The Renewables Infrastructure Group (TRIG) achieved an operating profit of £123m, up on £90m in 2017, according to its 2018 results.
The company’s portfolio increased 33% to 1.1GW in 2018, from 821MW in 2017, following several acquisitions and investments in onshore wind farms.
Deals included a 100% interests in Clahane, a 55MW wind farm in Ireland, Rosieres and Montigny, two wind farms in France with a combined capacity of 31.8MW, and Solwaybank, a wind farm in Scotland with a total of 30MW.
TRIG also made its first acquisition in Sweden, taking a 75% equity interest – equal to 171.8MW – in the 229.1 Erstrask wind farm in Sweden.
The asset manager’s portfolio now stands at 62 assets, spanning wind, solar and energy storage in markets that include the UK, Ireland, France and the Nordics.
Annual electricity production increased by 14% to 2011 gigawatt hours (GWh) in 2018, compared with 1766GWh for the previous year.
TRIG made a total return of 11.6% for 2018 and 7.8% since its initial public offering in 2013.
In 2018 TRIG raised £236m of new equity capital, before issue costs, and commenced four construction projects with an aggregate generating capacity of 67MW.
TRIG chairman Helen Mahy said: “2018 is TRIG’s fifth year of operations and was another strong year.
“Once again, we have been able to deliver attractive returns to our investors with a total net asset value and dividends return in the year of 11.6%.
“The period saw ongoing diversified growth through acquisitions, good asset availability and healthy levels of cash generation.”