The Renewables Infrastructure Group (TRIG) reported net asset value (NAV) per share down almost 1% in the first six months of the year, compared with the end of 2020, impacted by production of its portfolio being 12% below budget.
NAV per share was £1.143 at the end of June, down from £1.153 on 31 December 2020.
TRIG said that the performance of its portfolio during the period was impacted by low weather resource, particularly in the UK, Ireland and Germany.
Power prices captured in the period, which averaged £63.4 a megawatt-hour in the UK, and near-term power price forwards were sharply higher than forecast.
Meanwhile, medium- to long-term power price forecasts have reduced somewhat, the company said.
It added that after operating and finance costs, net cash flow covered the cash dividend 1.28 times, or 2.1 times before the impact of repaying project-level debt.
The company said: “TRIG has maintained its loan amortisation profile, continuing to repay project level debt over the remaining subsidy periods.
“Interest rates are predominantly fixed, thereby reducing the risk of rising costs associated with future interest rate increases.”