The Directors of The Renewables Infrastructure Group Limited announce the interim results for the six months ended 30 June 2016.
Highlights for the six months ended 30 June 2016
· Portfolio generated 738GWh of electricity in the period (H1 2015: 570GWh)
· Investments of £45.2 million, increasing net generating capacity to 680MW
· Profit before tax of £19.2 million (H1 2015: £15.1 million)
· Cash flow from investments of £30.8 million (H1 2015: £24.8 million)
· Dividends now paid quarterly – on track to achieve targeted aggregate distribution of 6.25p for the year ending 31 December 2016
· Directors’ portfolio valuation of £759.5 million as at 30 June 2016 (31 December 2015:£712.3 million)
· NAV per share of 97.0p as at 30 June 2016 (31 December 2015: 99.0p), following payment of an extra quarter of dividend (with movement to quarterly dividends during the period)
· Launched second Share Issuance Programme (up to 300 million shares over 12 months) and raised equity capital of £30.3 million (before expenses) in May 2016
· Shareholders approved an expanded Investment Policy allowing up to 20% of the portfolio to be invested in offshore wind and technologies other than onshore wind and solar PV
· Broad pipeline of further attractive investment opportunities under consideration
Post period-end activities
· Commitment to acquire a 51% interest in Midi, a 12MW French ground-mounted solar PV for €10.6 million, increasing the portfolio to 52 investments and net generating capacity to 686MW
· £134 million available for drawing down under TRIG’s £150 million renewed acquisition facility
Helen Mahy CBE, Chairman of the Company, said:
“TRIG continues to perform well in complex political and economic markets. The Company benefits from the strengths of a large, diversified portfolio and its experienced management team. We are confident that the EU Referendum vote and the associated government leadership changes in the UK should affect neither the imperative for clean energy across the UK andEurope nor the long-term support schemes for TRIG’s portfolio of operating projects. The fundamentals underpinning TRIG’s long-term income proposition remain strong, with scope for further increases in scale efficiencies and liquidity.”
Richard Crawford, Director, Infrastructure, InfraRed Capital Partners, said:
“We continue to see a broad pipeline of projects – both in our existing technologies and in offshore wind, a sector which seems likely to offer significant opportunities for TRIG in the years ahead. TRIG has recently broadened its investments, acquiring a further 16 solar projects – the first French additions to the portfolio since TRIG’s IPO in 2013. The Company has declared £100 million of dividends in aggregate since launch –
we look forward to continuing to provide our diversified investor base with attractive long-term income with upside from inflation.”
For the full Interim report and presentation please follow the link:
http://www.trig-ltd.com/assets/downloads/TRIG_2016_INTERIMS.pdf
http://www.trig-ltd.com/assets/downloads/TRIG_INTERIMS_August_2016_2.pdf
