RCF Term Extended and Size Reduced
17 March 2025
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Revolving credit facility term extended and size reduced
Maturity pushed out to June 2028
Cost savings of c.£850,000 per annum achieved
Octopus Renewables Infrastructure Trust plc, the diversified renewables infrastructure company, announces it has extended the term of its Revolving Credit Facility ("RCF" or the "Facility") from February 2026 to June 2028, and significantly reduced the size of the Facility from £270.8 million to £150 million, with immediate effect. This is in line with the Company's Capital Allocation Update announcement on 11 March 2025.
The updated Facility is being provided by the Company's four existing RCF lenders: National Australia Bank, NatWest, Santander and Allied Irish Banks, with a commitment of £37.5 million from each. The uncommitted accordion feature has also been reduced from £150 million to £100 million.
Other terms of the RCF - including the margin of 200bps above SONIA - remain unchanged. The RCF includes a commitment fee of 0.7% per year on undrawn amounts, and the reduction in size will therefore result in a cost saving of approximately £850,000 per year.
The Company recently paid down a portion of its RCF from £151.2 million to £52.7 million, using the proceeds of the new five-year term facility that was announced on 28 February 2025.
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Octopus Energy Generation (Investment Manager) Chris Gaydon, David Bird
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Via Burson Buchanan or orit@octopusenergygeneration.com
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Peel Hunt (Broker) Luke Simpson, Liz Yong, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris
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020 7418 8900 |
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Burson Buchanan (Financial PR) Charles Ryland, Verity Parker, Samuel Adams
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020 7466 5000 |
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Apex Listed Companies Services (UK) Limited (Company Secretary) |
020 3327 9720 |
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust ("ORIT") is a London-listed, closed-ended 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. As an impact fund, ORIT is helping accelerate the transition to net zero by investing in green energy, whilst also contributing to a broader set of UN Sustainable Development Goals through its impact initiatives. ORIT's investment manager is Octopus Energy Generation.
Further details can be found at www.octopusrenewablesinfrastructure.com
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda by building green power for the future. Its specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 14-year track record with approximately £6.8 billion of assets under management (AUM) (as of 31 December 2024) across 18 countries and total 4.5GW. These renewable projects generate enough green energy to power 2.6 million homes every year, the equivalent of taking over 1.4 million petrol cars off the road. Octopus Energy Generation is the trading name of Octopus Renewables Limited.
Further details can be found at www.octopusenergygeneration.com
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