Thank you for joining TRIG's 2022 annual results. Welcome also to all the investors and analysts watching our live broadcast. I'm Richard Morse. I took on the chair of TRIG in autumn last year. Before we get to the results for the year, I'd like to make some remarks on the governance of the company. Having passed the nine-year mark since IPO, it has been a year of transition for the board with the departure of three directors and the nomination of two new directors, namely Erna-Maria Trixl, a highly experienced energy sector specialist who joined the board early last year, and Selina Sagayam, a senior lawyer and sustainability specialist who will join us on the first of March this year. When Klaus Hammer leaves the board at the AGM, that will complete the transition from the original board to the next generation board. I thank all TRIG's previous directors for their excellent work since the IPO. My board colleagues, who represent a truly diverse range of relevant skills and experience, are well qualified to maintain that good work. We look forward to governing TRIG as it continues to progress, working closely with our long-standing expert management team, InfraRed and RES. I'm now going to hand over to them, starting with Richard Crawford from InfraRed, to take you through the results. They will explain why these results enhance the company's position further from this time last year and put TRIG in good strategic position to build value for the future. At the end of their presentation, there'll be an opportunity to ask questions. For those of you viewing the live stream, please use the chat function in your browser, or send an email to the address in the webcast RNS. Thank you very much. Thank you, Richard. I'm Richard Crawford, Partner at InfraRed. I lead the team on a day-to-day basis. We're pleased today to be reporting particularly strong earnings and NAV increase. Earnings, 21.5p per share. That compares with 10p in 2021, which was in itself a good result. NAV increase of 15.3p per share, taking us to 134.6 p. These are very substantially the highest earnings and NAV increases which the company has posted. We also have very healthy cash generation in the year. Dividend cover 1.55 x or 2.6x before the repayment of project debt, and we continue to amortize this. What that means is that investors can be comfortable that the debt will be fully repaid during the period of the fixed revenues. The cash flow has supported reinvestment, with nearly GBP 90 million being from cash generated, and in addition, we have made nearly GBP 175 million of debt repayments. In total, in the year, GBP 694 million has been invested in new projects. These investments support the longevity of the NAV, with each investment adding either earnings visibility or technological diversification. We're pleased also with the support from our shareholders. In March, our shareholders subscribed for GBP 277 million of new equity, and this was despite the recently outbreak of war in Europe. We also recently announced our RCF revolving credit facility renewal. We expanded that from GBP 600 million to GBP 750 million. That gives us some GBP 350 million of headroom. Dividends. I'm pleased we have again met our dividend target, having recently declared Q4's dividend. That will get paid in March, taking the total for 2022 to 6.84 p per share. For 2023, we are increasing the dividend target by 5%. That will take us to 7.18 p per share. This is after considering inflation and also the very strong cash performance of the company in the year. We also take into account windfall taxes. Of course, part of the inflationary pressure from energy is being captured by governments through that mechanism. Whilst there's a need to maintain a sustainable level of dividend and also continue with our considered approach to debt repayment, so in the round, resulting in us deciding on a 5% increase in the dividend. Before we run through the detail for 2022, and for the benefit of those new to TRIG, I'm going to give some background to the company. We built a 2.8 GW portfolio of renewables investments with a value of some GBP 3.7 billion, and with the objective to generate sustainable returns for investors. It's a portfolio that is defensively positioned in the current high inflation environment. Our strategy, if you look at the triangle, essentially has three limbs. We focus on portfolio diversification. This is through geographies, technologies, revenue sources, counterparties and so on. We add projects to the portfolio to enhance resilience and returns and portfolio life. We employ responsible investment practices, and our focus is on ESG and reporting transparency. Once assets come into the portfolio, we work hard to preserve and enhance the value through proactive hands-on asset management. This approach has worked well. Total NAV return, that is the combination of dividends and NAV increase, is approximately 9% on an annualized basis, and the top graph shows that year by year for the last nearly 10 years. The shares typically trade on a yield in excess of 