- Press Releases
November 23 (Renewables Now) - Octopus Renewables Infrastructure Trust Plc (LON:ORIT) plans to carry out a placing to raise gross proceeds of up to around GBP 73.9 million (USD 99.3m/EUR 88.1m) so as to finance investments in renewable energy assets across Europe.
ORIT intends to offer 70 million new ordinary shares to institutional investors at a price of GBP 1.055 apiece, a filing showed on Friday. The share issuance will be accompanied by an additional offering to UK retail investors at the same price as the placing. The price is a discount of 4.1% on ORIT's Thursday close.
The placing will close on December 2.
Octopus Renewables said it plans to use the proceeds to pay back any outstanding amounts that could be drawn down under the group's GBP-150-million revolving credit line and to meet its investment obligations in relation to some solar assets in Spain and Ireland. Moreover, the fresh funds will support construction costs in relation to a Scottish wind project or will be used for further investments.
The company's investment manager is under negotiation or has submitted non-binding offers for a GBP-1.5-billion pipeline of onshore wind, solar and mixed energy assets in the UK, Germany, France, the Netherlands, Spain, Sweden and Finland. The assets are a mix of operational solar and wind farms as well as projects under development or construction. In addition, ORIT's investment manager has identified another GBP 3 billion worth of further potential renewable energy acquisitions.
The equity raising comes as ORIT has fully committed the proceeds of its oversubscribed fundraising in July.
(GBP 1 = USD 1.344/EUR 1.192)