The Renewables Infrastructure Group
Interim Report for the six months ended 30 June 2020 The Renewables Infrastructure Group Limited
1.1 H1 2020 Highlights
- 113.0p NAV per share1, decreased by 1.7% since 31 December 2019 (115.0p)
- £2,009m Directors' portfolio valuation, up 15.1% since 31 December 2019 (£1,745m) 2
- 9.4% : total shareholder return since IPO3 vs. 5.0% for the FTSE 250
- 6.76p : dividend target reaffirmed for the year to December 2020 (2019: 6.64p)
- 1,502MW portfolio generation capacity 4 after disposals (31 December 2019 1,664MW)
- 640,000 tonnes of CO2 avoided 4,5 (H1 2019: 350,000)
- £281m : invested in period (H1 2019: £347m)
- £120m equity capital raised (H1 2019: £302m)
Helen Mahy, CBE, Chairman of the Company, 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.
TRIG's sustainability objectives have never been more relevant as Europe seeks to recover from the Covid-19 pandemic. Climate change remains a pressing concern, and the Company's investments will continue to be instrumental in mitigating climate change and preserving the natural environment. The Company also seeks to have a positive effect on the communities we partner with and work in and, to that end, the Company has committed a further half a million pounds to support the communities around our assets in their response to the pandemic.
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.”
Richard Crawford, Director, Infrastructure, InfraRed Capital Partners said:
“The portfolio has performed well throughout the six months, with good asset availability and favourable weather conditions allowing us to mitigate the lower wholesale power prices caused by the contraction in economic activity. Our diversified portfolio and revenue visibility places us in a strong position for any ongoing challenges.
Positive policy developments continue to provide long-term drivers for the transition to a zero-carbon future and the necessary investment to support this”