19 November 2020
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
£150m Revolving Credit Facility
Octopus Renewables Infrastructure Trust plc is pleased to announce that it has secured a committed £150m Revolving Credit Facility ("RCF") from a group of five lenders. The RCF, provided by Banco de Sabadell, Intesa Sanpaolo S.p.A. London Branch, National Australia Bank, NatWest and Santander, has a term of three years, can be drawn in GBP, EUR, AUD and USD, and has an uncommitted accordion allowing the facility to be increased in size by up to a further £100m. The interest rate is 2.3% above LIBOR (or equivalent reference rate for other currencies).
The Company expects to use a portion of the RCF to fund existing construction and acquisition payment commitments, enabling remaining cash balances and further amounts drawn under the RCF to be deployed via the acquisition of additional renewable energy assets.
Chris Gaydon, Investment Director at Octopus Renewables, commented:
"We are delighted to have secured this £150m RCF for ORIT with the support of a group of high-quality lenders. This RCF marks the next step in ORIT's development and provides additional resources to enable us to continue to grow and diversify ORIT's portfolio."
For further information please contact:
Octopus Investments Limited (Investment Manager)
Matt Setchell, Chris Gaydon, David Bird
Peel Hunt (Broker)
Liz Yong, Luke Simpson, Tom Pocock (Investment Banking)
Alex Howe, Chris Bunstead, Ed Welsby (Sales)
020 7418 8900
Buchanan (Financial PR)
Charles Ryland, Kelsey Traynor, Hannah Ratcliff
020 7466 5000
PraxisIFM (Company Secretary)
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust plc is a closed end 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. Octopus Investments Limited acts as the Investment Manager to the Company.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Renewables
Octopus Renewables, part of Octopus Investments and the wider Octopus Group, is a specialist clean energy investment manager with a mission to accelerate the transition to a future powered by renewable energy. Since 2010, Octopus Renewables has, on behalf of its clients, invested in a diverse portfolio of assets with a capacity of over 2.5GW and is now the largest commercial solar investor in Europe and a leading UK investor in onshore wind. Octopus Renewables is co-led by Matt Setchell and Alex Brierley and has over 70 employees in the UK and Australia.
Further details can be found at www.octopusrenewables.com
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