Octopus Renewables Infrastructure Trust PLC - UK-based closed-ended investor in renewable energy assets - Agrees conditional acquisition of five solar panel sites near Dublin, Ireland, for between EUR138 million and EUR145 million. Notes that the sites have a combined installed capacity of up to 250 megawatts.
Says the purchase is conditional upon four of the five sites becoming fully operational, which is expected to occur by the second half of 2022. Adds that the four initial sites benefit from fixed revenues until 2037, having received a contract for difference in Ireland's renewable energy support scheme auction in 2020. Aims to secure a similar contract for the fifth site.
Secures a fully amortising debt facility of up to EUR88 million from Allied Irish Banks PLC and La Banque Postale to part finance the acquisition of the operational sites.
Chair Phil Austin says: "This acquisition, coming shortly after completion of our recent fundraise, will extend our presence into a fifth country, providing further geographic and revenue diversification."
In early July, the firm raised gross proceeds of GBP150 million from placing, open offer and subscription. The size of the placing was revised upwards, from GBP100 million, due to investment pipeline and investor demand. Overall, the trust raised 64.1 million shares in placing, 68.0 million shares in open offer, 6.3 million shares from the subscription and 6.5 million shares from intermediaries offer.
Current stock price: 105.22 pence, down 0.4% on Monday
Year-to-date change: down 6.8%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Octopus Energy (ORIT)