Wind farm owner powers up

The Renewables Infrastructure Group, owner of a string of Scottish wind farms and other green energy projects, has reported a strong financial performance with a 50 per cent hike in generating capacity.

The London-listed group, which is better known as Trig, said its portfolio generated just over 3,000 gigawatt hours of electricity in 2019, up from 2,011GWH a year earlier.

Profit before tax came in at £162 million, up from £123m in 2018, including an uplift in the portfolio valuation. It reported a net asset value (NAV) per ordinary share of 115p as of 31

December 2019, compared with 108.9p the year before.

The group saw its portfolio generating capacity jump to 1,664 megawatts with a total of 74 portfolio projects in the UK, Ireland, France, Sweden and Germany.

Chairman Helen Mahy said: “2019 marked another strong year for Trig, increasing our NAV and our dividend target.

“We have been well supported by our shareholders with two successful fund raises during the year enabling us to make further attractive investments. Renewable energy has a central role to play in decarbonising our energy usage and we remain confident that Trig will continue to play its part in the energy transition.”

Richard Crawford, director, infrastructure, Infrared Capital Partners, added: “Operationally our portfolio is performing well with good asset availability and we continue to drive robust operational and financial performance.

“We have made several strategic investments during 2019, including offshore and onshore wind projects in Europe, enabling Trig to significantly enhance the diversification of its portfolio. This positions us well to continue to generate sustained and consistent returns for our shareholders.”

Trig also announced the appointment of Tove Feld as a non-executive director, with effect from 1 March.