TRIG Executes £197,369 Share Buyback, Expanding Treasury Holdings Amid Renewables Infrastructure Group's Ongoing Capital Strategy

Summary of 265,000 Share Purchase on 21 July 2026

On 22 July 2026, The Renewables Infrastructure Group Limited announced it had purchased 265,000 of its own ordinary shares with no par value via its appointed intermediary, Investec Bank plc. The trade occurred on 21 July 2026 at 16:35 BST on the London Stock Exchange under the ticker TRIG. The weighted average price paid was 74.4867 pence per share, totaling approximately £197,369 before transaction costs. The share price during this single transaction ranged narrowly from 74.15 pence to 74.60 pence, indicating stable price discovery throughout the purchase.

The entire 265,000 shares were acquired in one transaction at 16:35 on XLON, reflecting a structured execution strategy to minimize market impact. This disclosure complies with Article 5(1)(b) of Regulation (EU) No 596/2014 (Market Abuse Regulation), ensuring transparency for shareholders regarding the buyback programme. Opting for a single large trade rather than multiple smaller ones suggests confidence in market liquidity and efficient execution at these price points.

Expansion of TRIG's Treasury Shares and Shareholder Impact

Following this transaction, TRIG’s treasury share count stands at 153,972,374 ordinary shares. The company intends to hold these shares as treasury rather than canceling them, providing flexibility for future capital management. Treasury shares are non-voting and do not receive dividends, effectively reducing active share circulation but allowing potential reissuance. This sizable treasury holding represents a significant portion of TRIG’s issued share capital and underscores an active capital allocation policy.

This substantial treasury position affects shareholders and prospective investors. Excluding treasury shares, TRIG’s total voting rights are 2,331,990,512 ordinary shares. This figure is crucial for shareholders to assess notification requirements under the FCA’s Disclosure Guidance and Transparency Rules. Future issuance of treasury shares could increase total voting shares, potentially diluting current shareholders unless offset by value-enhancing transactions. Management’s choice to retain rather than cancel these shares indicates a strategic reserve for upcoming corporate initiatives.

Background on the Share Buyback Programme Initiated in August 2024

TRIG’s share buyback programme was launched on 9 August 2024, establishing the framework for ongoing repurchases including the recent acquisition. This programme signals management’s confidence in TRIG’s intrinsic value and serves as a strategy to return capital to shareholders while optimizing the company’s capital structure. Such buybacks are commonly used by listed investment companies to address discrepancies between net asset value and market price, improve earnings per share, and maintain capital deployment flexibility.

Since the programme’s inception nearly two years ago, TRIG has accumulated over 153.9 million treasury shares, representing a notable portion of its issued capital. The continuation of purchases, including the 265,000 shares on 21 July 2026, indicates management’s view that current market prices offer attractive value relative to the company’s asset base. Investors should consider this perspective alongside their own analysis when evaluating TRIG.

TRIG’s Business Model and Renewable Energy Asset Portfolio

The Renewables Infrastructure Group Limited is a listed investment company specializing in ownership and operation of renewable energy infrastructure assets. TRIG generates returns primarily through operational assets such as wind farms, solar facilities, and related infrastructure. Its business model focuses on delivering sustainable shareholder returns via long-term ownership of assets with predictable cash flows from contracted renewable energy production. As a closed-end investment company with permanent capital, TRIG adopts a long-term investment horizon suited to infrastructure assets.

TRIG’s investment mandate targets renewable energy infrastructure across various geographies, emphasizing assets with inflation-linked or contract-backed revenues. This strategy aligns with global decarbonization trends and the structural growth drivers in renewable energy. The ongoing share buyback programme reflects management’s confidence in value creation from its asset portfolio. TRIG’s shares trade publicly, offering investors transparent and liquid access to renewable infrastructure exposure.

Market Conditions and Pricing During the 21 July 2026 Transaction

The 21 July 2026 share purchase was executed at a weighted average price of 74.4867 pence per share on the London Stock Exchange. The transaction’s trading range of 74.15 pence to 74.60 pence indicates stable market conditions with minimal price volatility (45 basis points). This narrow range suggests the large block trade of 265,000 shares did not disrupt price discovery, reflecting sufficient liquidity in TRIG shares. Executing the purchase at 16:35 BST, near market close, likely provided access to a deeper order book as trading volumes typically peak at day-end.

