Image: Octopus Renewables Infrastructure Trust.

Octopus Renewables Infrastructure Trust (ORIT) has published its net asset value (NAV) as of 30 June 2020 as it unveils French acquistions.

ORIT – a closed end investment company part of the Octopus Group targeting renewable technologies – recorded a NAV of £341.5 million on a cum-income basis, equivalent to 97.58 pence per ordinary share.

The company cited the “beneficial timing” of its IPO – which took place 10 December 2019 – and recent transactions as enabling the vast majority of the recent energy price falls caused by the COVID-19 pandemic to be incorporated into the prices paid for investments.

However, COVID-19 has had an impact on its NAV per ordinary share, which has dropped 0.4% since IPO in part due to slight delays in the deployment of IPO proceeds as a result of COVID-19.

This comes as the company announces it is expanding into France with the acquisition of a 119.5MW solar portfolio for a cash consideration of €58.9 million (£53.4 million).

Chris Gaydon, investment director at Octopus Renewables, said that whilst the company already has “a strong presence” in France it sees the country as having “favourable conditions for growth and investment” and is “delighted” to have secured the acquisition for ORIT.

Following this acquisition, which has been completed, the company has now committed c.75% of the funds raised at IPO and is on track to be fully invested by early autumn.

In the UK, it acquired a 122.8MW portfolio of solar assets or a cash consideration of £144.3 million in March, with all the assets qualifying under Renewable Obligation Certificate subsidies.

Octopus announced it would be floating ORIT on the London Stock Exchange last November in an effort to raise £250 million on the Main Market to finance investments into renewables.

ORIT also today (3 August 2020) announced its interim dividend, which covers the period from the IPO on 10 December 2019 to 20 June 2020 and comes in at 1.06 pence per ordinary share.

This is payable on 21 August to shareholders on the register by 14 August 2020, with an ex-dividend date of 13 August 2020 (the H1 2020 Dividend). The interest streaming percentage for the H1 2020 Dividend is 34.7%, with a portion of the company's dividends to be designated as an interest distribution for UK tax purposes.