REG - Octopus Renewables - ORIT signs new five-year term loan facility

Octopus Renewables Infrastructure TrustAnnouncement

28/02/2025 07:15

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RNS Number : 7930Y  Octopus Renewables Infra Trust PLC  28 February 2025

 

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)                     Via Burson Buchanan or

 Chris Gaydon, David Bird                                           orit@octopusenergygeneration.com (mailto:orit@octopusenergygeneration.com)

 Peel Hunt (Broker)                                                 020 7418 8900

 Luke Simpson, Huw Jeremy (Investment Banking)

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)

 Burson Buchanan (Financial PR)                                      020 7466 5000

 Charles Ryland, Verity Parker, Samuel Adams

 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
(http://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
(http://www.octopusenergygeneration.com/)  

 

 

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