Q7HMOMT20

Enquiries

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

Minesh Shah

Mohammed Zaheer

Investec Bank plc +44 (0) 20 7597 4000

Lucy Lewis

Denis Flanagan

Tom Skinner

Will Barnett (Sales)

Neil Brierley (Sales)

Alice Douglas (Sales)

Jack Kershaw (Sales)

Dominic Waters (Sales)

Liberum Capital Limited +44 (0) 20 3100 2000

Chris Clarke

Darren Vickers

Owen Matthews

Tom Biltcliffe (Sales)

Andrew Davies (Sales)

James Shields (Sales)

Maitland/AMO +44 (0) 20 7379 5151Rhys Jones

Charles Withey 

The Company

The Renewables Infrastructure Group ("TRIG" or "the Company") is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.

TRIG is invested in a portfolio of wind, solar and battery storage projects spread across the UK, Ireland, France, Germany, Spain and Sweden with aggregate net generating capacity of over 2.2GW, enough renewable power for over one million homes and displacing over 1.3 million tonnes of carbon emissions per annum. TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.

Further details can be found on TRIG's website at www.trig-ltd.com.

Investment Manager

TRIG's Investment Manager is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure. It operates worldwide from offices in London, New York, Seoul and Sydney. With 165 professionals it manages in excess of USD 10 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 85 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website at www.ircp.com.

Operations Manager

TRIG's Operations Manager is RES ("Renewable Energy Systems"), the world's largest independent renewable energy company.

RES has been at the forefront of wind energy development for over 40 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 22GW in capacity. RES supports over 9GW of operational assets worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 3,000 employees engaged in renewables globally.

RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.