Renewables Infrastructure cuts fees as net asset value falls in 2024

(Alliance News) - Renewables Infrastructure Group Ltd on Tuesday reported a lower net asset value per share for 2024 but increased its dividend and announced a revised fee structure to reduce costs.

The Guernsey-based renewable energy investment company said its net asset value per share fell to 115.9p at December 31, down from 127.7p a year earlier, due to lower power price forecasts, operational adjustments, and third-party grid outages.

Despite the decline, TRIG raised its total dividend for 2024 to 7.47 pence per share from 7.18 pence in 2023, and set a higher target of 7.55p for 2025, marking a 1.1% increase.

The company also agreed on a new fee structure with its investment manager InfraRed Capital Partners Ltd and its operations manager Renewable Energy Systems Ltd, which will take effect from April 1.

The annual management fee will now be based on an equal weighting of TRIG's market capitalisation and net asset value, rather than its adjusted portfolio value. The company said this will reduce annual fees by 28% while keeping existing thresholds and rates unchanged.

Additionally, TRIG tripled its share buyback programme from GBP50 million to GBP150 million, repurchasing 36 million shares for GBP33 million so far since August 2024.

Chair Richard Morse said the company's "diversified portfolio has delivered healthy cashflow generation," enabling debt reduction, share buybacks, and dividend growth despite the challenges.

Shares in Renewables Infrastructure Group were up 0.5% at 74.06 pence in London on Tuesday morning.

By Eva Castanedo, Alliance News reporter

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