TRIG reports flat Q3 NAV amid offsetting market factors

The Renewables Infrastructure Group reported a net asset value of 101.1 pence per share as of September 30, reflecting a 1.9% total return for the third quarter.

The NAV performance stemmed from higher revenue forecasts, which added 2.0% to the opening NAV for the quarter, and positive portfolio performance updates contributing 0.4%. These gains were partially offset by a 2.4% reduction from increased discount rates.

The higher revenue forecasts were driven by elevated near-term power price forwards, particularly in Great Britain and southern Sweden.

The portfolio’s blended discount rate rose by 0.3 percentage points to 9.4% during the quarter. This increase reflected a 0.25 percentage point rise in UK discount rates and a 0.4 percentage point increase in European discount rates on average, based on observed transaction pricing and movements in government bond yields.

The portfolio delivered above-budget performance in the third quarter, supported by power prices exceeding expectations. Generation output showed mixed results against budget targets.

The company maintained its full-year net dividend cover guidance at 1.1 times for the fiscal year 2026, in line with its long-term target.

Following the completion of the Beatrice divestment after the quarter ended, the company’s revolving credit facility drawings decreased to £184 million from £275.7 million as of June 30. Additional asset sales are currently in progress.