Minesh Shah, managing director at the Renewables Infrastructure Group, talks to ii’s Dave Baxter about performance, big risks and opportunities over the next 12 months, the abandoned merger with HICL, and TRIG’s attitude towards consolidation.
28th October 2026 08:44
by Dave Baxter from interactive investor
Minesh Shah, managing director at the
Renewables Infrastructure Grp TRIG
talks to ii’s Dave Baxter about performance, big risks and opportunities over the next 12 months, the abandoned merger with HICL, and TRIG’s attitude towards consolidation.
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Dave Baxter, senior fund content specialist at interactive investor: Hello and a very warm welcome back to our Insider Interviews series. I’m Dave Baxter here at ii, and today I’m joined by Minesh Shah, managing director at the Renewables Infrastructure Group. Minesh, many thanks for joining today.
Minesh Shah, managing director at the Renewables Infrastructure Group: Thanks very much for having me.
Dave Baxter: So, let’s talk about performance. The trust has really rebounded pretty strongly this year, but that’s following quite a few difficult years. What’s driven the recovery so far and should we expect more of the same?
Minesh Shah: What’s been one of the key themes for the world in 2026 is the escalation of the conflict in the Middle East. It’s really reminded people as to the role renewable energy and energy storage serves in our ecosystem, and that the energy transition is here to stay and needs to accelerate.
It’s also fed through into higher revenues in the sector through higher power prices and higher inflation. So, I think here, a reminder of why people invested in this sector in the first place, i.e. renewable energy will be a large part of our economies going forward, as well as improved underlying performance of the company, have both sought to grow investor confidence.
Dave Baxter: I guess it’s a bizarre way to look at it, but do you have any concern that maybe complacency about the need for energy independence, renewables, that kind of thing, will creep back in if we do see hopefully resolution in the Middle East?
Minesh Shah: With the energy transition, I think people believe in it for different reasons. For some, it’s about energy sovereignty, energy independence. For others, it’s actually about energy affordability, and for some it is about decarbonisation. And in different parts of the political spectrum, each one of those three, the Energy Trilemma, will have different prominence.
But I think what everyone can agree on is that the energy transition is here and it does need to happen, and renewables and energy storage will play a large part in that.
Dave Baxter: What are the big risks and opportunities for the fund in the next 12 months?
Minesh Shah: When we’re in a high rates environment, investors do have a lot of choice as to where they can invest their capital and achieve attractive returns.
In that context, TRIG delivering a 10% dividend yield, I still think benchmarks really well. And the strategy we have to drive returns over and above that with some capital growth, particularly through our development pipeline, where we’re seeing investment opportunities well into the mid-teens in terms of returns, I think will allow TRIG to benchmark well when investors are screening the sector.
Dave Baxter: Investors may well be tempted by the juicy, pretty high dividend yield, but they’ll also be interested to know what’s going to go on with dividend cover and whether those payments can continue to increase. What should they expect?
Minesh Shah: Yes, so dividend cover is at a healthy level, 1.1 times on a net basis. If you add back the repayment of debt capital, it’s well over two times covered. So, we’re very comfortable with that because of where the balance sheet is.
Earlier this year, we set out very clearly our priority with respect to the dividend is to continue to grow dividend cover. And as that grows, then the choice is available to the board as to whether to allocate that additional retained cash towards reinvestment, towards buy back of stock, or towards increasing the dividend. But that’s a capital allocation decision for the board at that time.
Dave Baxter: We’ve seen huge consolidation among investment trusts and in the renewable space. A big story last year was TRIG planned to merge with HICL Infrastructure PLC Ord HICL
but that was eventually abandoned in the face of shareholder opposition. How does TRIG stand now in the consolidation space?
Minesh Shah: What that episode showed is that our board at TRIG is open to ideas as to how to create value for their shareholders. Now that could be being consolidated, it could be being a consolidator, but I think for us, if we look at consolidation, then it’s like any investment activity. Is it aligned to your strategy? Do you like the quality of the assets that you’re looking at? Can there be a meeting of minds over price? And then finally, is the right allocation of capital? And it’s really only once all four of those factors are ticked that you can move forward.
Dave Baxter: I imagine you have to be quite careful about the mix of assets. If you’re simply merging two equity trusts, then one can sell the shares and kind of refresh and so on.
Minesh Shah: Yeah, that’s why I started with ‘is it aligned to our strategy?’ Our strategy is very clear, diversified by technology and geography, a resilient balance sheet, and a sustainable dividend. And while we have that, not everyone in the sector does.
Dave Baxter: Looking beyond technology, what shifts might we expect in the portfolio? Would you, for example, look to change the geographic mix within the fund?
Minesh Shah: Yeah, we’re comfortable with a geographic mix. It’s about 60/40 UK/rest of Europe. And it’s moved between 50/50, and two-thirds/one-third. And we’re comfortable with it being in that space. The benefit of being across all those geographies is we can pivot depending on where we see the best opportunities.
