Octopus Renewables Infrastructure Trust (ORIT) has posted a net asset value (NAV) of £604.6 million for Q3 2023, yet another decrease on the previous quarter.
According to the financial results, the price curves for Q3 2023 decreased on average leading to a reduction in the portfolio valuation amounting to £5.9 million. In total, this now means that ORIT’s NAV has decreased by £15.7 million since the start of 2023.
As well as this, the fall in power price forecasts was primarily over the short-term and affected a minority of ORIT’s assets with near-term exposure to power markets, particularly in Sweden which accounted for over 50% of the impact.
It is worth noting that inflation provided a boost to the NAV, as it did in its previous quarterly results. ORIT stated that inflation contributed to a £3.3 million increase in valuation.
The fund also provided an update on a number of solar projects in its portfolio such as its 68MW Breach Solar Farm which the group acquired in June 2022. According to the financial results, all main-site construction activity was completed during Q3 and is now expected to become operational between Q4 2023 and Q2 2024. This is subject to completion of the National Grid connection.
Alongside this, ORIT declared that construction on four of its Irish solar sites were “progressing well” and, subject to operational testing, will trigger the acquisition of all in Q4 2023. The fifth site is expected to complete construction in H1 2024.