Shares in The Renewables Infrastructure Group Limited (LSE:TRIG) fell 4.5% to 70.9p after HICL Infrastructure Company Limited (LSE:HICL) walked away from a planned tie-up that would have created the UK’s largest listed infrastructure investor. HICL shares rose 4.4% to 117.77p.
The two companies had announced a proposed combination last month, but TRIG said today that HICL had decided not to proceed. TRIG’s board said it regretted that investors would not be able to vote on the deal, which it believed could have delivered significant benefits.
Richard Morse, TRIG’s chair, said: “Our focus now returns to delivering TRIG's attractive standalone strategy. TRIG is a well-established platform with high-quality assets, a competitive pipeline of opportunities, and deep renewables and energy storage expertise.”
He added that demand for low-carbon power and the wider shift to electrification left the company well placed to deliver “sustainable value and growth” for investors.
TRIG reiterated that the decision not to move forward with the tie-up did not alter its existing growth plan set out earlier this year. The board said it would continue talks with shareholders ahead of its 2026 annual meeting.