Octopus Renewables Infra Trust PLC Sale of Polish Wind Farms (8847O)
06 Octobre 2023 - 8:00AM
UK Regulatory
TIDMORIT
RNS Number : 8847O
Octopus Renewables Infra Trust PLC
06 October 2023
6 October 2023
LEI: 213800B81BFJKWM2JV13
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
Octopus Renewables Infrastructure Trust plc
("ORIT", the "Company")
Sale of Polish Wind Farms
Octopus Renewables Infrastructure Trust plc has entered into a
conditional agreement to sell the Krzecin and Kuslin onshore wind
farms in Poland to an affiliate of ORLEN S.A. ("ORLEN") (the
"Transaction").
On completion of the Transaction, ORIT expects to receive net
proceeds, following the repayment of asset level debt and
termination of hedging arrangements, of between PLN 470 million and
PLN 490 million (equivalent to approximately GBP88 million to GBP92
million). This represents a 14 to 19% premium over the holding
value of the Krzecin and Kuslin wind farms of GBP77 million as at
30 June 2023. Completion of the Transaction is expected to realise
an IRR of 25 to 30% over the lifetime of ORIT's investment.
ORIT acquired the Krzecin and Kuslin wind farms when they were
in the construction phase in October 2021. The Company managed the
construction of the two wind farms, successfully bringing them into
operation in 2022. The two sites have a combined capacity of 59 MW,
generating enough green power for well over 100,000 homes and
avoiding the equivalent of 150,000 tonnes of carbon dioxide
emissions every year.
The purchaser, ORLEN, is a Polish-based listed multi-energy
company and in connection with the Transaction, ORLEN has agreed to
provide a loan to repay the existing bank debt secured against the
Krzecin and Kuslin wind farms.
This accretive sale demonstrates the strength of the Company's
net asset value and strong buyer appetite for renewable energy
assets as the Investment Manager continues to actively manage the
Company's portfolio. The sale forms part of the Company's announced
strategy to release capital through the sale of a small number of
assets. The proceeds will initially be used to repay short term
debt facilities and may subsequently be reinvested in projects that
offer further opportunities for capital growth and greater impact
through building more new renewable energy projects like wind and
solar farms.
Completion of the Transaction is subject, inter alia, to
competition approvals, which are expected within the next 2-6
months.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust
plc, commented: "ORIT is committed to making a positive impact
through investing in renewable assets which help accelerate the
transition to net zero. Building new wind farms, like these two in
Poland, has brought more vital green energy onto the system. The
Company has demonstrated its ability to manage the construction of
these renewable energy projects, successfully delivering capital
growth for investors, proving its ability to sell assets at an
attractive valuation.
As the Company's portfolio becomes increasingly weighted towards
operational assets, selling some of these now and paying down short
term debt will then give ORIT the ability to explore new
opportunities to build more green energy projects. This creates
even greater scope for capital growth alongside ORIT's income, and
to continue making a difference by rapidly accelerating the green
energy transition."
For further information please contact:
Octopus Energy Generation (Investment Manager) Via Buchanan
Chris Gaydon, David Bird
Peel Hunt (Broker)
Liz Yong, Luke Simpson, Huw Jeremy (Investment
Banking)
Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris,
Michael Bateman (Sales) 020 7418 8900
Buchanan (Financial PR)
Charles Ryland, Hannah Ratcliff, George Beale 020 7466 5000
Apex Listed Companies Services (UK) Limited (Company
Secretary) 020 3327 9720
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust ("ORIT") is a
premium-listed, closed-ended investment company incorporated in
England and Wales focused on providing investors with an attractive
and sustainable level of income returns, with an element of capital
growth, by investing in a diversified portfolio of renewable energy
assets in Europe and Australia. As an impact fund, ORIT is helping
accelerate the transition to net zero by investing in green energy,
whilst also contributing to a broader set of UN Sustainable
Development Goals through its impact initiatives. ORIT's investment
manager is Octopus Energy Generation.
Further details can be found at
www.octopusrenewablesinfrastructure.com
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda
by building green power for the future. Its London-based, leading
specialist renewable energy fund management team invests in
renewable energy assets and broader projects helping the energy
transition, across operational, construction and development
stages. The team was set up in 2010 based on the belief that
investors can play a vital role in accelerating the shift to a
future powered by renewable energy. It has a 12-year track record
with approximately GBP6.0 billion of assets under management (AUM)
(as of March 2023) across 13 countries and total 3.2GW. These
renewable projects generate enough green energy to power 2.3
million homes every year, the equivalent of taking over 1.2 million
petrol cars off the road. Octopus Energy Generation is the trading
name of Octopus Renewables Limited.
Further details can be found at
www.octopusenergygeneration.com
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