Update Regarding Potential Combination

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) Chris Gaydon, David Bird	Via Buchanan
Peel Hunt (Financial Adviser and Broker) Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking) Michael Nicholson, Ed Lowe, Ed Beazley (M&A)	020 7418 8900
Buchanan (Financial PR) Charles Ryland, George Beale, Sam Adams	020 7466 5000
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 

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

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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