(Alliance News) - Renewables Infrastructure Group Ltd on Friday announced a "resilient" financial performance for the first half, which was sustained by a strong operational performance.
TRIG said its portfolio of renewable energy assets produced 2,141 gigawatts in the six months ended June 30, up from 1,429 gigawatts the year prior.
Guernsey-based TRIG's portfolio was valued at GBP2.01 billion at the end of the first half, up 15% from GBP1.75 billion at December 31, 2019. This was driven by investments made over the period totalling GBP281 million.
Energy generation from the portfolio was 9% above budget during the half year, owing to good wind and irradiation levels.
First half net asset value per share stood at 113.0 pence per share, a decrease of 1.7% since the end of last year.
The company reported pretax profit for the period of GBP16.3 million, down from GBP122.2 million a year prior.
Covid-19 barely affected the company during the first half thanks to the location of its assets which are typically located away from densely populated areas where infection rates are highest.
"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," Chair Helen Mahy said.
"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," she added.
TRIG shares were down 0.1% at 136.69 pence per share on Friday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Renewables Infrastructure Group (TRIG)