A renewables investor with a big windfarm portfolio in Scotland has highlighted its appetite for acquisitions in the country after making progress amid challenging conditions in the first half.

The Renewables Infrastructure Group was impacted by the fall in energy prices triggered by the fallout from the coronavirus. Lockdowns resulted in demand for power falling.

However, the impact was offset by a big increase in the amount of energy generated by the facilities in TRIG’s portfolio.

Total output was nine per cent higher than budgeted and up around 50% on the first half last year.

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The company noted performance had been boosted by good wind resources in the first quarter in all the regions it operates in and by growth in the portfolio.

TRIG has interests in 45 windfarms, including 16 in Scotland.

The company underlined its faith in the potential of Scottish sites in the first half by acquiring a 100% stake in a project to build a wind farm on the Kintyre Peninsula for an undisclosed sum.

The investment firm that manages TRIG, Infrared Capital Partners, made clear more deals in Scotland could follow.

“In terms of acquisitions, Scottish windfarms remain attractive to TRIG,” said Richard Crawford, infrastructure director at London-based InfraRed.

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He said the managers were pleased with the performance of TRIG’s Sottish sites. The amount of power generated by Scottish windfarms was, on average, some 13% up on budget in the six months to June 30.

TRIG has assets across Europe, including wind, solar and battery storage assets. Directors reckon the mix helps TRIG reduce risks associated with variations in power markets, regulatory regimes and weather patterns.

The group is working in a sector that is set to expand as governments around the world try to encourage firms to develop renewable energy sources, to help tackle the threat posed by climate change.

The group’s chairman, Helen Mahy, noted: “TRIG is well placed; most of our revenues are fixed through government subsidies, which provides strong levels of visibility on cash flows in the near-to-medium term. Over the next five years, approximately 74% of our revenue is fixed through subsidies and power price fixes.”

The group reiterated plans to pay a full year dividend of 6.76p per share, up from 6.64p last time.

In its annual results announcement in February TRIG noted uncertainty regarding how Brexit may affect Scotland and any further potential independence initiatives.

On the subject of Brexit, the group said yesterday: “One of the advantages of having a geographically diversified portfolio is that the Company is less exposed to any single, localised risk factor.” In its comments on political risk TRIG did not refer to Scotland.