6th Aug 2021 10:52
(Alliance News) - Renewables Infrastructure Group Ltd on Friday said its portfolio valuation as at June 30 was GBP2.49 billion, a 12% rise from GBP2.21 billion at December 31, as momentum behind the shift to renewable energy grows.
Net asset value per share was 114.3p at June 30, a 0.9% slip from December 31. NAV total return for the six months ended June 30 was 2.0%.
The renewable energy sources investor pumped GBP341.4 million into offshore UK wind farm Beatrice and three on-shore Swedish wind farms in the first half, raising investments by 21% from the same period in 2020.
However, portfolio production was 12% below budget due to low wind in the UK, Ireland and Germany in the six months.
Its portfolio is capable of saving around 1.6 million tonnes of CO2 annually at peak performance, a rise of 20,000 tonnes from the same period last year.
The FTSE 250 company booked doubled pretax profit for the half year, rising to GBP36.8 million from GBP16.3 million in 2020.
In addition to rising renewable energy usage, Renewables Infrastructure cited a short-term increase in power price forecasts for its profit hike.
Earnings per share rose marginally to 1.8 pence from 1.0 pence.
"The revolution in the energy systems across Europe present significant opportunities for [Renewables Infrastructure] whilst sustainability considerations and the attraction of yield are increasing asset pricing," said Chair Helen Mahy.
"We remain confident that [Renewables Infrastructure's] business model of responsible investment practices, careful portfolio construction and enhancing value for stakeholders will continue to generate sustainable returns for investors whilst contributing towards a net-zero carbon future."
Renewables Infrastructure reaffirmed its full-year dividend target of 6.67 pence, in line with 2020.
Shares were down 0.3% at 133.85 pence in London on Friday morning trading.
By Josie O'Brien; [email protected]
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