28 February 2025
LEI: 213800B81BFJKWM2JV13
Octopus Renewables
Infrastructure Trust plc
("ORIT"
or the "Company")
ORIT signs new
five-year term loan facility
Attractive
terms agreed
with net proceeds to reduce amount drawn on
RCF
Octopus Renewables Infrastructure
Trust plc, the diversified renewables
infrastructure company, announces it has signed a new five-year
term loan facility (the "Facility") with three of its existing
lenders. The £100 million Facility will be used to pay down a
portion of the existing and more expensive Revolving Credit
Facility ("RCF") debt.
The Facility comprises equal
commitments from Santander, National Australia Bank and Allied
Irish Banks and is secured against ORIT's UK onshore wind and solar
assets which benefit from a high level of fixed revenues. ORIT has
secured an all-in hedged interest rate of 5.3%, representing a material decrease in costs from the existing
RCF, which has an all-in rate of approximately 6.5%.
As at today's date, the Company had
drawn £151.2 million on the RCF, a portion of which will be paid
down using the net proceeds from the Facility, reducing the drawn
amount to c.£53 million.
In addition, the Company is
currently in the process of extending the tenor of the RCF and
reducing its commitment size from £270.8 million in order to
decrease commitment fees and further reduce costs.
Phil Austin, Chair of Octopus Renewables Infrastructure Trust
plc, commented:
"This new facility
demonstrates ORIT's ongoing commitment to reducing
overall debt costs, enabled by the attractive terms secured by the
Investment Manager against the high level of fixed revenue from
these UK assets. The Company continues to examine
further measures it can take to reduce costs and drive value for
shareholders."
|
Octopus Energy Generation (Investment Manager)
Chris Gaydon, David
Bird
|
Via Burson Buchanan
or
orit@octopusenergygeneration.com
|
|
Peel Hunt (Broker)
Luke Simpson, Huw Jeremy (Investment
Banking)
Alex Howe, Chris Bunstead, Ed
Welsby, Richard Harris (Sales)
|
020 7418 8900
|
|
Burson Buchanan (Financial PR)
Charles Ryland, Verity
Parker, Samuel Adams
|
020 7466 5000
|
|
Apex Listed Companies Services (UK) Limited (Company
Secretary)
|
020 3327
9720
|
Notes to editors
About Octopus
Renewables Infrastructure
Trust
Octopus Renewables Infrastructure Trust
("ORIT") is a London-listed, closed-ended 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. As an impact
fund, ORIT is helping accelerate the transition to net zero by
investing in green energy, whilst also contributing to a broader
set of UN Sustainable Development Goals through its impact
initiatives. ORIT's investment manager is Octopus Energy
Generation.
Further details can be found
at www.octopusrenewablesinfrastructure.com
About Octopus
Energy Generation
Octopus Energy Generation is driving the
renewable energy agenda by building green power for the future. Its
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 14-year track record
with approximately £6.7 billion of assets under management (AUM)
(as of 30 September 2024) across 19 countries and total 4.5GW.
These renewable projects generate enough green energy to power 2.6
million homes every year, the equivalent of taking over 1.4 million
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
