The Renewables Infrastructure Group (TRIG) has promised to step up share buybacks after revealing its net asset value (NAV) dropped 5.2% in the last quarter of 2025.

With just four months to go before a continuation vote in June brought on by its weak share price, the company’s stock remains stuck on a wide 34.5% discount and has purchased only £80m of a £150m share buyback programme launched in August 2024.

TRIG shares, which peaked at 145p in September 2022, dipped 1.6p, or 2.3%, to 67.6p today after the company reported that NAV per share declined 5.7p to 104p in the three months to 31 December due to a combination of factors including:

• reduced revenue forecasts;
• lower power prices in Sweden;
• falls in the valuation of UK offshore wind farms;
• and the government’s controversial switch in the inflation measure used for renewable obligation certificates (ROC) and feed-in-tariff (FIT) incentives.

Confirming the fears of HICL Infrastructure (HICL) shareholders who blocked a proposed merger with TRIG in December on concerns over its poorer quality portfolio, the update showed its asset valuation fell 10.3% in a “challenging” 2025.

Since the portfolio peaked at the end of 2022 at 134.6p when inflation and interest rates started to soar, NAV has fallen 30.6p or 22.7%.

Critics of the proposed merger, such as CG Asset Management, accused the investment companies of putting the interests of fund manager InfraRed Capital ahead of HICL shareholders. They believed the merger was motivated by InfraRed not wishing to lose TRIG’s assets if its shareholders chose to wind it up.

Today’s update, which Winterflood analyst Ashley Thomas described as “relatively weak”, may not put shareholders in a forgiving mood, although he said the position for the 10.9%-yielder’s quarterly dividends was “marginally better than expected”. Earnings exactly covered the pay-out rather than falling 10% short as had been forecast.

Having completed a £200m debt refinancing last week, TRIG said it would increase the pace of buybacks following publication of its annual results on 27 February.

Having delivered on its 7.55p per share dividend target last year, the board has maintained the same target for 2026 as it prioritises restoring net dividend cover to 1.1 to 1.2 times and growth in the NAV.

“Keeping the dividend FY26 dividend flat to improve cover makes sense but following the aborted HICL/TRIG combination and ahead of the June continuation vote, we believe investors will be seeking more definitive action from the board to deliver improved shareholder returns and we expect to hear more with the full results on 27 February,” said Thomas.

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