November 20 (Renewables Now) - Octopus Renewables Infrastructure Trust plc on Tuesday published a prospectus for an up to GBP-250-million (USD 323m/EUR 292m) initial public offering (IPO) in London.
The trust, which is managed by a unit of the Octopus Group, invests in operating or shovel-ready renewable energy assets in Europe, including the UK, and Australia, with a focus on onshore wind farms and solar photovoltaic (PV) plants. Its investment manager has already identified a renewables pipeline of about GBP 2.8 billion, including GBP 624 million of third-party owned projects for which it has submitted non-binding offers.
As at end-June 2019, Octopus Renewables had some GBP 1.9 billion of funds under management invested into renewables, with an underlying enterprise value of about GBP 3 billion.
The company targets a net total shareholder return of 7%-8% per year over the medium to long term, with an initial annualised dividend yield of 3% that would rise to 5% in fiscal 2021.
As per the IPO, the results of the issue will be published on December 6 and admission and dealings in ordinary shares is scheduled to commence on December 10. The trust has applied for trading on the premium segment of the Main Market of the London Stock Exchange.
(GBP 1.0 = USD 1.291/EUR 1.167)