Octopus Renewables records ‘strong performance’ for inaugural year

Octopus Renewables confirms dividend of 3.18p per share

Octopus Renewables Infrastructure Trust (LON:ORIT) confirmed its results on Monday for “the period from incorporation” on 11 October 2019 to 31 December 2020.

The company announced that 100% of its net proceeds from IPO are now committed following its IPO on 10 December 2019 which raised £350 million.

Octopus Renewables’ Net Asset Value (NAV) per ordinary share is at 98.3p as of 31 December 2020, a £344m total NAV. Its total NAV return is 2.4% over the period since its IPO.

The company announced a dividend of 3.18p per share, while reaffirming its dividend target for 31 December 2021 at 5p per share.

Octopus Renewables made five acquisitions during the period, with diversification across 24 assets, four countries, onshore wind and solar PV, and operational and construction assets.

The company also confirmed that construction of the Ljungbyholm wind farm in Sweden is on schedule.

Octopus Renewables announced in November that it had acquired 100% of the Cerisou wind farm, a construction-ready project in the Vienne department of France.

Chris Gaydon, Investment Director at Octopus Renewables, commented on the company’s performance following its inaugural year.

“I am pleased that ORIT is reporting a strong performance for its inaugural year. Over the period the team has fully committed the net proceeds of the IPO and delivered on the first-year dividend target of 3.18p per share,” said Gaydon.

“For the year to come we remain focused on delivering on the targets set out to investors, strengthening ORIT’s position as an impact investment trust and continuing to drive the energy transition towards a net-zero future. As we emerge from the Covid-19 crisis, and the electrification of transport and heat accelerates creating greater demand for renewable energy, we continue to see opportunities for further growth in the Company.”