Octopus Renewables Infrastructure Trust (ORIT) has announced its audited results for 2024, reporting a net asset value (NAV) total return of 2.5%.
While NAV declined to £570.4 million due to capital returns and operational costs, gross asset value (GAV) increased to £1.03 billion. Operational revenue rose 12% to £131.7 million, with generation up 7% to 1,240 GWh. The company met its dividend target of 6.02p per share, fully covered by cash flows.
Key transactions in 2024 included the sale of the Ljungbyholm wind farm in Sweden for approximately €74 million, generating an internal rate of return of 11.3%. ORIT also expanded its Irish solar portfolio, acquiring five newly built farms, including the 199 MW Ballymacarney site and the 42 MW Harlockstown project. Additionally, the 46 MW Crossdykes wind farm in Scotland secured a power purchase agreement with Sky UK, starting in April 2025.
Post-year-end, ORIT extended its revolving credit facility and refinanced debt to lower borrowing costs. A £20 million share buyback programme and plans for further asset sales were announced, alongside investments in Finnish and UK renewable developers. The dividend target for 2025 was raised to 6.17p per share, continuing its inflation-linked growth strategy.
