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Octopus Renewables raises target dividend but asset value declines

21st Sep 2023 10:09

(Alliance News) - Octopus Renewables Infrastructure Trust PLC on Thursday said its net asset value decreased in its latest half year amid "volatile market conditions," but reported a "successful" performance nonetheless.

The London-based investor in electricity generation assets said NAV per share at June 30 was 107.67 pence, down from 109.44p at December 31.

Shares in Octopus were up 0.3% at 90.97p in London on Thursday morning.

Octopus Renewables also increased its target dividend for 2023, to 5.79p per share from 5.24p in 2022. It expects the payout to be fully covered by cashflow from its operating portfolio.

Total NAV return was negative 4.9% for the first half of 2023, compared with negative 0.2% the prior year. However Octopus said it still delivered positive 27.0% return in the period since its initial public offering in December 2019.

Octopus noted that during the half year, it "continued to diversify its sources of revenue and added further long-term growth opportunities". Most notably, it "entered the battery storage market" by acquiring a 50% stake in the Woburn Road project in January, and agreed to invest up to GBP5 million in HYRO Energy Ltd in April.

Octopus Renewables' portfolio at June 30 comprised 38 assets with a total capacity of 668 megawatts, up from 583 megawatts at the same time one year prior.

By Emma Curzon, Alliance News reporter

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