Octopus Renewables Infrastructure Trust: NAV and Dividend Declaration

Octopus Renewables Infrastructure Trust announces its NAV as at 31 December 2021, latest factsheet, dividend declaration and a proposed 2022 dividend increase.

The Board of Octopus Renewables Infrastructure Trust plc (the “Company” or “ORIT”) announces that the unaudited net asset value (“NAV”) of the Company as at 31 December 2021 on a cum-income basis was £577.7 million or 102.26 pence per ordinary share.

The Company’s unaudited NAV has increased by £86.9 million or 3.10 pence per ordinary share compared to 30 September 2021. This uplift was driven primarily by increases in wholesale energy pricing in Sweden, Poland and the UK (+£22.3 million), particularly in the short-term.

Other drivers of the 31 December 2021 NAV include an increase in short term UK inflation assumptions (+£5.4
million), and the Company’s recent fundraise, raising net proceeds of £72.4 million. These movements were partially offset by dividends paid of £6.2 million or 1.25 pence per ordinary share, net FX movements after hedging of -£3.2 million and other net movements of -£3.8 million, including transaction costs relating to acquisitions made during the quarter.

The Company has also declared an interim dividend in respect of the period from 1 October 2021 to 31 December 2021 of 1.25 pence per ordinary share, payable on 4 March 2022 to shareholders on the register at 18 February 2022. The ex-dividend date will be 17 February 2022 (the “Q4 2021 Dividend”).

A portion of the Company’s dividends is designated as an interest distribution for UK tax purposes. The interest streaming percentage for the Q4 2021 Dividend is 29.7%.

The Q4 2021 Dividend is the fourth of four equal dividends totalling 5.0 pence per ordinary share for the financial year to 31 December 2021 (“FY 2021”), meeting the Company’s FY 2021 dividend target in full.

2022 Dividend Guidance

The Company has a progressive dividend policy and is targeting an annualised dividend of 5.24 pence per ordinary share for the financial year to 31 December 2022 (“FY 2022”). This represents an increase of 4.8% over the dividend target for FY 2021 and is in line with the increase to the Consumer Price Index (CPIH) for the 12 months to 31 December 2021.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “We are pleased to deliver on our dividend target for FY 2021 and to increase our annual dividend target for FY 2022 by 4.8%, alongside the increase in unaudited NAV also announced today. This reflects the Company’s positive performance driven by our diverse portfolio of renewable energy assets across the UK and wider Europe, including operational and in construction assets.”

The Company’s Q4 2021 factsheet is available to download at:  https://octopusrenewablesinfrastructure.com/investors

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