THE Renewables Infrastructure Group has seen pre-tax profits surge 63 per cent to £31.3 million for the six months to June, in what directors called a robust performance.
The group, which invests in renewable energy infrastructure, values its portfolio of 56 assets at £951.82m.
It added to its Scottish assets this month with the £20m acquisition of a 20 megawatt energy storage plant in Broxburn unit from Renewable Energy Systems.
A total of £129m was invested during the period, including the acquisition of two onshore operational wind farms amounting to 44MW of capacity. These investments were aided by raising £110m of new equity capital.
The portfolio of assets generated a total of 851 gigawatts of electricity over the period, against 738 gigawatts in the same period last year.
Annualised total shareholder return for the period of 7.2 per cent on a share price basis and 7.6 per cent on a net asset value (NAV) basis. The NAV for the period was 100.6p.
Helen Mahy CBE, chairwoman of the company, said: “TRIG’s interim results for the first half of 2017 demonstrate the company’s robust financial and operational performance. The success of the company is underpinned by prudent management, a diversified portfolio and benefits of scale, with TRIG achieving target generation despite challenging weather conditions in certain geographies.”
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