The Renewables Infrastructure Group net asset value falls in H1
The Renewables Infrastructure Group Limited
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16:34 09/09/24
Investment trust The Renewables Infrastructure Group said on Friday that its net asset value had fallen in the six months ended 30 June as lower prices and soft energy generation impacted its overall performance.
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The Renewables Infrastructure Group stated that net asset values had dropped from 127.7p to 123.4p in H1, principally due to lower near-term power price forecasts, lower forecast inflation and power generation that was 7% below budget.
However, the FTSE 250-listed group said it still had a dividend cover of 1.1x during the half, though this was less than the 1.7x reported at the same time a year earlier.
TRIG also launched a £50.0m share buyback programme and agreed to the sale of four wind farms across Ireland, Scotland and Germany for £189.0m, with an average sale premium booked on the assets 10% above book value.
As of 0915 BST, TRIG shares were up 1.40% at 101.40p.
Reporting by Iain Gilbert at Sharecast.com