5% based on the target dividend, and we have a progressive dividend policy. On the bottom slide, significant outperformance versus the FTSE All-Share is shown, again over nearly a decade, and you can see with the light color line, we have a low beta. Part of the reason for the success is the defensive qualities of the portfolio. This has been particularly evident in 2022, when good investment performance has been really difficult to achieve. These defensive qualities include limited exposure to increase in interest rates. Remember, most of our project debt has its interest cost fixed and is not exposed to refinancing risk. We have good correlation to inflation. In excess of half of our income for the next 10 years is contractually linked to inflation. The sector's relevance, not only to decarbonization, but also its role in energy security and now affordability are clear. We've made significant acquisitions in 2022, adding to the diversity of the portfolio. We made two investments in offshore wind. This gives us visibility of earnings due to the Feed-in tariffs and the Contract for Difference mechanisms for those projects. We completed the construction of 379 MW of assets since the start of 2022, including this quarter. This has included four solar projects with a total of 234 MW. Now, that increases our solar portfolio by 80%, so it begins to make this a more meaningful part of our portfolio. We secured the development rights to four battery projects. This will, once built, give 350 MW on a two hour duration. This builds up this part of the portfolio, which of course has complementary revenue streams to the intermittent generation of wind farms and solar parks. We have another year of strong portfolio performance, this time coming particularly from the increase in power prices and the inflationary increases which are flowing through to the government support mechanisms. This has enabled the strong dividend cover, reinvestment, and debt repayment that I have already mentioned. I hand over to Phil to take you through the results in detail. Thank you, Richard. I'm Phil George. I carry out the CFO role for TRIG. I'll take you through the financial highlights and the valuation movements for 2022. We had high earnings in the year. EPS is 21.5p per share, which reflects strong cash flow performance in the year and significant valuation growth. The high EPS has also led to strong NAV growth after deducting the dividends paid. The NAV is up 15.3 p to 134.6p for the year. The key drivers increasing valuation being higher near and medium-term forecast power prices and high levels of inflation, which have been partially offset by the adverse impacts of increasing valuation discount rates and windfall taxes across Europe, particularly the Electricity Generator Levy in the U.K. We continue to grow and diversify the portfolio. The GBP 694 million of new investments in the year, including financing of projects in construction. This has been supported by GBP 277 million of fundraising, the reinvestment of strong cash flows from the investments, and extended a renewed revolving credit facility. The dividend cover has benefited from high power prices. Cash dividend cover for the year was 1.55 x. The cash received from the investments is after the projects have repaid GBP 174 million of project-level debt across the portfolio, which represents just over 1x the dividends declared. Dividend cover, if we were not reducing the debt principal, would be 2.6x. With these results, we're announcing the dividend target for 2023. We're increasing the dividend target by 5% to 7.18 p per share, which is a 5.3% yield versus the NAV. I'll now move on to the valuation bridge. The bridge takes us from a value at the 31st December 2021 of GBP 2.7 billion to a value at the 31st December 2022 of GBP 3.7 billion. As mentioned, TRIG invested GBP 694 million in the year across different countries and technologies, which Minesh will go into more detail on later. The cash distributed in the period from the investments up to TRIG, GBP 280 million, take the rebase valuation to GBP 3.1 billion, and the rest of the bridge represents the operating income shown in the profit loss account. We'll start with the power price movement. Turn to the slide on power price movement. The overall movement in the power price forecast, net of the impact of government interventions in the UK and EU, has had a positive valuation impact of GBP 266 million, which is an 8% growth in portfolio value. As you can see from the graph in the top right of the slide, there's been a significant increase in power price forecasts over the remainder of the 2020s, pretty much the same as the previous forecasts from the early 2030s onwards. The key driver of high electricity prices is the high price of gas, which has been elevated predominantly due to the Ukraine conflict and expected to take many years for new supply to replace Russian gas and for price levels to return to previous norms. The different electricity markets we invest in have varying sensitivities to gas prices, depending