21st Oct 2014 09:49
LONDON (Alliance News) - The Renewables Infrastructure Group Ltd Tuesday said its net asset value per share rose 0.9 pence in the quarter to end-September to 100.2 pence, as it continued to benefit from its portfolio diversification.
The renewable energy investment company said its portfolio performance had been below long term average expectations in the third quarter due to low wind in the British Isles, although this was mitigated somewhat by a strong solar performance and strength in its French wind portfolio.
Its total production for the quarter was within 15% of long term average expectations, and 3% for the last year as a whole, the company said.
In August, the company acquired interests in three large-scale ground-mounted solar projects in England for a total of GBP73.7 million. This brought its total portfolio to 27 projects, with around 398 megawatts generating capacity.
The company said that a number of power forecasters have reduced their wholesale power price projections, partly due to the build of liquefied natural gas supply influencing prices, and also lower expectations for carbon prices.
This has been partially offset by a reduction in prevailing discount rates for operating projects, as a result of strong demand for income-producing infrastructure assets including renewable energy infrastructure projects.
It raised GBP38.6 million in a tap issue during the period.
Renewables Infrastructure said that, given discussions under-way and its broader acquisition pipeline, it is considering a further equity raising in the near term. It is also considering increasing the size of its acquisition facility.
It will announce its full year results for 2014 in February 2015.
Shares in Renewables Infrastructure were trading down 0.5% at 105.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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