Renewables Infrastructure Group Ltd on Friday said power generation was below forecast in the second quarter, amid some issues but confirmed it is on track for its annual dividend target.

The Guernsey-based renewable energy investment company said net asset value per share slipped 1.3% to 123.4 pence as at June 30 from 125.0p at March 31.

Renewables Infrastructure said generation of power in the second quarter of 2024 was below forecast partially due to third-party owned cable outages at two UK offshore wind farms, Hornsea One and East Anglia 1, and lower weather resource in some regions in particular in Sweden.

The company highlighted it is on track to pay its target dividend of 7.47 pence per share, up 4.0% from 7.18p paid for 2023.

Renewables Infrastructure shares were down 1.3% to 104.00 pence each on Friday morning in London.

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