The Renewables Infrastructure Group (TRIG) net asset value per share fell almost 2% in the first six months of the year, compared with the end of 2019, mainly because of lower electricity prices as a result of the Covid-19 pandemic.
However, the fall was lower than TRIG had expected – up to 5% – with negative valuation drivers mitigated by “both the high proportion of price fixes that the company had in place and the value enhancing portfolio initiatives that the managers implemented over the period”.
TRIG’s portfolio was valued at £2009m (€2224m) at the end of June 2020, up 15% on the £1745m at the end of last year.
The increase was predominantly driven by investments made in the period of £281m, the company said.
TRIG said production in the first half of 2020 in its portfolio was above budget by 9%.
The portfolio produced 2141 gigawatt-hours during the period, 50% higher than the comparable period in 2019 (1429GWh).
This has been driven by growth in the portfolio, excellent energy resources in all regions in the first quarter, and good wind resource in Scandinavia and solar resource in the UK and France in the second quarter.
TRIG chairman Helen Mahy said: “The challenges during the first half of this year have been significant for many companies, including TRIG.
“In light of this backdrop, I am pleased to report that our financial performance has remained resilient, sustained by strong operational performance. We continue to maintain our dividend guidance.
“Looking ahead, our robust and diversified portfolio and our capable management team give me confidence that we will continue to provide our shareholders with sustainable returns through responsible investment.”
TRIG’s Solwaybank wind farm is pictured being built by RES.