Octopus Renewables Infra Trust PLC Successful exit from Spanish solar projects (2109A)
19 Janvier 2024 - 8:00AM
UK Regulatory
TIDMORIT
RNS Number : 2109A
Octopus Renewables Infra Trust PLC
19 January 2024
19 January 2024
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Successful exit from Spanish solar projects
ORIT has elected to terminate its option to acquire 175MW of
ready-to-build solar projects in Spain. ORIT originally entered
into a conditional acquisition agreement over the sites in 2020,
however, having reassessed the projects on a risk-adjusted basis
and taking into account the Company's approach to capital
allocation, exiting the option at a value above the Company's
holding value was a more attractive proposition than committing to
the construction.
ORIT has been refunded its initial deposit paid and has in
addition negotiated a termination payment from the vendor. This has
resulted in a net gain on the investment of approximately GBP3.0m
over the EUR2.0m initial deposit or approximately GBP1.5m over the
GBP3.2m holding valuation of the option at Q3 2023, equivalent to a
positive NAV impact of approximately +0.3 pence per Ordinary Share
compared with the valuation of the option at 30 September
2023*.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust
plc, commented: "Exiting this option demonstrates ORIT's ability to
remain flexible as market conditions change and reflects our
disciplined approach to capital allocation, allowing us to
capitalise on opportunities to enhance value for shareholders when
the right deals arise."
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 later in January
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 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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