Renewables Infrastructure Group (TRIG) has announced annual results covering the period to 31 December 2019.
Performance and portfolio highlights include:
- Portfolio generated 3,036GWh of electricity in the year (2018: 2,011GWh)
- NAV per ordinary share of 115.0p as at 31 December 2019 (2018: 108.9p)
- Directors’ portfolio valuation of £1,745m as at 31 December 2019 (2018: £1,269m) following new acquisitions
- NAV total return of 11.9% for the year and 8.4% since IPO (annualised)
- Portfolio generating capacity increased by 50% to 1,664MW with a total of 74 portfolio projects in the UK, Ireland, France, Sweden and Germany
- First investments in Germany with the acquisition of interests in Gode Wind 1 and Merkur offshore wind farms
- Raised £530m of new equity capital (before issue costs)
- Amended Investment Policy to enable to Company to allow more investment in both offshore wind and continental Europe.
TRIG to continue strategy of combining subsidised and unsubsidised projects
Discussing the company’s outlook,Helen Mahy CBE, chair of TRIG, noted: “TRIG intends to continue to source opportunities across Western Europe where there is a stable renewable energy framework. We will continue our strategy of combining subsidised with unsubsidised projects to maintain an appropriate risk-return profile across our portfolio. In addition to TRIG’s existing markets, we expect subsidy free solar in Iberia and battery storage in the UK to offer attractive opportunities to enhance TRIG’s geographic and technological diversification when balanced on a portfolio basis with subsidised projects with higher revenue visibility, for example, wind farms in the UK, France and Germany.
Renewable energy has a central role to play in decarbonising our energy usage and governments are increasingly recognising that policy needs to encourage renewables generation. We are confident that the markets in which TRIG operates will continue to grow and that TRIG is well placed to add quality renewables infrastructure assets to complement the existing portfolio.
Not only will this provide our shareholders with better liquidity, increased diversification of risks and economies of scale, but it will also enable project developers to recycle more capital and develop innovative new projects to displace fossil fuels. We take pride that TRIG’s success as a responsible business is intrinsically linked to its ability to generate sustainable returns for our shareholders whilst contributing to lower global carbon emissions.”
TRIG: Renewables Infrastructure Group announces annuals as portfolio generating capacity increases 50% to 1,664MW