Standard content for Members only
To continue reading this article, please login to your Utility Week account, Start 14 day trial or Become a member.
If your organisation already has a corporate membership and you haven’t activated it simply follow the register link below. Check here.
The Renewables Infrastructure Group (Trig) has more than doubled its annual profit before tax to £23.3 million in 2014.
The annual results show the fund’s profit before tax increased by 126 per cent from £10.3 million in 2013.
This was as a result of the fund adding 52 per cent to its generating capacity, bringing it to 439MW, with nine newly acquired projects. This brough the fund’s portfolio value up to £472.9 million at the end of 2014 compared to £300.6 million the previous year.
The newly acquired projects includes the 16 MW capacity Earlseat windfarm in Scotland in November which was bought in a deal worth up to £32 million.
The dividend will be 6.08 pence per share for 2014, up from 2.50p for 2013, in line with the company’s targets.
The results state that operational performance from the portfolio of onshore wind and solar PV projects is in line with expectations, producing 814GWh of electricity during the 2014.
Trig chairman Helen Mahy said: “The company is underpinned by a strategy of diversification meaning Trig has remained resilient in a year characterised by falls in energy prices and variable weather conditions.”
The director at Trig’s investment manager InfraRed Capital Partners Richard Crawford added: “Trig has delivered a solid performance based on the strength and resilience of its portfolio and strategy.
“In the year, Trig has grown its portfolio by more than half through selective acquisitions and we have a healthy pipeline of projects available across the company’s target markets, positioning Trig well for further growth in 2015.”
Please login or Register to leave a comment.