Octopus Renewables Infrastructure Trust Plans London Stock Listing

(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Tuesday said it was seeking a ...

Alliance News 19 November, 2019 | 5:28PM
Email Form

(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Tuesday said it was seeking a stock market listing on the Main Market of the London Stock Exchange.

The trust, which invests in renewable energy assets, said it was seeking to raise GBP250 million by means of a placing and offer for subscription of ordinary shares.

Octopus Renewables did not give any further financial details but expects shares to be admitted to trading on December 10.

Philip Austin, chair of Octopus Renewables Infrastructure Trust said: "Octopus Renewables Infrastructure Trust offers investors an opportunity to invest in a diverse portfolio of operational and construction ready assets, focussed on onshore wind and solar PV across Europe (including the UK) and Australia, accompanied by attractive and sustainable dividends, with an element of capital growth."

The company said it has identified a pipeline of GBP2.8 billion of renewable energy assets which it believes is suitable for acquisition. As of June 30, Octopus Renewables had approximately GBP1.9 billion of funds under management invested into renewable energy assets, with an underlying enterprise value of about GBP3.0 billion of which about GBP1.7 billion was invested at the construction stage.

Octopus is targeting a net total shareholder return of 7% to 8% per annum over the medium to long term, with an initial annualised dividend yield of 3% the IPO price, rising to 5% in 2021 and progressive thereafter, with dividends paid quarterly.

Peel Hunt LLP is serving as an adviser in relation to the stock float.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites