The Renewables Infrastructure Group (TRIG) earned an operating profit of £162m (€194m) in 2019, up on £123m in 2018, according to its annual results.
As a result of its “portfolio diversification” strategy the company’s generating capacity increased by 50% to 1664MW, from a total of 74 projects in the UK, Ireland, France, Sweden and Germany.
In 2019 TRIG made its first investments in Germany with the acquisition of interests in the Gode Wind 1 and Merkur offshore wind farms.
Last year the company raised £530m of new equity capital (before issue costs) and amended its investment policy to allow more investment in both offshore wind and continental Europe.
In 2019 the TRIG portfolio generated 3036 gigawatt hours (GWh) of electricity, compared with 2011GWh in 2018.
The directors’ portfolio valuation was £1745m as at 31 December 2019, compared with £1269m in 2018, following the acquisitions.
Company chairman Helen Mahy (left in the picture) said 2019 marked another “strong year” for TRIG.
“We have been well supported by our shareholders with two successful fund raises during the year enabling us to make further attractive investments,” she said, adding, “renewable energy has a central role to play in decarbonising our energy usage and we remain confident that TRIG will continue to play its part in the energy transition.”
TRIG has also expanded its board with the addition of Tove Feld, who joins as a fifth non-executive director on 1 March 2020. “She brings considerable experience in offshore wind and European renewables,” Mahy said.
InfraRed Capital Partners infrastructure director Richard Crawford said: “Operationally our portfolio is performing well with good asset availability and we continue to drive robust operational and financial performance.
“We have made several strategic investments during 2019, including offshore and onshore wind projects in Europe, enabling TRIG to significantly enhance the diversification of its portfolio. This positions us well to continue to generate sustained and consistent returns for our shareholders.”