The Renewables Infrastructure Group Limited – Announcement of Final Results for the year ended 31 December 2014

4 April 2019 Corporate
The Directors of The Renewables Infrastructure Group Limited announce the results for the year ended 31 December 2014.

Financial Highlights

• Profit before tax of £23.3 million (20131:  £10.3 million)

• Directors’ valuation of the portfolio at 31 December 2014 of £472.9 million (2013: £300.6 million)

• NAV per ordinary share of 102.4p at 31 December 2014 compared to 101.5p at 31 December 2013, a 0.9% increase year-on-year

• Interim distribution of 3.08p per ordinary share for the six months to 31 December 2014 declared, with a scrip dividend alternative (20131:  2.50p)

• Total dividend for 2014 of 6.08p per share o Targeting further distribution of 3.08p per ordinary share for six months ending 30 June 2015

• Cash dividends paid during 2014 covered 1.9 times

• Total shareholder return for the year of 7.5%, ahead of the FTSE-All Share Index at 1.2%

Portfolio Activity

• Operational performance from TRIG’s diversified portfolio of onshore wind and solar PV projects in line with expectations, producing 814GWh of electricity during the year

• Portfolio generation capacity increased by 52% to 439MW, with 9 additional projects bringing the total to 29 investments in the UK, Ireland and France; 38% of the portfolio by value now invested in solar PV (2013: 17%)

• Healthy pipeline of further attractive investment opportunities under consideration

Financing Activity

• Reinvestment of £13.3 million of surplus cash generated during the year (after costs and dividends) in further acquisitions • Raised total equity capital of £104.8 million (before issue costs)

• Revolving credit facility signed in February 2014 (and extended to £120 million in February 2015) and Share Issuance Programme launched in December 2014 to enhance flexibility to make further acquisitions

Helen Mahy, Chairman of the Company, said:

“The Board is delighted to report strong results demonstrating the quality of TRIG’s portfolio. The Company is underpinned by a strategy of diversification meaning TRIG has remained resilient in a year characterised by falls in energy prices and variable weather conditions.”

Richard Crawford, Director, Infrastructure, InfraRed Capital Partners, said:

“TRIG has delivered a solid performance based on the strength and resilience of its portfolio and strategy and has continued to deliver returns for shareholders in line with the Company’s targets.  In the year, TRIG has grown its portfolio by more than half through selective acquisitions and we have a healthy pipeline of projects available across the Company’s target markets, positioning TRIG well for further growth in 2015.”

Please follow the link to access the full announcement.

Further reading