The price paid represents management’s assessment of fair value at that time. Investors may compare this price to TRIG’s net asset value per share, if available, to evaluate the buyback’s accretiveness. Continued share repurchases around the 74p level imply management’s belief that these prices offer value relative to the underlying assets. However, determining any discount or premium requires reference to the latest net asset value disclosures.

Regulatory Compliance and Market Abuse Regulation Disclosure

This share purchase announcement complies fully with Article 5(1)(b) of Regulation (EU) No 596/2014 (Market Abuse Regulation), mandating detailed disclosure of buybacks executed under approved programmes. The information includes date, time, volume, price, and trading venue (London Stock Exchange). Such transparency ensures equitable access to information, preventing market abuse and maintaining integrity. TRIG’s disclosure of aggregate and individual transaction details underscores its commitment to regulatory adherence.

Investec Bank plc acted as the intermediary executing the purchase, ensuring professional handling and regulatory oversight. The bank maintains comprehensive records and complies with relevant regulations governing share buybacks. Utilizing an independent intermediary is standard practice, separating repurchase decisions from execution and mitigating market abuse risks. TRIG’s disclosure of the intermediary’s identity and regulatory identifiers (LEI: 213800NO6Q7Q7HMOMT20; ISIN: GG00BBHX2H91) enhances investor transparency.

Holding Shares in Treasury and Future Capital Management Flexibility

TRIG intends to retain the 265,000 newly acquired shares as treasury shares rather than canceling them immediately. Treasury shares remain issued but are non-voting and do not receive dividends, effectively reducing the active shareholder base while preserving options for future use. This approach contrasts with permanent cancellation, which irreversibly reduces issued capital. Holding shares in treasury allows TRIG to reissue shares for acquisitions, management incentives, or other corporate purposes without requiring new shareholder approval. The amassed 153,972,374 treasury shares represent a significant strategic asset for management’s discretion.

Maintaining treasury shares reflects confidence in their potential value for future corporate transactions or capital structure management. For shareholders, a large treasury position means any future issuance of these shares could dilute existing ownership unless accompanied by value-accretive deals. However, treasury shares provide an efficient tool for capital deployment, such as in acquisitions, avoiding external financing costs and delays. The company’s statement that it "initially intends" to hold shares in treasury leaves open future cancellation depending on market or strategic factors.

Voting Rights and Shareholder Notification Post-Transaction

After purchasing 265,000 shares on 21 July 2026, TRIG’s total voting rights excluding treasury shares amount to 2,331,990,512 ordinary shares. This figure is disclosed to assist shareholders in determining whether they must notify changes in their holdings under the FCA’s Disclosure Guidance and Transparency Rules. Shareholders should use this updated denominator when calculating notification thresholds, which commonly apply at 3%, 5%, 10%, and higher increments. Significant shareholders crossing these thresholds must inform both TRIG and the Financial Conduct Authority.

The accumulation of treasury shares reduces the number of voting shares, meaning a fixed shareholding represents a higher percentage of voting rights. Consequently, some shareholders may cross notification thresholds without acquiring additional shares. Investors with substantial holdings in TRIG should monitor voting share updates and reassess notification obligations accordingly. TRIG’s regular disclosure of voting rights facilitates shareholder awareness and regulatory compliance.

Investor and Media Contact Information for Buyback Programme

For further information on the share purchase and buyback programme, TRIG has provided contacts for investors and market participants. InfraRed Capital Partners Limited, TRIG’s investment adviser, can be contacted via Minesh Shah, Phil George, or Mohammed Zaheer at +44 (0) 20 7484 1800. Brunswick, TRIG’s public relations and investor relations adviser, is reachable through Diana Vaughton or Charles Malissard at +44 (0) 20 7404 5959 or [email protected]. These contacts can provide insights into the company’s strategy and buyback rationale.

Additional contacts include Investec Bank plc (executing broker) at +44 (0) 20 7597 4000 (Lucy Lewis or Tom Skinner), BNP Paribas at +44 (0) 20 7595 9444 (Virginia Khoo or Carwyn Evans), and Aztec Financial Services (Guernsey) Limited (shareholder and transfer agent) at +44 (0) 1481 749700 (Chris Copperwaite or Magdala Mullegadoo). This network of advisers supports TRIG’s capital market activities and shareholder services. Investors seeking detailed transaction or programme information may engage these specialists.