Octopus Renewables Infrastructure sells entire stake in HYRO Energy
(Alliance News) – Octopus Renewables Infrastructure Trust PLC on Monday reported the divestment of its stake in Hertfordshire, England-based HYRO Energy Ltd, as it looks to reallocate its development capital.
The London-based investment company, which is focused on European and Australian renewable energy assets, said the sale of its entire interest in the green hydrogen and e-fuels development platform is for an expected GBP4.6 million total consideration,
The trust noted that this aligns with its latest holding value for HYRO, and said that GBP2.6 million is expected to be received immediately. The remainder, said Octopus Renewables, is contingent on the delivery of key construction milestones for HYRO’s first project.
The company noted this project has recently gained planning consent.
The trust’s 25% stake is being purchased by Octopus Energy Generation-managed Octopus Energy Transition Fund, and an unnamed related co-investor.
The company said this followed a competitive process that was managed by an external party.
Shares in the trust were 2.1% higher at 62.27 pence on Monday morning in London.
Octopus Renewables Infrastructure Trust Chair Phil Austin, said:
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,
“The transaction reflects ORIT’s continued capital discipline and proactive portfolio management, allowing the company to anchor its core allocation to wind, solar and complementary technologies as it enters its next phase of growth.”
By Christopher Ward, Alliance News reporter
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Octopus Renewables Infrastructure sells entire stake in HYRO Energy, source