on factors including their power generation mix, how much gas makes up of this, their power supply and demand in their markets, and the interconnections between markets. In the UK, where the portfolio has the majority of its near-term power price exposure, is sensitive to the global set gas price. When considering the power price forecasts, we look at the near-term wholesale market forwards as well. These have become more stable in recent months and have reduced somewhat compared to prices in the late summer, as anxiety over whether Europe would be able to source enough gas to meet the winter demand has eased. At the year-end, near-term forwards were below the forecasted projections. We adopted the forwards that reflected more accurate and recent data. We apply a discount to the forwards around 15% at the year-end, reflecting that renewables capture a discount to the market price, especially when prices are high. Around half of our portfolio does not have exposure to near-term power prices, being received a fixed, often inflation-linked price income per megawatt-hour. These are predominantly our investments in offshore wind farms in the UK and Germany and onshore wind farms in France. At the longer end of the power curves are broadly unchanged from before, both renewables deployment and also the rate of electrification has been increased by forecasters in the year, reflecting accelerating government policies across Europe. Looking forward, government policies across Europe in relation to electricity market design will be key to the long-term power price outlook. Just before I leave this slide, we continue to provide data on our average power prices assumed. The U.K. provide this before and after the impact of the Electricity Generator Levy. In the U.K., it's presented solely after windfall taxes, and these are generally set at 90% or 100% levels. We also show the proportion of our revenue that is fixed per megawatt-hour over short, medium, and long-term horizons. The next slide covers the government interventions that have been applied in a bit more detail. The valuation impact of these interventions has mostly affected the valuation of our U.K. projects. This is because the U.K. is where most of the portfolio's near-term merchant exposure is. The projects in Germany and France earn fixed price per megawatt-hour income, and in Sweden and Spain, power prices assumed in our forecasts are below or capped at the threshold levels. There is a small adverse impact on our Irish wind farms that are, in the main, merchant generators. We assume that the interventions remain in place for the period for which power prices are forecast to be above the threshold levels, which is typically three years. A side effect of these interventions is it reduces the sensitivity of the valuation to near-term achieved power prices, with governments taking most or all of the power price income when it exceeds the threshold levels. Turning to the next slide. Over half of the portfolio revenues over the next 10 years are directly linked to inflation. The significant levels of inflation we've seen and is forecast across all geographies that we've invested in have added GBP 244 million to the portfolio valuation. Around 80% of this uplift comes from the high actual inflation in 2022. Our long-term inflation assumptions from 2024 onwards remain at 2.75% for U.K. RPI and 2% for U.K. and European CPI, with slightly higher rates assumed for 2023. The slide also shows some sensitivities, should inflation levels be higher or lower than assumed in our valuation. An increase in inflation levels of 0.5% per year assumed for the long term would, for instance, add 0.7% to the portfolio returns. Discount rates are addressed in the next slide. In common with most market participants, we increased the discount rates used to value the portfolio in the second half of the year, reflecting the significant increase in the year in long-term government borrowing rates. We applied an average increase of 0.5% across the portfolio, with 0.8% applied to UK investments and 0.3% to non-UK investments, recognizing the higher long-term government bond yields in the UK versus EU countries. The portfolio weighted average discount rate has increased from 6.6% to 7.2%, reflecting the 50 basis points increase in discount rates and a small increase as projects move through their subsidy periods and their market-based income gets closer. Applying a blend of UK and EU risk-free rates, reflecting the portfolio composition, leads to a weighted average risk-free rate for the portfolio of 3.3%. The risk buffer from the portfolio return to the risk-free rate remains reasonable at about 4%. We would note that strong inflation linkage is a key attraction for investors in renewables. The company carries out an independent valuation exercise each year and also commissions a review of the valuation discount rates, and the independent valuers confirm the discount rates used in the valuation remain conservative. Moving on to foreign exchange. Sterling has weakened 5% against the