Octopus Renewables Infra Trust PLC Completion of Polish Wind Farms sale (5470W)
13 Décembre 2023 - 8:00AM
UK Regulatory
TIDMORIT
RNS Number : 5470W
Octopus Renewables Infra Trust PLC
13 December 2023
13 December 2023
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Completion of Polish Wind Farms sale
Further to the Company's announcement on 6 October 2023, the
Board of ORIT is pleased to announce it has completed the sale of
the Krzecin and Kuslin onshore wind farms in Poland to an affiliate
of the Polish-based listed multi-energy company, ORLEN S.A.
("ORLEN") (the "Transaction"). Completion of the Transaction was
subject to the receipt of competition approvals, which are now in
place.
In total, following repayment of asset related debt and
termination of FX and hedging arrangements, ORIT will receive net
proceeds from the Transaction of approximately GBP92 million, at
the top end of the Company's expectations upon entering into the
sale agreement in October 2023. This represents a 21% premium over
the holding value of the Krzecin and Kuslin wind farms of GBP76
million as at 30 September 2023, and a positive impact on NAV of
approximately +2.8 pence per Ordinary Share*. Completion of the
Transaction will realise an IRR of around 30% over the lifetime of
ORIT's investment. The net proceeds will predominantly be used to
repay ORIT's short-term debt facilities.
ORIT acquired the Krzecin and Kuslin wind farms when they were
in the construction phase in October 2021. The Company managed the
construction phases, successfully bringing the wind farms 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.
This accretive sale is part of the Company's strategy to release
capital through the sale of a small number of assets, and
demonstrates the strength of the Company's portfolio and net asset
value and strong appetite for renewable energy assets.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust
plc, commented: "We are pleased to deliver the first result from
our capital recycling programme with the successful sales of the
Polish wind farms. This transaction is an excellent result for the
Company, delivering a strong uplift to the Company's NAV. It
demonstrates our Investment Manager's ability to manage the
construction of new renewable energy assets, which help to
accelerate the transition to net zero and also to deliver capital
growth for shareholders through active asset and portfolio
management."
For further information please contact:
Octopus E nergy 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, George Beale 020 7466 5000
Apex Listed Companies Services (UK) Limited (Company
Secretary) 020 3327 9720
*The updated unaudited NAV and NAV per Ordinary Share as at 31
December 2023 will be calculated in accordance with the Company's
valuation policy and are expected to be announced in February 2024.
Shareholders should note that the calculation of the NAV and the
NAV per Ordinary Share as at 31 December 2023 will take account of
the latest valuations of all of the Company's investments as at 31
December 2023. As such, this announcement does not constitute or
describe an updated NAV of the Company or NAV per Ordinary
Share.
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 13-year track record
with approximately GBP6.0 billion of assets under management (AUM)
(as of September 2023) across 16 countries and total 3.3GW. These
renewable projects generate enough green energy to power 2.4
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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