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Renewables Infrastructure Group Ltd on Friday reported a dip in net asset value as it was hurt by lower near-term power price forecasts and slower forecast inflation. Renewables Infrastructure also noted that electricity generation in the first half of 2024 was 7% below budget amid cable outages at two UK offshore wind farms, one of which had been repaired. The Guernsey-based renewable energy investment company said NAV per share declined 3.4% to 123.4 pence per share as at June 30 from 127.7p at December 31. Renewables Infrastructure said it has started the share buyback programme of up to £50 million that it had announced last week. It will run until maximum the end of May next year. Separately, the company announced that Minesh Shah bought 150,000 shares at around £1.01 each on Friday. He is a senior executive of the investment manager. Last week, Renewables Infrastructure said it will sell a 15% stake in the Gode offshore wind farm in Germany for €100 million to funds managed by Equitix Investment Management Ltd. Renewables Infrastructure Chair Richard Morse said: ‘The disposals secured by the managers both enhance TRIG’s NAV and create headroom for future growth. As part of our commitment to prudent capital allocation, the managers continue to appraise attractive investment opportunities, which include share buybacks, and progress selective disposals.’ Renewables Infrastructure shares were 2.0% higher at 102.00 pence each on Friday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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