Renewables Infrastructure Group Ltd on Tuesday increased its share buyback programme and hiked its 2025 dividend target as it reported a decrease to net asset value.

The Guernsey-based renewable energy investment company said the net asset value on December 31 was 115.9 pence, down 4.7% from 121.6 pence on September 30 due to operational assumption changes and increased UK discount rates.

It said portfolio performance was below forecast in the quarter due to lower wind generation in the UK and south of France, with particularly low speeds in November.

The company said it is increasing the scale of its share buyback programme to £150 million from £50 million. It is expected to conclude by the end of May 2026.

It said it has a strong balance sheet, having repaid around £500 million of debt over the last two years.

‘The company’s revolving credit facility will be used to fund share buybacks as a bridge to further divestments and refinancings, the proceeds of which are expected to exceed £300 million,’ the company said.

The firm said it met its 2024 dividend target of 7.47 pence per share. It increased the 2025 dividend target to 7.55 pence per share, up 1.1% from 2024’s dividend.

Renewables Infrastructure Group shares were down 0.1% to 80.10 pence in London on Tuesday morning.

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