EUR in the year, resulting in a gain net of hedges of EUR 37 million. The final item on the bridge is the balance of portfolio return, which for the year is GBP 202 million, which represents a return of 6.4% over the rebased valuation, or 6.9% when adjusted for the timing of acquisitions, which is slightly ahead of the expected return represented by the opening portfolio discount rate of 6.6%. As ever, there's a lot of work that goes into delivering the portfolio's performance, and I'll now hand over to Chris, who will talk not only about delivering the investment case, but also outperforming for our value enhancement activity. Hello, I'm Chris Sweetman, operations director, to talk through the main operational features. During the year, we generated 5.4 terawatt-hours. That's equivalent to 1.6 million homes. That's more than all of the homes in Wales. This is a 30% increase compared to 2021, reflecting the increased portfolio size, as well as higher resource. Portfolio now consists of 90 projects spread across weather systems, markets of Western Europe, using a range of technologies and equipment suppliers, which with scale benefits have delivered strong commercial performance. Further diversification will follow in 2023 as the Cadiz Spanish solar sites and Grönhult Swedish wind farm are completed in the first quarter of this year. The portfolio performed very well commercially with high pricing, more than offsetting the modest shortfall in generation. This reflects a range of revenue types, which include sales into UK and European wholesale power markets, government contracts linked to inflation, and income for providing grid services. Generation is 5% below budget for the year, which you can see split out by region in the table. The portfolio diversification benefits are clear, with differing performance across the portfolio mitigating the overall position. Generation was reduced by poor weather resource in France and our offshore sites, coupled with grid outages and some maintenance activities, offset by good weather resource in the UK, Ireland, Sweden, and for our solar portfolio. You can see in the graph how the weighted average wind and solar irradiation has varied across the last 12 months by region compared to the long-term mean. The black dotted line shows the portfolio weighted average weather, with some months higher or lower than others, but ultimately delivering a smoothing effect across the year and lower volatility year to year. Notable events in the year include the completion of Merkur's rear frame repairs, the cost of which was borne by the turbine manufacturer, along with compensation for lost generation. This January's availability and generation exceeded budget. Blary Hill experienced some noise issues in the early days, requiring curtailment that impacted production. RWE's acoustic experts identified the cause through on-site noise assessments and engaged with the turbine manufacturer to address the issue, with the site now operating well. The solar portfolio, which has now more than doubled in size with the acquisition of Valdesolar, experienced good irradiation in GB, and the earlier grid curtailment seen at Valdesolar has now been resolved. This region will increase notably in size again in 2023 with the addition of the four Cadiz solar projects. Sustainability remains core to TRIG's operations. 2022 activities are focused on the framework adoption and leading best practice, recognizing TRIG's responsibility to act with care and integrity for their local community and environment. We report on the Task Force on Climate-related Financial Disclosures, our signatory for Science Based Targets initiative, and understand our wider regulatory commitments to collect and track data from across the portfolio, whilst also encouraging and supporting our joint venture partners to do likewise. We've now also updated our sustainability policy, which includes a biodiversity strategy and commitment to improving life cycle circularity, with further updates to be shared within our sustainability report in May. Turning to value enhancements. Proactive management of TRIG's portfolio by the managers continues to preserve and enhance the value of the portfolio. A number of energy yield enhancements have been progressed in the year, notably blade furniture trial, which produced a material yield uplift at Hill of Towie, with the technology deployed across the site following verification. RWE's technical expertise was crucial in determining the yield impact, as standard verification methods were not suitable. Plans are in place for further sites to be trialed in 2023, building upon the experience gained from the initial trial. At Altahullion, collective control element of a wider yield enhancement project is close to concluding. Performed in collaboration with the National Renewable Energy Laboratory in the U.S., this is one of the first trials of its kind in the world, enabling neighboring turbines to communicate with each other to optimize yield. Power price management has continued to be a key focus