The Renewables Infrastructure Group (TRIG) has booked a pre-tax profit of £19.2m for the first half of the year, up from £15.1m in the same period of 2015.
The fund said the increase reflected continuing strong demand for renewables infrastructure as well as foreign exchange gains and reduced corporation tax assumptions.
This partially offset a period of lower power prices that affected earnings, it said.
TRIG invested £45.2m in the last six months to reach a total capacity of 680MW, which were worth £759.5m as of 30 June.
The fund, which owns onshore wind farms and solar parks, is now also looking into the offshore wind market.
Its 51 plants in the UK, France and Ireland generated 738GWh in the period, or 29% more than last time.
TRIG expects the strong demand for yielding infrastructure, including renewables, to continue, and to be enhanced if a “lower for longer” environment for interest rates materializes.
“We continue to see a broad pipeline of projects – both in our existing technologies and in offshore wind, a sector which seems likely to offer significant opportunities for TRIG in the years ahead,” InfraRed Capital Partners director of infrastructure Richard Crawford said.
Image: sxc
