The Coronavirus pandemic situation continues to evolve. We have two key priorities: the health and safety of our people and maximising the performance of our operating portfolio. We cannot say with certainty how and when this global pandemic will be under control and what the full consequences may be. However, this summary update on the operations of the portfolio and how InfraRed and RES are monitoring and managing risks to the Company arising from the global COVID-19 pandemic is to the best of our knowledge accurate as of Friday 20 March 2020.

Portfolio revenues and dividend

  • Year-to-date: portfolio performing well, with favourable weather, generation c.25% over budget
  • Power prices beneath expectations year-to-date due to low gas prices, although forward screen prices currently indicating a stable or slightly improving position
  • A significant majority of TRIG’s revenues per MWh generated are at fixed rates and are not exposed to variations in power prices. In 2020, 77% of generation benefits from fixed prices
  • Revised budgets project the dividend to remain cash covered for 2020
  • Dividend target of 6.76p per share for 2020 reaffirmed


Operation reseilience 

  • Business continuity plans enacted, with remote working performing well
  • Well-constructed portfolio of diversified assets spread over a wide geography and away from conurbations, with no asset larger than c.10% of the portfolio
  • Assets can continue to operate without daily site attendance, with remote “re-sets” from operational control centres which have business continuity plans
  • Where site attendance is needed, movement restrictions are mitigated by technicians being locally based
  • Supply chain disruption mitigated by the holding of strategic spares
  • Construction projects may see more challenges, although only constitute a small part of the portfolio (c.8%)


Balance sheet strength

  • Company’s Revolving Credit Facility is undrawn at 20 March 2019. All the long-term debt in our projects is secured with no refinancing exposures
  • Cash commitments to projects under construction or acquisition are well covered within our current holding of £100m cash and £340m RCF capacity, which is nil drawn and is committed until December 2021


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