HICL Infrastructure and The Renewables Infrastructure Group have agreed to combine in a deal that will create Britain’s largest listed infrastructure investment company with net assets exceeding £5.3 billion.
The merger will be implemented through the reconstruction and voluntary winding up of TRIG. TRIG’s assets will transfer to HICL in exchange for new HICL shares and cash, with completion targeted for the first quarter of 2026.
Plans are for the new entity to bolster shareholder payouts through a 9 pence quarterly dividend.
Strategic rationale
The merged entity will pursue a reinvigorated investment strategy spanning the full spectrum of infrastructure sectors, from core assets to renewables. The aim is to capitalise on infrastructure megatrends as traditional sectors increasingly converge with energy transition opportunities.
“The combination of HICL and TRIG represents a unique opportunity to capture the key megatrends shaping the infrastructure market today, which increasingly straddle both core infrastructure and the energy transition,” said Mike Bane, Chair of HICL.
“By combining two complementary portfolios and teams, the combined company will have the profile, expertise and access to capital to seek enhanced returns from a reinvigorated investment strategy.”
HICL, listed since 2006, has evolved from its initial focus on PFI and PPP social infrastructure to encompass regulated utilities, transport concessions and digital assets across eight geographies. Its portfolio comprises over 100 essential infrastructure assets valued at approximately £3.0 billion as at 31 March 2025.
TRIG, launched in 2013, provides exposure to the energy transition through 2.3GW of capacity across more than 80 renewable assets. The company has built over 20 per cent of its current portfolio over the past five years and maintains a 1GW project pipeline alongside its net asset value of approximately £2.6 billion as at 30 September 2025.
HICL shares were down 7% on Monday while TRIG rose 5%.