REG - Octopus Renewables - Update Regarding Potential Combination

Octopus Renewables Infrastructure TrustAnnouncement

10/05/2024 07:30

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RNS Number : 9509N  Octopus Renewables Infra Trust PLC  10 May 2024

10 May 2024

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

 

("ORIT" or the "Company")

 

Update Regarding Potential Combination

 

On 26 February 2024, ORIT confirmed its participation in the process being run
by Aquila European Renewables plc ("AERI") to consider a potential combination
pursuant to section 110 of the Insolvency Act 1986 (the "Section 110 Review").

 

Further to the announcement published by AERI today that it has terminated the
Section 110 Review, the Board of ORIT confirms that the Company is no longer
considering a possible combination of ORIT and AERI.

 

As announced on 25 March 2024 in the Company's financial results for the 12
months ended 31 December 2023, ORIT continues to focus on its strategic
capital recycling programme, with further capital recycling initiatives in
progress and expected to be announced in the coming months. The strategic
capital recycling programme has generated net proceeds of £97 million to date
through profitable disposals of investments in Poland and Spain, allowing the
Company to react to changing market conditions, as well as provide further
options for capital allocation.

 

For further information please contact:

 

 Octopus Energy Generation (Investment Manager)                         Via Buchanan

 Chris Gaydon, David Bird

 Peel Hunt (Financial Adviser and Broker)                               020 7418 8900

 Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)

 Michael Nicholson, Ed Lowe, Ed Beazley (M&A)

 Buchanan (Financial PR)                                                020 7466 5000

 Charles Ryland, George Beale, Sam 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 premium-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 13-year track record with approximately £6.7 billion of assets under
management (AUM) (as of 31 December 2023) across 19 countries and total 3.7GW.
These renewable projects generate enough green energy to power 2.4 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)

 

Other notices

 

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated by the
Financial Conduct Authority in the UK, is acting exclusively for ORIT and no
one else in connection with the matters described in this announcement and
will not be responsible to anyone other than ORIT for providing the
protections afforded to clients of Peel Hunt nor for providing advice in
connection with the matters referred to herein. Neither Peel Hunt nor any of
its subsidiaries, branches or affiliates owes or accepts any duty, liability
or responsibility whatsoever (whether direct or indirect, whether in contract,
in tort, under statute or otherwise) to any person who is not a client of Peel
Hunt in connection with this announcement, any statement contained herein or
otherwise.

 

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