Green fund Trig eyes further deals as it posts in-line results
THE RENEWABLES Infrastructure Group (Trig) yesterday reported in-line financials and a strong pipeline of acquisitions, in its first set of results since its flotation last summer.
The green energy-focused investment fund raised £310.1m through a London initial public offering in July and a tap issue in November. It then acquired an initial portfolio of 18 wind and solar assets, which it said is performing in line with expectations.
Trig now owns 20 projects across the UK, France and Ireland and is eyeing more acquisitions to add to its portfolio this year.
The firm announced an £80m debt facility provided by Royal Bank of Scotland and National Australia Bank last week, which will be used to fund more deals, and is considering a possible capital raise next month to provide further financing.
Trig posted profit of £10.3m for the period to 31 December 2013 and a dividend of 2.5p per share.
“Following a successful, oversubscribed IPO, the board has been further encouraged by the achievements that Trig has made towards its goals,” said chairman Helen Mahy.
“We are pleased to report substantial progress on a range of further acquisitions from both RES and the broader market, delivering on our promise to increase scale, diversification and liquidity.”
Shares closed up 0.25 per cent.