The Renewables Infrastructure Group Limited (“TRIG”)
(a London-listed investment company advised by InfraRed Capital Partners as investment manager and Renewable Energy Systems as operations manager)
Announcement of Interim Results for the period from 1 January 2015 to 30 June 2015
TRIG continues to deliver a robust performance
Portfolio generated 570GWh, exceeding production expectations set at acquisition by 6.3%
Strong cash generation with the dividend cash-covered 1.8 times
Total shareholder return (share price plus dividends) of 10.9%
Portfolio increased to 36 investments and 658MW of net generating capacity with the acquisition of one solar park from RES and investment in a portfolio of six wind farms alongside Fred. Olsen Renewables for a combined consideration of £254.6 million
Raised new equity capital under the Share Issuance Programme of £109.9 million in March / April (and a further £127.8 million raised post period-end in July)
Revolving acquisition facility extended to enhance flexibility for new investments
3.08p dividend declared for the six months ended 30 June 2015
Targeting a distribution of 3.11p per share for the six months ending 31 December 2015, making a total target of 6.19p for the year ending 31 December 2015
6 months to 30 Jun 2015
6 months to 30 Jun 2014
*Adjusting for the UK Summer Budget announced in July 2015, including the removal of renewables generators’ exemption from the UK Climate Change Levy as well as a reduction in corporation taxes, resulting in a net reduction in the portfolio value of £20.2 million).
**Stated prior to the effects of the UK Summer Budget (occurring post-balance sheet date) resulting in a net reduction of £20.2 million in the portfolio valuation which will be reflected in the full year results for 2015.
Helen Mahy CBE, non-executive chairman of the Company, said:
“In the first half of 2015, TRIG maintained its robust performance since IPO two years ago, enabling the Company to meet its target distributions and continue its portfolio growth as the largest London-listed renewables investment company. The Board is delighted by the support for our significant fund-raisings this year from existing shareholders as well as from new investors in the UK and from overseas as the Company continues to enhance its scale, liquidity and diversity.”
Richard Crawford, Director, Infrastructure, InfraRed Capital Partners, said:
“TRIG has achieved a major step-up in scale in 2015, notably a near 50% increase in capacity and portfolio value via seven further investments in solar and onshore wind projects, including a significant new partnership with Fred. Olsen Renewables. We are seeing promising further deal flow as further attractive projects and portfolios become available for investment in line with our target returns.”
For the full Interim report and presentation please follow the link:
http://www.trig-ltd.com/assets/downloads/TRIG_2015_INTERIMS_FINAL_1.pdf
http://www.trig-ltd.com/assets/downloads/TRIG_INTERIMS_August_2015.pdf
