NAV, Completion of Acquisition and Factsheet
3 August 2020
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Net Asset Value, Completion of Acquisition and Factsheet
The Board of Octopus Renewables Infrastructure Trust plc (the "Company" or "ORIT") announces that the unaudited net asset value ("NAV") of the Company as at 30 June 2020 on a cum-income basis was £341.5 million or 97.58 pence per ordinary share.
As previously announced, despite the reduction in energy demand and drops in short and medium term power prices due to the Covid-19 pandemic, the beneficial timing of ORIT's IPO and recent transactions has enabled the vast majority of the recent energy price falls to be incorporated into the prices paid for investments. Since IPO, the Company's NAV per ordinary share has reduced by 0.4%, in part due to slight delays in deployment of the IPO proceeds due to Covid-19.
On 31 July 2020, the Company announced the acquisition of a 100% interest in a portfolio of subsidised operational solar PV assets in France for a cash consideration of €58.9m. The Board is pleased to announce that the acquisition has now been completed. The Company will receive the economic benefit of all cash flows from this portfolio from 1 January 2020. Following this acquisition the Company has now committed c.75% of the funds raised at IPO and is on track to be fully invested by early autumn.
The Company's inaugural factsheet is available to download at: https://octopusrenewablesinfrastructure.com/investors/
For further information please contact:
Octopus Investments Limited (Investment Manager)
Matt Setchell, Chris Gaydon
Peel Hunt (Broker)
Liz Yong, Luke Simpson, Tom Pocock (Corporate Broking)
Alex Howe, Chris Bunstead, Ed Welsby (Sales)
020 7418 8900
Buchanan (Financial PR)
Charles Ryland, Kelsey Traynor, Hannah Ratcliff
020 7466 5000
PraxisIFM (Company Secretary)
Brian Smith, Tom Daish
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust plc is a closed end 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. Octopus Investments Limited acts as the Investment Manager to the Company.
Further details can be found at www.octopusrenewablesinfrastructure.com.
About Octopus Renewables
Octopus Renewables, part of Octopus Investments and the wider Octopus Group, is a specialist clean energy investment manager with a mission to accelerate the transition to a future powered by renewable energy. Since 2010, Octopus Renewables has, on behalf of its clients, invested in a diverse portfolio of assets with a capacity of over 2.5GW and is now the largest commercial solar investor in Europe and a leading UK investor in onshore wind. Octopus Renewables is co-led by Matt Setchell and Alex Brierley and has over 70 employees in the UK and Australia.
Further details can be found at www.octopusrenewables.com
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