Right now, one of the fantastic investment opportunities is building batteries that are co-located with our solar plants in Spain. Because what we’re seeing in Spain is that there’s so much solar on the system that at lunchtime, the price is near zero because every solar plant is generating. But in Spain, everyone still goes home and has dinner at 8pm when the sun has set, and so the electricity price goes really high.
By building batteries alongside our solar sites, we can take the electricity in the middle of the day and then sell it at dinner, buy from the grid overnight and sell at breakfast. And that’s all we’ll keep doing. Buy at lunch, sell at dinner, buy overnight, sell at breakfast, and we’re seeing potential returns in the teens. So, that’s an example of how we can be flexible with the geographies we have.
But the fundamentals of TRIG will remain. It’s a large operating base, a large base of operational assets. Very much the ones we’re adding to it are at the development construction stage where we have that expertise across the two managers. Infrared with its investment expertise, but actually TRIG is unique in having two managers and sitting alongside us is Rez, who have been in renewables for 40-plus years, effectively among the founding fathers of the sector, and they are expert in taking these projects from development through construction and into good operations.
Dave Baxter: And finally, our usual question, do you have skin the game?
Minesh Shah: Yes, absolutely I do. The other members of my investment committee do. The investment manager at Infrared does, and its parent or son, Life of Canada, also does. And for my part, I hold most of my shares on interactive investor.
Dave Baxter: Minesh, many thanks for your time.
Minesh Shah: Thank you for having me.
Dave Baxter: And thank you for watching. As always, I hope you found it useful and interesting. Thanks and take care.
DIVIDEND DECLARATION
Further to the announcement made by the Company on 16 September 2026 concerning repayment of the largest debt position in the portfolio, the Board has completed its review of alternative means of distributing these proceeds to Shareholders, which was necessary because the Company has insufficient distributable profits to fund a further redemption under the B Share Scheme. The Board has concluded that a special dividend is the most cost-effective and timely route to return these proceeds to Shareholders and accordingly, has declared a special dividend of 3.25 pence per Share, representing substantially all of the £9.3 million of proceeds received from the full repayment of the Essor Group, Inc. senior secured notes. The dividend will be paid on 1 December 2026 to Shareholders on the register as at 6 November 2026. The ex-dividend date is 5 November 2026.
The tax treatment of a dividend will differ from that of a capital return under the B Share Scheme, the effect of which will depend on each Shareholder’s individual circumstances. Shareholders who are in any doubt about their tax position should consult an appropriate independent professional adviser.
The Company has elected to designate part of the special dividend as an interest distribution, thereby “streaming” income from interest-bearing investments into dividends that will be taxed in the hands of Shareholders as interest income.
Cavendish – Renewables: Strong year poised to continue
From a Cavendish equity research note on listed renewable infrastructure and energy funds.
Key points from the published summary are:
- Cavendish says 2026 has been a much improved year for the renewables sector, helped by higher power prices and several other positive developments.research-tree
- The note previews upcoming third-quarter NAV (Net Asset Value) reports and expects a strong reporting period, largely because of favourable power-price forward curves, although higher discount rates could offset some of the benefit.research-tree
- It also discusses the potential impact of a potentially very strong El Niño weather pattern, which Cavendish believes could be beneficial for some wind power projects.research-tree
- The research covers renewable infrastructure investment companies including Foresight Environmental Infrastructure, Foresight Solar Fund, Greencoat Renewables, Greencoat UK Wind, NextEnergy Solar Fund, Octopus Renewables Infrastructure Trust, and The Renewables Infrastructure Group (TRIG).research-tree
In plain English, the headline“Strong year poised to continue” means Cavendish is maintaining a generally positive outlook and believes the favourable conditions that have supported renewable infrastructure valuations and earnings this year are likely to persist into the next reporting period.research-tree
Specifically as an investor for TRIG, UKW, NESF, ORIT, GRP, FSFL, or FGEN .
Sources Research Tree
For an income-focused UK investor, the most important question is not whether renewable infrastructure funds are “cheap”, but whether the combination of yield + NAV recovery + narrowing discounts can deliver attractive total returns from here.
Based on the Cavendish view that conditions remain supportive for the sector, here’s how I’d look at the main trusts mentioned. The note specifically highlights a stronger year driven by power-price developments and anticipated strength in upcoming NAV reports.research-tree
The Renewables Infrastructure Group (TRIG)
Investment case
- Broadly diversified across wind, solar and storage.
- One of the largest and most liquid renewable infrastructure trusts.
- If sentiment towards the sector improves, TRIG is often among the first vehicles institutions buy.
Main opportunity
- Potential discount narrowing alongside a high dividend yield.
- Exposure across several technologies reduces single-asset risk.
Main risk
- Higher discount rates can pressure NAVs even when operational performance is good.
View
- Probably the best “core holding” in the sector for a patient income investor.
