18th Feb 2020 08:15
(Alliance News) - Renewables Infrastructure Group Ltd had "another strong year" in 2019, it said on Tuesday, with portfolio generation capacity rising 50%.
Renewables Infrastructure Group, or TRIG, said its portfolio of renewable energy assets delivered 3,036 gigawatt-hours of electricity during 2019, pushed higher by acquisitions.
However, this was 4% below budget, due to lower-than-expected wind speeds in Great Britain and Sweden, as well as grid curtailments in Ireland.
Guernsey-based TRIG's portfolio was valued at GBP1.75 billion at the end of 2019, with the 38% growth from a year before driven by purchases. Net asset value per share was 115.0 pence at the end of the year, up 5.6% year-on-year.
Some acquisitions made during the year included the Little Raith wind farm in Scotland, some French wind farms, and wind farms in Sweden and Germany.
Pretax profit rose 32% to GBP162 million, and TRIG paid 6.64p in dividends during 2019, meeting its target. This total payout is 2.2% higher than 2018's return.
In 2020, TRIG is targeting a total dividend of 6.76p, which would mean 1.8% annual growth.
"2019 marked another strong year for TRIG, increasing our NAV and our dividend target. We have been well supported by our shareholders with two successful fund raises during the year enabling us to make further attractive investments," said TRIG Chair Helen Mahy.
"Renewable energy has a central role to play in decarbonising our energy usage and we remain confident that TRIG will continue to play its part in the energy transition."
In a separate statement, TRIG announced the appointment of Tove Feld as a non-executive director, starting at the beginning of March. She had previously worked as chief technical officer at DONG Energy Wind Power, now Orsted, and also was head of engineering solutions for Siemens AG's wind business.
"I am delighted to welcome Tove to the board. She has had a distinguished career working at some of the leading names in the renewables sector and brings a wealth of knowledge that will be invaluable for TRIG," said Chair Mahy.
"Tove's background compliments the existing board's skills well and increases its expertise in Europe. The expanded board is well placed to provide strong oversight as TRIG continues to go from strength to strength."
TRIG shares were 0.9% lower on Tuesday in early trade in London at a price of 135.80p each.
By George Collard; [email protected]
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