Renewable Infrastructure

An attractive risk-adjusted returns opportunity (initiate on UKW and TRIG)

  • Sectors : Renewable Infrastructure
  • Companies : Greencoat Renewables | TRIG plc | Greencoat UK Wind


Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
Greencoat Renewables OUTPERFORM 24/08/17 N/A N/A 109c
Greencoat UK Wind OUTPERFORM 09/05/23 N/A N/A 160p
TRIG plc NEUTRAL 09/05/23 N/A N/A 128p


We expand our coverage of the renewable infrastructure sector, initiating on Greencoat UK Wind (UKW) with an ‘Outperform’ rating and The Renewables Infrastructure Group (TRIG) with a ‘Neutral’ rating. A sector historically defined by predictable operating conditions has been forced to contend with greater end-market volatility of late. The equity risk premium implied by portfolio returns has reduced, with the sector now trading at a discount to net asset value (NAV) as a result. However, the valuation de-rating has been indiscriminate, meaning the superior returns profiles of UKW and Greencoat Renewables (GRP), already ‘Outperform’, are now being overlooked. As such, we think both stocks represent compelling opportunities for investors.

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May 9 2023, 07:00 IST/BST