for 2022. Turbulent market conditions reduced liquidity at the price fixing market. Opportunities have been actively sought and new fixes selectively placed where beneficial. Early termination clauses in existing sales contracts have also been utilized to secure improved terms. We've also engaged with off-takers to demonstrate increased REGO or renewable certificate values to ensure we're paid market rates. TRIG's large portfolio offers scale benefits in operational efficiency as seen in our UK and I tender of seven O&M contracts in 2022. I'm pleased to report we've secured new fixed price tariffs on two of the French repowering projects, an important step in our ambition to derive additional value through repowering these older sites. Life extensions continue to progress with four further lease and permit extensions secured during the year, utilizing experienced wind and solar developers within the core RWE's business. In terms of sustainability, RWE's produced tailored biodiversity enhancement plans for specific measures to be performed on-site, which are well underway. Common theme to all of these activities is the accumulation and application of site and market data to best identify and optimize opportunities across the portfolio. A further key value driver secured by TRIG is taking projects through construction into operations, as we discuss on the next slide. You can see here that the onshore wind farms of Blary Hill in Scotland and Vannier-Amance in France are now both fully operational. Grönhult onshore wind farm in Sweden and the four Cádiz solar projects in Spain have begun exporting electricity to the grid, with full takeover expected at each site very shortly, largely on schedule. The Cádiz projects are an important milestone as TRIG's first large-scale solar construction projects. Vannäs and Salsjö, neighboring Swedish onshore wind farms, have their civil works well progressed ahead of turbine delivery later in the year. The battery storage development projects were acquired in the second half of the year, on which detailed design works have commenced ahead of procurement activities scheduled to tie in with the respective grid connection timelines. I'll now hand over to Minesh. Thank you, Chris. As Richard, Phil, and Chris have each highlighted, we've had a very strong year in 2022. We expect these strong cash flows to continue in the near future, even after the impact of windfall taxes. Operational cash flows in the year summed across the portfolio after the company's own expenses were GBP 420 million, which represents 2.6 x cover of the GBP 160 million paid to shareholders. This left GBP 263 million for reinvestment, roughly two-thirds used to reduce project company level debt and one-third invested in new generation capacity. To put that into context, it means responsible capital management. Project debt repaid in line with subsidy periods, with minimal interest rate risk and no refinancing risk. Further, the Blary Hill onshore wind farm in the U.K. and Arenosas and El Jaro, both solar projects in the Cádiz portfolio, were fully funded from reinvestment cash flows at returns above the portfolio average. TRIG's share of the Ramshö and Salsjö wind farms in Sweden are also being funded from reinvestment cash flows. That's organic growth and demonstrates the additionality that TRIG brings to the decarbonization and energy security agendas. Moving on to acquisitions made in the year. We set out at the capital market seminar last April our acquisition focus on four themes. Offshore wind, which brings in government-supported inflation-linked revenues. Nordic wind for geographic diversification. Spanish solar for geographic and technological diversification, and battery storage to complement the generation assets with flexible capacity. Many of the opportunities we look at are at the development and construction stages with return levels above the portfolio average. We've delivered against this strategy with a balanced portfolio of acquisitions in the year, including a milestone for the company with the 4 battery storage projects acquired at the development stage. As Chris reported, we've made great progress against our projects in construction. Taking these together with the acquisitions, our drawings against our GBP 750 million ESG-linked revolving credit facility, the drawings were GBP 400 million at year-end. Good headroom to build out our assets in development and construction, as well as selectively pursue attractive investment opportunities. Putting these in context of the overall portfolio, you can see here on the right-hand side, our largest single investment remains less than 10% of the portfolio, continuing our approach of low single asset concentration. Year-on-year, our geographic mix is largely unchanged. The U.K. remains just under 60% of our portfolio and the spread across five other European countries, providing good diversification. In our technology mix, we've added greater flexible capacity into the portfolio through our battery storage investments. These projects complement