The Renewables Infrastructure Group: Strategy largely intact as TRIG intensifies capital recycling

Research evidence excerpt

The Renewables Infrastructure Group: Strategy largely intact as TRIG intensifies capital recycling

Equity Research

European Investment Companies

11 May 2026

The Renewables Infrastructure Group

Strategy largely intact as TRIG

intensifies capital recycling First Look

Overall, the proposals outlined ahead of the CMD largely TRIG.L/TRIG LN EQUAL WEIGHT

NEUTRALextend initiatives flagged in 2025. As such, we believe EuropeanCompaniesInvestment

investors will want to see proof of delivery before any re- Price Target GBp 90

rating. The fee revision aligns TRIG with its closest peer UKW. Price (08-May-26) GBp 69 Potential Upside/Downside +30.4%

Source: Bloomberg, Barclays Research

The key strategic shift in today's update is an intensified focus on capital recycling. TRIG

now targets £400m of proceeds over the next 12 months, primarily from asset disposals, European Investment Companies

completing the prior £100m objective and adding a further £300m. Proceeds will complete Conor Finn, CFA

the £150m buyback, repay c.£240m RCF drawings, fund £50m of higher‑return internal +44 (0)20 7116 6066

projects and create surplus liquidity. The changes represent incremental tweaks rather conor.finn@barclays.com

than a major rethink of the strategy. Barclays, UK

Rishikesh Panathuparambil Suresh

£400m disposal target for 2026: TRIG now targets £400m of disposal proceeds over the next 12 +91 (0)22 6175 4071

months, completing the prior £100m objective and adding a further £300m. The most advanced rishikesh.suresh@barclays.com

process relates to a UK offshore wind asset, where exclusivity has been granted and an Barclays, UK

acceptable price agreed following progressed due diligence. While no explicit pricing versus