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The Renewables Infrastructure Group (TRIG) investor relations material
The Renewables Infrastructure Group M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary17 Nov, 2025
Deal rationale and strategic fit
Merger creates the UK's largest listed infrastructure investment company with net assets over £5.3 billion, enhancing scale, liquidity, and diversification to become the natural choice for infrastructure allocations.
Enables investment across the full spectrum of infrastructure, including core and renewables, aligning with megatrends like energy transition, digitalisation, and demographic change.
Expanded investment universe supports a shift in NAV return to 10%+ over time, positioning the company as a fully diversified infrastructure fund.
Merges complementary portfolios and teams, leveraging expertise in both core infrastructure and renewables.
Both boards considered multiple options and concluded this diversified strategy offers superior long-term benefits.
Financial terms and conditions
Transaction structured as a FAV-for-FAV share exchange, with TRIG shareholders receiving approximately 0.714173 new shares per TRIG share, based on 30-Sep-25 NAVs.
TRIG shareholders offered a partial cash option up to £250 million at a 10% discount to TRIG's 30-Sep-25 NAV, with total cash in the transaction approximately £350 million.
Sun Life, the investment manager's parent, to invest £100 million through secondary market share purchases post-combination.
Dividend set at £0.09 per share for the first operational year, with a progressive policy and a total NAV return target of 10%+ per annum.
HICL shareholders expected to hold 56% and TRIG shareholders 44% of the combined company, assuming full cash option take-up.
Synergies and expected cost savings
Main synergies are enhanced returns, growth, and capital flexibility, rather than direct cost savings.
Combined company expects an operating expense ratio of 92-96bps, reflecting fixed cost savings and revised fee structures.
Scale enables access to a wider investment universe, more efficient capital allocation, and broader investor appeal.
Fee reductions negotiated, with further savings possible if the combined company re-rates.
Combined Boards and retention of top-tier management ensure continuity and expertise.
Explain rationale for 10% cash option discount
How will new strategy shift portfolio risk profile
Quantify cost savings from new management fees
Outline the strategy for 10%+ NAV return
Rationale for cash option and Sun Life's £100M
Managing power price risk in combined portfolio
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Next The Renewables Infrastructure Group earnings date
H2 202524 Feb, 2026
Next The Renewables Infrastructure Group earnings date
H2 202524 Feb, 2026
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Frequently asked questions
The Renewables Infrastructure Group (TRIG) is a London-listed investment company that specializes in generating sustainable returns from a diversified portfolio of renewables infrastructure. Their investments contribute towards a net zero carbon future and encompass onshore and offshore wind farms, as well as solar parks across the UK and Europe. These assets generate revenue through the sale of electricity and government-backed green benefits, aiming to provide long-term, stable dividends to investors. The company is headquartered in Guernsey, and its shares are listed on the London Stock Exchange.
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