Investment in operational French portfolio

22 December 2020

The Renewables Infrastructure Group Limited("TRIG" or "the Company", a London-listed investment company advised by InfraRed Capital Partners ("InfraRed") as Investment Manager and RES ("Renewable Energy Systems") as Operations Manager)

Investment in operational French portfolio

The Board of TRIG is pleased to announce that the Company has exchanged contracts to invest in Phoenix SAS, a holding company which owns a portfolio of operational wind and solar renewable energy assets in France. The portfolio comprises five onshore wind farms in Northern France with a combined capacity of 74MW and four operational solar parks with battery storage located on the islands of Corsica and La Réunion with a combined capacity of 29MW ("the Portfolio"). All the Portfolio assets are backed by the French government's Feed-in-Tariff subsidy. The investment is made in the form of mezzanine level bonds which are scheduled to be fully repaid within a period of 12 years, which is within the remaining subsidy life of the Portfolio.

The assets were all developed by Akuo Energy, a leading French developer, whom TRIG has partnered with on other investments in France. The investment has an attractive return with very little sensitivity to changes in wholesale power prices. The bonds are subordinated to project finance debt within the Portfolio and are repaid in priority to all equity distributions. Through the bonds, TRIG has information and management rights similar to those of a minority equity investor.

This investment will represent approximately 2% of TRIG's portfolio value. When combined with the investment in East Anglia One, which is expected to complete shortly upon consent from The Crown Estate, and taking into account the proceeds from the recent equity raise by the Company, there will be drawings of approximately £40m under TRIG's revolving credit facility.

Enquiries

InfraRed Capital Partners Limited +44 (0) 20 7484 1800Richard CrawfordPhil George

Maitland/AMO +44 (0) 20 7379 5151James Isola

Zara de Belder

Notes

The Company

The Renewables Infrastructure Group ("TRIG" or the "Company") is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.76 pence per Ordinary Share for the year to 31 December 2020.

TRIG is invested in a portfolio of over 70 wind, solar and battery storage projects with aggregate net generating capacity of 1.6GW. TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.

Further details can be found on TRIG's website at www.trig-ltd.com.

Investment Manager

TRIG's Investment Manager is InfraRed Capital Partners Limited ("InfraRed") which has successfully invested in over 200 infrastructure projects since 1997. InfraRed is a leading international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul, Sydney and Mexico City. With over 190 professionals it manages in excess of USD 12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of over 85 investment professionals, all with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment.

Further details can be found on InfraRed's website at www.ircp.com.

Operations Manager

TRIG's Operations Manager is RES ("Renewable Energy Systems"), the world's largest independent renewable energy company.

RES has been at the forefront of wind energy development for over 38 years, with the expertise to develop, engineer, construct, finance and operate projects around the globe. RES has developed or constructed onshore and offshore wind, solar, energy storage and transmission projects totalling more than 17GW in capacity. RES supports over 6.3GW of operational assets worldwide for a large client base. Headquartered in Hertfordshire, UK, RES is active in 10 countries and has over 2,000 employees engaged in renewables globally.

RES is an expert at optimising energy yields, with a strong focus on safety and sustainability. Further details can be found on the website at www.res-group.com.