Sale of interest in HYRO Energy Limited

Summary by AI BETAClose X

Octopus Renewables Infrastructure Trust PLC has completed the sale of its entire interest in HYRO Energy Limited for a total expected consideration of £4.6 million, aligning with the company's latest holding value. Octopus Energy Transition Fund and a related co-investor acquired ORIT's 25% stake following a competitive process. The transaction is expected to generate total proceeds of £4.6 million, with £2.6 million received immediately. The remaining amount is contingent on achieving key construction milestones for HYRO's first project, which recently secured planning consent. The HYRO exit allows ORIT to reallocate its development capital towards sectors with project scale and realisation timelines which are closer aligned to the Company's current size and near-term objectives.

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