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Octopus Renewables Infrastructure Trust plc

(“ORIT” or the “Company“)

Interim Results

Octopus Renewables Infrastructure Trust plc is pleased to announce its maiden unaudited interim results for the period from incorporation on 11 October 2019 to 30 June 2020.

Highlights

  As 30 June 2020

(unaudited)

NAV per Ordinary Share (p) 97.58p
Ordinary Share price (p) 112.2p
Ordinary Share price premium to NAV1 15.0%
Dividends per Ordinary Share (p)2 1.06p
Net assets in (£ million) £341.5m
Ongoing charges ratio1 1.24%

 

  • The Company’s oversubscribed IPO took place on 10 December 2019, with the Company being awarded the London Stock Exchange’s Green Economy Mark on IPO
  • Total shareholder return of 12.2% as at 30 June 20201
  • Two significant investments were made in the period, one operational solar PV portfolio of subsidised sites across the UK and a construction-ready onshore wind farm in south Sweden
  • As at 30 June 2020, the portfolio comprised 9 assets across two countries and two technologies, with total capacity of 171MW3
  • At SPV level, revenues of £7.7 million were generated by the portfolio assets over the period4
  • The UK solar PV portfolio has performed well, with output 7.4% ahead of forecast for the six months ending 30 June 2020
  • Construction at Ljungbyholm Wind Farm, the onshore wind project in Sweden, is progressing as planned, with the start of full commercial operations on track for H2 2021
  • As at 30 June 2020, the Company had committed approximately 59% of net proceeds raised at IPO in December 2019, with total capital committed of £203 million
  • The portfolio is forecast to generate 262GWh of renewable electricity, equivalent to powering 59,000 homes with clean energy and avoiding emissions of 49,000 tonnes of carbon dioxide annually


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