Octopus Renewables Infrastructure Trust

18 January 2024

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Increased Dividend Guidance

In line with the Company's progressive dividend policy, the Board of Octopus Renewables Infrastructure Trust plc is pleased to announce an increase in the target dividend to 6.02p* per ordinary share for the financial year from 1 January 2024 to 31 December 2024 ("FY 2024").

This increase of 4.0% over FY 2023's dividend target is in line with the increase to the Consumer Price Index (CPI) for the 12 months to 31 December 2023, and marks the third consecutive year the Company has increased its dividend target in line with inflation. The FY 2024 dividend target is expected to be fully covered by cashflows generated from the Company's operating portfolios.

The Company is on track to deliver its dividend target for FY 2023 of 5.79p per ordinary share* and expects the dividend to be fully covered by cashflows arising from its operating assets. The fourth interim dividend for FY 2023 is expected to be declared in late January 2024.

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: "We're pleased to once again announce a dividend target increase in line with CPI, marking our third consecutive increase in line with inflation. This can be attributed to the Investment Manager's progress in the successful delivery of construction projects, with operational capacity now at 536MW, generated by 29 assets across 5 countries, equivalent to providing enough electricity to power 242 thousand homes. For 2024, 82% of ORIT's forecast revenues are fixed and 53% are explicitly inflation linked, and this is expected to contribute to stable cash generation over the year."

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*The dividend, revenue and return targets stated in this announcement are targets only and not profit forecasts. There can be no assurance that these targets will be met, or that the Company will make any distributions at all and they should not be taken as an indication of the Company's expected future results. The Company's actual returns will depend upon a number of factors, including but not limited to the Company's net income and level of ongoing charges. Accordingly, potential investors should not place any reliance on these targets and should decide for themselves whether or not the target dividend and target net total shareholder return are reasonable or achievable. Investors should note that references in this announcement to "dividends" and "distributions" are intended to cover both dividend income and income which is designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts.

Notes to editors

About Octopus Renewables Infrastructure Trust

Octopus Renewables Infrastructure Trust ("ORIT") is a premium-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 13-year track record with approximately £6.0 billion of assets under management (AUM) (as of September 2023) across 16 countries and total 3.3GW. These renewable projects generate enough green energy to power 2.4 million homes every year, the equivalent of taking over 1.2 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