REG - Octopus Renewables - RCF Term Extended and Size Reduced

Octopus Renewables Infrastructure TrustAnnouncement

17/03/2025 07:00

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RNS Number : 8033A  Octopus Renewables Infra Trust PLC  17 March 2025

17 March 2025

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

 

 Revolving credit facility term extended and size reduced

Maturity pushed out to June 2028

Cost savings of c.£850,000 per annum achieved

 

Octopus Renewables Infrastructure Trust plc, the diversified renewables
infrastructure company, announces it has extended the term of its Revolving
Credit Facility ("RCF" or the "Facility") from February 2026 to June 2028, and
significantly reduced the size of the Facility from £270.8 million to £150
million, with immediate effect. This is in line with the Company's Capital
Allocation Update announcement on 11 March 2025.
(https://www.londonstockexchange.com/news-article/ORIT/capital-allocation-update/16934083)

 

The updated Facility is being provided by the Company's four existing RCF
lenders: National Australia Bank, NatWest, Santander and Allied Irish Banks,
with a commitment of £37.5 million from each. The uncommitted accordion
feature has also been reduced from £150 million to £100 million.

 

Other terms of the RCF - including the margin of 200bps above SONIA - remain
unchanged. The RCF includes a commitment fee of 0.7% per year on undrawn
amounts, and the reduction in size will therefore result in a cost saving of
approximately £850,000 per year.

 

The Company recently paid down a portion of its RCF from £151.2 million to
£52.7 million, using the proceeds of the new five-year term facility that was
announced on 28 February 2025
(https://www.londonstockexchange.com/news-article/ORIT/orit-signs-new-five-year-term-loan-facility/16918901)
.

 

 

 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, Liz Yong, Huw Jeremy (Investment Banking)

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris

 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 £6.8 billion of assets under
management (AUM) (as of 31 December 2024) across 18 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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