The Renewables Infrastructure Group maintains NAV

The Renewables Infrastructure Group (LON: TRIG) maintained NAV at 101.1p/share in the third quarter of 2026. The 7.55p/share full year dividend target has been reaffirmed. The share price rose 1.31% to 81.45p, which means that the forecast yield is 9.3%.

The portfolio of renewable assets performed ahead of budget and there are higher near-term power prices forecast. There was a 0.3% increase in portfolio discount rates that offset those benefits. The strengthening of the pound against the euro was offset by hedging.

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Share buybacks also helped the NAV figure. TRIG spent £29.2m in the third quarter. A dividend of 1.89p/share was paid in the period.

The 78MW Ryton battery project in the UK is going through final testing procedures. Final investment decision on the Valdesolar battery co-location in Spain will be made by the end of the year. The first repowering of a wind project is near completion and there are more to come.

Some near-term power price fixes are being put in place to take advantage of elevated price levels due to conflict in the Middle East.

Power prices have increased further since September. If these continue to hold then it could add up to 2p/share to NAV.

The reduction in the capital allowance rate announced in the latest UK Budget is expected to reduce NAV by 0.1p/share. There is a UK government consultation on the introduction of Fixed Price Certificates into the Renewables Obligation Scheme, but this should not have too much of an impact on TRIG. The French government is planning to reduce historic tariffs for some renewables projects, but the details have not been published.

At the end of October, the 17.5% shareholding in the Beatrice offshore wind farm for £157m and this will reduce borrowings.