The contents of this announcement are not a financial promotion and none of the contents of this communication constitute an invitation or inducement to engage in investment activity
The Combined Company will become the UK’s largest listed infrastructure investment company
17.11.25, London: This morning, the Boards of HICL Infrastructure PLC (“HICL”) and The Renewables Infrastructure Group Limited (“TRIG”) have announced that they have signed detailed heads of terms in relation to a proposed combination of the two companies to create the UK’s largest listed infrastructure investment company (the “Combined Company”).
The Combined Company will have a refreshed investment mandate covering the full spectrum of infrastructure opportunities, reflecting the convergence of traditional core infrastructure sectors such as social, transport and regulated infrastructure, with renewables, storage and digital networks.
It is believed that the Combined Company offers strong strategic, operational and financial benefits for all shareholders, strengthening the already attractive investment cases of both companies and creating a more compelling proposition. Together, there is an opportunity to create the UK’s preeminent infrastructure investment company, with scale and liquidity that is attractive to a broader investor base.
InfraRed Capital Partners (“InfraRed”), which acts as investment manager to both HICL and TRIG, will continue as Investment Manager to the Combined Company, ensuring consistent stewardship of the combined portfolios and appropriate expertise for the delivery of the revitalised strategy. RES will continue to provide operational management for renewables assets within the portfolio as it has done for TRIG since its launch in 2013.
As a measure of InfraRed’s and its parent company’s commitment to the proposal, Sun Life will provide £100 million of liquidity through secondary market purchases of shares in the Combined Company, commencing upon completion. This significant investment further strengthens alignment with shareholders and underlines InfraRed’s commitment to the Combined Company’s expanded strategy.
Ed Hunt, Head of Core Infrastructure Funds at InfraRed, said: “The convergence of traditional core infrastructure and the energy transition continues to accelerate. This transaction ensures that the combined company will be best positioned to capitalise on this significant opportunity, beyond what either could achieve independently. The combination of HICL and TRIG, equipped with a refreshed and reinvigorated investment strategy, further enhances the already compelling investment case of these sector-leaders. I’m excited about its prospects for delivering value to shareholders, and the substantial investment of Sun Life reflects our confidence in this merged approach.”
The proposed combination is subject to shareholder, regulatory and other approvals, with completion expected by early 2026.
Link to the RNS: Combination of HICL and TRIG – 07:00:10 17 Nov 2025 – HICL News article | London Stock Exchange
ENDS
This announcement is not an offer of securities into the United States. Any securities issued in connection with the proposed combination have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered, pledged, sold, delivered or otherwise transferred, directly or indirectly, in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. No public offering of securities is being made in the United States or in any other jurisdiction. HICL has not been, and will not be, registered under the US Investment Company Act of 1940, as amended (the “US Investment Company Act. No offer, purchase, sale or transfer of HICL securities may be made except under circumstances which will not result in HICL being required to register as an investment company under the US Investment Company Act.
Notes to Editor
InfraRed Capital Partners
InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure.
InfraRed manages US$13bn of equity capital [1] for investors around the globe in listed and private funds across both core and value-add strategies.
InfraRed combines a global reach, operating worldwide from offices in London, Frankfurt, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people.
InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform.
For more information, please visit www.ircp.com.
[1] Uses 5-year average FX as at 31st December 2024 of GBP/USD of 1.2818; EUR/USD 1.1092. EUM is USD 13.186m.
HICL Infrastructure PLC
HICL is a long-term investor in infrastructure assets which are predominantly operational and yielding steady returns. It was the first infrastructure investment company to be listed on the London Stock Exchange.
Further details can be found on the HICL website www.hicl.com.
The Renewables Infrastructure Group Limited
TRIG is a leading London-listed renewable energy infrastructure investment company. TRIG is invested in a portfolio of wind, solar and battery storage projects across six markets in Europe with a net operational capacity of 2.3GW; enough renewable power for 1.8 million homes and to avoid 2.0 million tonnes of carbon emissions per annum.
Further details can be found on TRIG’s website at www.trig-ltd.com.
