TRIG NAV rises as higher electricity prices kick in
The Renewables Infrastructure Group Limited
100.20p
15:54 29/04/24
The Renewables Infrastructure Group (TRIG) said its net asset value per share rose to 105.2p for the half to June 30 from 103.6p at the end of December.
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TRIG said the interim portfolio valuation increased to £1.2bn from £1.08bn at the end of December.
Pre-tax profits rose to £47.3m from £31.3m year on year reflecting “good operating performance, efficient portfolio management and improved realised electricity prices as well as additional valuation enhancements from operating and debt cost reductions”.
The Portfolio generated 1,003GWh of electricity in the period compared with 851GWh in the same period last year.
The interim dividend was lifted to 6.50p a share from 6.40p.
Chairman Helen Mahy said that yield-focused investors globally continued to “sustain high demand for infrastructure investments with renewables being a major subsector of the asset class”.
“Whilst this is positive for the asset valuations of our existing portfolio, securing new investments at sensible prices is challenging in this competitive market,” Mahy said.
Mahy said sentiment towards UK equities had been mixed during the first half of the year "amidst a backdrop of ongoing political ambiguity surrounding Brexit (coupled with the persisting sense that there could yet be an early general election) and concerns for world trade leading to a weak outlook for economic growth".
"While there are risks to UK investments at present, these threats are not specific to the energy or renewables sector. In fact, TRIG generally performs well in times of general economic and political uncertainty with infrastructure benefiting from being viewed as a defensive sector."
“Outside of the UK, onshore wind and solar PV developments continue at pace, and the focus for TRIG continues to be in Ireland and France as well as other northern European countries including Scandinavia.”
“Utility scale batteries are reducing in cost and we expect to see further investment opportunities in this sector in due course.”