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20 Jan 2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER REGULATION (EU) NO 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE, AS AMENDED FROM TIME TO TIME, WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED ("EUWA").
20 January 2023
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Increased Dividend Guidance
In line with the Company's progressive dividend policy, the Board of Octopus Renewables Infrastructure Trust plc is pleased to announce an increase in the target dividend to 5.79p* per ordinary share for the financial year from 1 January 2023 to 31 December 2023 ("FY 2023").
This increase of 10.5% over FY 2022's dividend target is in line with the increase to the Consumer Price Index (CPI) for the 12 months to 31 December 2022, and marks the second consecutive year the Company has increased its dividend target in line with inflation. For FY 2023, the Company has elected to increase the target in line with CPI, rather than the lower CPIH. The FY 2023 dividend target is expected to be fully covered by cashflows generated from the Company's operating portfolios.
The Company is on track to deliver its dividend target for FY 2022 of 5.24p per ordinary share* and expects the dividend to be fully covered by cashflows arising from its operating assets. The fourth interim dividend for FY 2022 is expected to be declared in late January 2023.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "Increasing our annual dividend target by 10.5%* for the new financial year reflects the positive progress made by the Company to date. This has been driven by our diversified portfolio of assets, spanning 7 countries and 4 technologies, from which 53% of forecast revenues over the next 10 years are explicitly inflation linked**. Along with our Investment Manager's successful delivery of construction projects, the existing operational portfolio has allowed for 546 MW of operational capacity to now contribute to ORIT's dividend cover."
For further information please contact:
Octopus Energy Generation Limited (Investment Manager) Matt Setchell, Chris Gaydon, David Bird
| Via Buchanan |
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, Hannah Ratcliff, George Beale
| 020 7466 5000 |
Apex Listed Companies Services (UK) Limited (Company Secretary)
| 020 3327 9720 |
\* The dividend and return targets stated in this announcement are targets only and not profit forecasts. There can be no assurance that these targets will be met, or that the Company will make any distributions at all and they should not be taken as an indication of the Company's expected future results. The Company's actual returns will depend upon a number of factors, including but not limited to the Company's net income and level of ongoing charges. Accordingly, potential investors should not place any reliance on these targets and should decide for themselves whether or not the target dividend and target net total shareholder return are reasonable or achievable. Investors should note that references in this announcement to "dividends" and "distributions" are intended to cover both dividend income and income which is designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts.
** Approximately 53% of the revenues forecast in the period to 31 December 2033 is now explicitly inflation linked (with reference to UK RPI, French inflation and Polish CPI).
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.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Energy Generation
Octopus Energy Generation ("OEGEN") is driving the renewable energy agenda by building green power for the future. Its London-based, leading 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 12-year track record with approximately £5.4 billion of assets under management (AUM) (as of 30 September 2022) across 11 countries and total 3.2GW. These renewable projects generate enough green energy to power 2 million homes every year, the equivalent of taking over 800,000 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
Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.
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