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Investing.com -- The Renewables Infrastructure Group (LSE:TRIG) on Friday reported a Q2 2025 Net Asset Value (NAV) of 108.2p per share, representing a 4.5p per share (approximately 4%) decrease from the previous quarter’s 112.7p per share.
Generation for the renewable energy investment company was 6% below budget in Q2 and 10% below budget for the first half of the year.
The primary factor driving the NAV decline was a change to future revenue forecasts, which had a negative impact of 4.4p per share.
The company cited poor wind resource in the UK, France, and Germany as the main reason for the below-budget generation, though this was partially offset by good performance in Sweden and UK solar assets.
Key movements affecting the NAV included Q2 performance (-1.0p per share) driven by poor wind resource, changes to revenue forecasts (-4.4p per share), with partial offset from value enhancement and share buybacks (+1.0p per share).
The revenue forecast changes were primarily attributed to lower assumed growth in electricity demand from one of the three power price forecasters used by TRIG, with additional caution from this forecaster having a -2.5p per share impact on NAV.
Dividend cover was reported at 2.2x gross or 1.0x net after the repayment of £105 million of portfolio level debt. An additional £85 million of portfolio level debt is scheduled for repayment in the second half of 2025.
The company reaffirmed its 2025 target dividend of 7.55p per share but noted that low generation from poor wind speeds in H1 is expected to impact H2 cash flows, potentially making full coverage of the FY25 dividend challenging.
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