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(Sharecast News) - The Renewables Infrastructure Group reiterated its target of an increased dividend as the investment trust reported a lower than forecast drop in the value of its assets.
Net asset value (NAV) per share fell to 113p from 115p in the six months to the end of June. The value of the company's portfolio rose 15% to £2.01bn, driven by £281m of investments.
TRIG said in April that NAV per share could drop by as much as 5p as power prices fell during the Covid-19 crisis. It said the reduction was less because of strong demand for renewable assets and an improved portfolio.
The FTSE 250 company said it intended to increase its annual dividend to 6.76p a share from 6.64p in 2019. It said the dividend was covered 1.25 times by net cash flow after operating and finance costs and 2.2 times before repaying project-level debt.
TRIG invests in wind and solar power projects to capitalise on a shift towards renewable energy sources from fossil fuels. Its investments were affected in the first half by falling power prices as economic lockdowns swept through the UK and other European markets.
Helen Mahy, TRIG's chair, 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."
Mahy said generation from the company's assets was 9% higher than budget. She attributed this to the quality of its operational teams and good wind and irradiation levels and assets remaining open during the crisis.
TRIG shares were little changed at 136.89p at 08:50 BST.
22 Oct 2018 09:02
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