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TRIG portfolio tops £1bn as NAV rises
Renewable energy investor Renewables Infrastructure Group saw profits beat expectations in its most recent fiscal year, as pre-tax profits rose by a third due to significant new investments made throughout 2017.
Pre-tax profits grew 32.8% to £90.2m in the twelve months leading to 31 December, when the £230m was invested to push TRIG's total portfolio valuation to £1.08bn from the £818.7m recorded twelve months earlier.
TRIG paid its fourth interim dividend of 1.60p, taking its total yearly dividend to 6.49p.
The Guernsey-based company, managed by InfraRed Capital Partners, saw its net asset value rise to 103.60p from the 100.10p reported in the prior trading year due to the higher portfolio valuation.
Richard Crawford, infrastructure director at InfraRed, said, "TRIG has had a good year, as a result of above budget production in its portfolio, coupled with operational enhancement initiatives. We also successfully completed the construction of Freasdail onshore wind farm and delivered a year of steady expansion including accretive investments in our two new sectors, battery storage and offshore wind."
Helen Mahy, chairman of TRIG, added, "2017 was an active year for TRIG in terms of investment activity, which totalled £230m including new investments in different technologies, adding scale and diversification to the portfolio. The Board remains confident of the company's long-term outlook and, having delivered its 2017 aggregate dividend target of 6.40p, has announced a target dividend of 6.50p for 2018."
As of 1120 GMT, shares had pushed forward 2.12% to 105.80p.