Octopus Renewables raises whopping £350m – Octopus Renewables Infrastructure Trust – a new renewable energy fund targeting onshore wind and solar assets in the UK, Europe and Australia, has smashed through its £250m fundraising target in its IPO and raised a whopping £350m. As such it looks likely to take the crown for the largest new issue of 2019 (discounting The Schiehallion Fund, which rolled over a pre-existing fund into a listed closed-end structure as well as raising additional capital). Congratulations are due to Peel Hunt, the company’s broker.
The new trust is targeting returns of 7% to 8% a year and dividends of 3% in the first year, rising to 5% in the second year (and hopefully growing after that). Fees are 0.95% on the first £500m – if it grows, fees on amounts above this level are 0.85%.
Dealing in the new shares should start on 10 December.
Here is a factsheet that explains a bit about what the fund does.
ORIT : Octopus Renewables raises whopping £350m