Octopus Renewables Infrastructure Trust (ORIT) has announced its unaudited interim results for the period from 1 January 2024 to 30 June 2024.
As of 30 June 2024, the net asset value (NAV) per ordinary share was 105.15 pence, compared to 106.04 pence on 31 December 2023. The NAV totalled £592.8 million, down from £599.0 million. The ordinary share price dropped to 72.0 pence from 90.0 pence. The gross asset value increased to £1,098 million from £980 million. The total value of all investments was £1,118 million, slightly down from £1,127 million. The NAV total return since the IPO on 10 December 2019 was 31.2%, up from 28.6%.
For the six months ending 30 June 2024, the NAV total return was 2.0%, an improvement from 0.9% in the same period in 2023. The capacity owned by ORIT at the period's end was 808 MW, an increase from 668 MW in the previous year. Operating income for the period was £14.6 million, and profit was £11.3 million. EBITDA from operational assets was £45.3 million, with gross revenue of £68.7 million.
Key operational highlights included the acquisition of a 199 MW solar farm complex in Ireland, the signing of a power purchase agreement for the Crossdykes wind farm with Sky UK, and a follow-on investment in Simply Blue Group. Construction was completed at the 67 MW Breach solar farm in the UK.
