TRIG has issued a $273.13 million corporate bond across GBP and EUR tranches, priced at a 5.23% weighted average fixed rate with a 12-year tenor to February 2038. Proceeds will reduce drawings under its $675 million revolving credit facility, cutting outstanding borrowings from roughly $536 million to $270 million.

The insight is simple: TRIG is terming out short-term bank debt into long-dated fixed capital to protect balance sheet flexibility.

The RCF had been funding construction at the Ryton BESS project, the repowering of the Cuxac wind farm, and share buybacks. That is working capital and execution risk sitting on floating-rate exposure. By refinancing into amortising notes — with repayments starting only in 2033 — TRIG pushes refinancing risk out and locks pricing in a volatile rate environment.

For a London-listed infrastructure trust with $3.11 billion in net assets and 2.3 GW of operational capacity, this is capital structure management, not expansion.

Institutional buyers including Canada Life, PIC, Legal & General, Swiss Re, and Nomura Asset Management are effectively underwriting long-term contracted renewables cash flows at just over 5%.

This signals where the market is clearing: core renewable platforms with operating portfolios can still access fixed-rate institutional debt, even as construction and development capital tightens.

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