The Renewables Infrastructure Group has banked a £90.2m pre-tax profit for 2017, up from £67.9m for the previous 12 months.
TRIG said in annual results today the profit was partly achieved due to an “uplift in portfolio valuation”, with an “above-budget portfolio generation” of almost 1.8TWh – up from 1.4TWh in 2016 – also contributing.
“Project-level enhancements and scale efficiencies” further contributed to the uplift in generation figures, it said.
A total of £230m was invested during the year, including TRIG’s first offshore wind and storage acquisitions, with portfolio capacity increasing by 15.5% to 821MW. It raised a further £110m in new equity capital in 2017.
TRIG also said it successfully completed construction of the 22.6MW Freasdail wind farm in Scotland during the year.
“Sustained keen competition for renewables projects, on the back of a high level of institutional allocations, has necessitated a selective approach when evaluating investments,” said Richard Crawford, director of TRIG investment manager InfraRed Capital Partners.
“As a result of the TRIG team’s broad relationships across the sector, combined with the right of first offer on projects sourced from RES, TRIG continues to have access to an attractive pipeline of investment opportunities for consideration.”
Image: TRIG invested in the Sheringham Shoal wind farm off east England (Statoil)
TRIG posts profit surge
By EBS