Octopus Renewables Infrastructure (ORIT) has raised £150m through its placing, open offer, offer for subscription, and intermediaries offer. The board increased the issue size from around £100m to around £150m on account of ORIT’s pipeline and demand from investors.
Renewables continues to draw in capital
Chris Gaydon, investment director at Octopus Renewables (ORIT’s manager), noted: “The team is thrilled with the result, raising £150m highlights investors’ appetite for exposure to the renewable energy sector but also reflects the considerable merits of ORIT’s strategy. The money raised will allow us to invest into further assets as we continue to diversify ORIT’s portfolio, creating long term sustainable income for shareholders.”
About ORIT
ORIT aims to provide investors with attractive and sustainable dividends, alongside capital growth. The company will seek to achieve its investment objective through investment in renewable energy assets in Europe and Australia, comprising (i) predominantly assets which generate electricity from renewable energy sources, with a particular focus on onshore wind farms and photovoltaic solar, and (ii) non-generation renewable energy related assets, in each case either already operating, in construction or construction ready (the latter two categories must have the required grid access rights, land consents, planning and regulatory consents in place.
Investments located in the UK will represent less than 50 per cent. of gross asset value and investments in any single country other than the UK will represent no more than 40 per cent. of gross asset value. Investment in onshore wind farms is limited to 60 per cent. of GAV and so is investment in solar.
ORIT: Octopus Renewables Infrastructure raises £150m following increase in issue size