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    Home > Finance > HICL, Renewables Infrastructure to combine into $5.2 billion UK-listed infrastructure firm
    Finance

    HICL, Renewables Infrastructure to combine into $5.2 billion UK-listed infrastructure firm

    Published by Global Banking & Finance Review®

    Posted on November 17, 2025

    2 min read

    Last updated: January 21, 2026

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    Tags:infrastructure financinginvestment portfoliosfinancial managementrenewable energymarket capitalisation

    Quick Summary

    HICL and Renewables Infrastructure merge to form the UK's largest infrastructure firm, valued at $5.2 billion, impacting share performance and market dynamics.

    Table of Contents

    • Merger Details and Market Impact
    • Financial Implications of the Merger
    • Investor Reactions and Share Performance
    • Future Outlook for the Combined Firm

    HICL and Renewables Infrastructure Merge to Create £3.98 Billion Firm

    Merger Details and Market Impact

    By Nithyashree R B

    Financial Implications of the Merger

    (Reuters) -HICL Infrastructure and The Renewables Infrastructure Group Ltd will merge to form the UK's largest listed infrastructure investment company worth about 3.98 billion pounds ($5.2 billion), the companies said on Monday.

    Investor Reactions and Share Performance

    The deal will bring together HICL's portfolio of more than 100 core infrastructure assets spanning social projects, utilities and transport with Renewables Infrastructure's 2.3- gigawatt renewables portfolio covering solar, wind, and battery storage across Britain and Europe. They will have combined net assets exceeding 5.3 billion pounds.

    Future Outlook for the Combined Firm

    Shares of TRIG rose nearly 6% while those of HICL fell nearly 7% on news of the deal.

    The UK infrastructure investment sector has been struggling with low valuations and, in recent years, has seen core infrastructure and the energy transition sectors increasingly converging.

    "In recent years, listed investment companies in the alternatives sector have seen evolving investor preferences and regulatory developments influencing sentiment across the sector resulting in a more challenging market backdrop," the companies said in a statement. Both companies have taken steps to boost performance but have yet to see their shares close the valuation gap, they said.

    The deal involves a voluntary winding up of Renewables Infrastructure, with its assets transferred to HICL for new HICL shares and a 350 million pound liquidity package, which includes a partial cash option and a commitment from Sun Life, the parent firm of HICL's investment manager, to buy shares after the deal.

    HICL shareholders will hold about 56% and TRIG shareholders about 44% of the combined firm.

    Analysts at RBC Capital Markets said the merger was a "positive move," citing increased scale and the combined fund's ability to pursue higher overall returns.

    The combined company will deliver an annual dividend target of 9 pence per share with a projected net asset value total return of over 10% per annum.

    The deal is expected to close in the first quarter of 2026.

    Goldman Sachs International and Investec Bank PLC were the financial advisers to HICL, and BNP Paribas was the financial adviser to TRIG. 

    ($1 = 0.7596 pounds)

    (Reporting by Nithyashree R B in Bengaluru; Writing by Yadarisa Shabong; Editing by Mrigank Dhaniwala and Susan Fenton)

    Key Takeaways

    • •HICL and TRIG merge to create a $5.2 billion firm.
    • •The merger forms the UK's largest listed infrastructure company.
    • •Combined assets exceed 5.3 billion pounds.
    • •TRIG shares rose 6%, HICL shares fell 7% post-announcement.
    • •Merger expected to close in Q1 2026.

    Frequently Asked Questions about HICL, Renewables Infrastructure to combine into $5.2 billion UK-listed infrastructure firm

    1What is infrastructure financing?

    Infrastructure financing refers to the funding of projects that provide essential services such as transportation, utilities, and renewable energy. It typically involves investments from private and public sectors.

    2What is market capitalisation?

    Market capitalisation is the total market value of a company's outstanding shares of stock. It is calculated by multiplying the share price by the total number of shares.

    3What is an investment portfolio?

    An investment portfolio is a collection of financial assets such as stocks, bonds, and other securities owned by an individual or institution, aimed at achieving specific financial goals.

    4What is renewable energy?

    Renewable energy is energy generated from natural resources that are replenished constantly, such as solar, wind, and hydroelectric power. It is considered more sustainable than fossil fuels.

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