Greencoat UK Wind (UKW)
Investment case
- Pure-play UK wind exposure.
- Often regarded as one of the higher-quality names in the space.
Main opportunity
- If wind generation and power-price assumptions remain supportive, earnings can surprise positively.
- Institutional investors tend to favour established wind portfolios.
Main risk
- Greater dependence on wind resource conditions than diversified peers.
View
- One of the higher-conviction recovery candidates if sentiment towards renewables continues improving.
Greencoat Renewables (GRP)
Investment case
- Irish-focused renewable generation portfolio.
Main opportunity
- Geographic diversification away from the UK.
- Potential beneficiary of improving sentiment across European renewables.
Main risk
- Smaller market profile than some London-listed peers.
My view
- Interesting diversifier, although UK investors often gravitate first to UKW and TRIG.
NextEnergy Solar Fund (NESF)
Investment case
- Primarily solar assets.
- Historically has offered a very attractive dividend yield.
Main opportunity
- Solar valuations have been under pressure; recovery could be powerful if rates stabilise.
- Significant discount-to-NAV opportunities have existed across the solar-focused trusts.
Main risk
- Solar generation is naturally more seasonal and power-price sensitive.
My view
- One of the more interesting value opportunities for investors willing to accept a little more volatility.
Foresight Solar Fund (FSFL)
Investment case
- Large solar portfolio with experienced management.
Main opportunity
- Similar discount-narrowing potential to NESF.
- Long operational history.
Main risk
- Like all solar funds, valuation sensitivity to long-term power assumptions.
My view
- A solid income vehicle, though I slightly prefer NESF for value at many points in the cycle.
Octopus Renewables Infrastructure Trust (ORIT)
Investment case
- More diverse renewable exposure, including different technologies and jurisdictions.
Main opportunity
- Discount could narrow significantly if investor confidence returns.
- Backed by a well-known renewable investment manager.
Main risk
- Less liquidity than some larger peers.
My view
- Potentially one of the better discount-recovery stories if sector sentiment strengthens.
If I were building a £100,000 renewable income portfolio today
The framework would be:
- 35% TRIG
- 30% UKW
- 20% NESF
- 15% ORIT
That gives:
- Core diversified exposure (TRIG)
- Wind exposure (UKW)
- Solar value opportunity (NESF)
- Discount-recovery kicker (ORIT)
For an interest in income-producing investment trusts and renewable assets, I’d currently view TRIG + UKW as the strongest “sleep well at night” combination, with NESF offering perhaps the greatest upside if discounts across the sector continue to close. The Cavendish note’s constructive stance would support that thesis, assuming the stronger operating backdrop persists
CO PILOT
GREENCOAT UK WIND PLC
(the “Company”)
Net Asset Value and Dividend Announcement
| Net Asset Value / Net Asset Value per share | £2,929 million / 135.7 pence |
| Dividend / Dividend per share | £57.6 million / 2.67 pence |
The Company announces that its unaudited Net Asset Value as of 30 September 2026 is £2,929 million (135.7 pence per share).
The Company’s September 2026 Factsheet is available on the Company’s website, www.greencoat-ukwind.com.
The Company also announces a quarterly interim dividend of 2.67 pence per share with respect to the quarter ended 30 September 2026.
Dividend Timetable
Ex-dividend date 12 November 2026
Record date 13 November 2026
Payment date 27 November 2026
AGNC Investment Corp. Declares Monthly Common Stock Dividend of $0.12 per Common Share for October 2026
07/10/2026 9:01pm
PR Newswire (US)
AGNC Investment (NASDAQ:AGNC)
Historical Stock Chart
From Sep 2026 to Oct 2026
BETHESDA, Md., Oct. 7, 2026 /PRNewswire/ — AGNC Investment Corp. (Nasdaq: AGNC) announced today that its Board of Directors has declared a cash dividend of $0.12 per share of common stock for October 2026. The dividend is payable on November 10, 2026 to common stockholders of record as of October 30, 2026.
When markets open across the pond, I am going to buy a further 2k of AGNC bringing the total invested to 5k.
The next 5k of dividends for investing will be in a higher yielder but lower risk share.
I’ve re-invested the paper profits in UKW into PCT.
33 shares for £200 plus a dealing charge of £10.00.
The plan is to build a long term holding and then sell all the shares at a profit and re-invest in higher yielding share and do it all over again.
Currently £600 invested.
All deals are charge at five pounds for sells and ten pounds for buys.
You should be able to deal at a better rate.
I’ve sold 1016 shares in UKW for £1,202,00, a paper profit of £202 plus a couple of earned dividends.
If you buy at the wrong time (120.4329p) but do nothing as long as the dividends are paid, remembering the rules.
Then by re-investing the earned dividends back into your portfolio, you should, in time print a profit and also earn more dividends from the dividends re-invested.
I may reduce the holding back to 10k by selling the last purchase for a paper profit although you can’t actually choose which shares to sell.
