Source - LSE Regulatory
RNS Number : 9473V
Octopus Renewables Infra Trust PLC
20 April 2021
 

20 April 2021

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

 

Successful financing of Cerisou Wind Farm

 

Octopus Renewables Infrastructure Trust plc is pleased to announce that it has successfully secured debt finance for the Company's ready-to-build wind farm in Cerisou, France which was acquired in October 2020.

 

The new EUR 43.2 million fully amortising debt facility, provided by Société Générale, will fund the construction, commissioning, operation and maintenance of the 24 MW Cerisou project. This debt facility will allow the Company to invest the amounts previously committed to the project into other investment opportunities. Construction at Cerisou is on schedule to begin in H2 2021, with the project expected to be fully operational in H2 2022.

 

The term loan facility is amortising over 23 years from the commercial operations date of the project, with a flat 1.30% interest margin above EURIBOR over the duration of the loan. 90% of the project's notional interest rate exposure under the term loan has been hedged. Alongside the term loan facility, Société Générale is providing a Debt Service Reserve Facility and a VAT Facility to the project.

 

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented:

"The Cerisou project was the Company's first wind farm acquisition in France and is now successfully financed with favourable terms agreed with one of France's leading banks. This facility once again demonstrates the Investment Manager's commitment to an active approach to asset and portfolio management."

 

Chris Gaydon, Investment Director at Octopus Renewables, commented:

"The competitiveness of the financial and commercial terms achieved with Société Générale will allow the Company to optimise returns and cash yield as well as maximising operational flexibility. The construction of the Cerisou project is on track and we look forward to it being fully operational next year."

 

For further information please contact:

Octopus Investments Limited (Investment Manager)

Matt Setchell, Chris Gaydon, David Bird

 

 

Via Buchanan

Peel Hunt (Broker)

Liz Yong, Luke Simpson, Tom Pocock (Investment Banking)

Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)

 

020 7418 8900

Buchanan (Financial PR)

Charles Ryland, Kelsey Traynor, Hannah Ratcliff

 

 

  020 7466 5000

PraxisIFM (Company Secretary)

 


020 4513 9260

 

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.

 

Further details can be found at www.octopusrenewablesinfrastructure.com

 

About Octopus Renewables

Octopus Renewables is a specialist clean energy investor. Launched in 2010 its mission is to accelerate the transition to a future powered by renewable energy. It has a diverse portfolio of assets with a capacity of over 2.8GW, making it the largest commercial solar investor in Europe and a leading investor in onshore wind.

 

Octopus Renewables is also leading the next wave of renewables being built across Europe and Australia without government subsidies. There is a significant opportunity to unblock much needed investment by building bespoke portfolios of renewable assets at scale, across technologies and countries, to create better outcomes for our investors.

 

Further details can be found at www.octopusrenewables.com

 

Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
PFUEAKLNFFLFEFA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Octopus Renewables Infrastructure Trust PLC (ORIT)

-0.60p (-0.83%)
delayed 17:57PM