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Renewables Infrastructure Group Ltd on Friday said the value of its portfolio and net asset value were lifted in the first six months of the year.
Guernsey-based renewable energy investor said its net asset value per share rose 13% over the first half of 2022, finishing the period at 134.2 pence, compared to 119.3 pence at the end of December.
Pretax profit surged to £425.7 million from £36.8 million a year prior, as net operating income jumped to £444.1 million from £10.5 million.
Earnings per share jumped to 17.9p from 1.8p year-on-year.
‘[EPS] reflects significant valuation growth in the period. The valuation movement in the period to 30 June 2022 is mainly attributable to increases in power price forecasts and increases in the level of inflation adopted. In addition there has been small positive valuation growth from foreign exchange movements as sterling depreciated during the period,’ the firm explained.
At the end of June, its portfolio was valued at £3.24 billion, compared to £2.73 billion at the end of December.
The company reaffirmed its dividend target of 6.84p for the year, increasing from 6.76p for 2021.
‘Amidst a challenging wider market for investors, TRIG's portfolio continues to perform well and is benefitting from its defensive positioning against elevated levels of inflation and volatile commodity markets. We have invested £442 million in renewables year-to-date, with two thirds of this invested in the UK. Our construction projects continue to progress well, with the 35 megawatt Blary Hill project being funded entirely from re-investment cash flows,’ said Richard Crawford, of InfraRed Capital Partners, the firm's investment manager.
Shares in the fund were up 2.2% to 142.79p each in London on Friday morning.
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