The Renewables Infrastructure Group Limited – Announcement of Final Results for the year ended 31 December 2015

4 April 2019 Corporate
The Directors of The Renewables Infrastructure Group Limited announce the results for the year ended 31 December 2015.

Highlights for the year to 31 December 2015

·Operational performance and distributions from TRIG’s diversified portfolio of onshore wind and solar PV projects in line with expectations since IPO, with strong portfolio generation in 2015

·Portfolio generation capacity increased by 50% to 658MW, with 7 additional projects bringing the total to 36 investments in the UK, Ireland and France

·Directors’ valuation of the portfolio at 31 December 2015 of £712.3 million (2014: £472.9 million)

·Profit before tax of £17.0 million (2014:  £23.3 million), after reflecting the £20.2 million adverse impact of UK Summer Budget (Government withdrawal of revenue from Climate Change Levy Exemption Certificates)

·NAV per ordinary share of 99.0p at 31 December 2015 (2014: 102.4p), reflecting the impact of the removal of LECs in the Summer Budget

·Interim distribution of 3.11p per ordinary share for the six months to 31 December 2015 declared with scrip dividend alternative; total distributions of 6.19p per share for the year to 31 December 2015 (2014:  6.08p)

·Raised total equity capital of £316 million (before issue costs) including successful completion of Share Issuance Programme (250 million shares) in November 2015

·Pipeline of further attractive investment opportunities under consideration across multiple technologies and markets

Post year-end activities 

·Acquisition of interests in a portfolio of 15 French solar PV projects for €57 million (£44 million), increasing TRIG’s portfolio to 51 investments with 680MW generating capacity (with solar PV now 31% by value)

·Moving to quarterly dividends commencing with Q1 2016 (payable in June 2016), with target aggregate dividends for 2016 of 6.25p per share

·Intention to seek shareholder approval at the AGM to increase investment limit in technologies other than onshore wind and solar PV from 10% to 20%, to enable broader investment including in operational offshore wind

Helen Mahy CBE, Chairman of the Company, said:

“2015 has been a dynamic year for TRIG. Generation has been strong and the Company has shown resilience in the face of twin challenges posed by further weakening in power prices and UK government changes to renewables incentives. TRIG has significantly increased the scale and diversification of its portfolio and in December became the first renewables investment company to be included in the FTSE 250 Index. As a market leader in both portfolio scale and diversification, TRIG is well-positioned for 2016 and beyond.”

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

“The growth trajectory of renewables in Europe has been reinforced following the UN meetings in Paris in December. TRIG’s ability to invest selectively across markets and proven technologies, combined with the potential to take advantage of maturing technologies such as offshore wind and renewables-supporting infrastructure, provides excellent opportunities for 2016.”

For the full annual report and presentation please follow the link:

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