the intermittency of renewables by responding to price signals. They also provide grid support services and are core to the energy transition. Moving on to our construction exposure. Having delivered Blary Hill and Vannier-Amance onshore wind farms in the year, our construction exposure has reduced from 11% to 8%, leaving plenty of headroom to progress the battery storage projects in the U.K., as well as our repowering activities across four sites in France, and also add further construction stage projects. Construction and development is a core part of our strategy. They enhance both shareholder value as well as provide additionality by creating new generation and flexible capacity. In summary, you can see here on the slide that the portfolio is well diversified and our focus here remains on making disciplined and accretive investments. Looking forward, the market opportunity remains significant. The energy trilemma, that is decarbonization, energy affordability, and energy security, are driving government policy both in the rollout of renewables as well as the electrification of demand. Within this, we remain confident on selecting good opportunities for TRIG. We have good visibility of these in Europe for TRIG, which stems from both the greenfield and the secondary sites of both InfraRed and RES's businesses, as well as the global reach of our market relationships. You can see here the opportunity quantified. You've heard from us speaking about reinvestment, and it is important that energy sector investors continue to provide additionality by investing in new generation capacity, both from cash flows from our own portfolio, as well as mobilizing new capital into the sector. With that, I'll hand over to Richard for some concluding remarks. Thank you. Thank you, Minesh. Been very strong earnings and valuation gains in 2022, positively impacted by the high power prices, achieved and forecast, which Phil has taken you through. Government interventions now look to have settled down. Whilst we have views that there has been some overreach, please note that these levels are fully allowed for within our valuation at the year-end. This also has the effect of reducing power price sensitivity over the next three years, when we're expecting power prices to be above the thresholds of the government interventions. We've increased our dividend target by 5% to GBP 0.0718 per share, and with strong gross cash cover of 2.6 before debt repayment, we offer investors the prospect of an attractive dividend payout. We are also pleased with the strategic developments we've made in the portfolio, which Minesh has taken you through. The additions have increased, in particular, our income visibility, with investments in Hornsea 1 and Merkur offshore wind farms. Merkur is now back to normal operations following the fix to the rear frame issue we had a few years ago. That has all been done under warranty. We delivered a lot of construction over the last 12 months and this quarter, 379 MW. This, once proven through operations, will flow through into the NAV value. Our diversified approach continues, and as Minesh said, we've added solar and we've added project battery development projects. Now looking forward. 2022 has shown that the variability of power prices is not in consumers' interests, and we have seen further stress being put onto governments' balance sheets as they have had to subsidize consumers. Power supply remains in a precarious position, notwithstanding recent moderate respite from relatively warm and windy winter. We can therefore expect to see the regulators pressing ahead with the somewhat overdue issue of separating out the cost of renewables generation from the cost of gas generation. The challenges of supply, cost of power, and decarbonization mean that need for continued investment into renewables has never been stronger. We therefore go into these discussions with governments, such as REMA, the Review of Electricity Market Arrangements in the U.K., with confidence that solutions will be found that work for both investors as well as consumers. We're involved in these consultations, and we are promoting the wider use of the CFD mechanism. This has been shown to work well in attracting investors into the offshore wind sector and, of course, there it is reducing consumer bills. Finally, from a wider investment perspective, with high inflation and interest rates, a challenging economic backdrop, we believe renewables stands out as a real strength. TRIG, with its diversified portfolio, its inflation correlation, its low exposure to interest rates, is genuinely differentiated and is contributing towards decarbonization and energy security in Europe. We believe TRIG remains a compelling investment proposition, robust business model, two market leading managers, InfraRed and RES, sound board oversight, and a highly supportive share base. All of this underpinned with really sound sector fundamentals. That concludes our presentation, and we thank you for listening.
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