Octopus Renewables Infrastructure Trust Plc (LON:ORIT) announced on Thursday it has secured a £150 million rolling credit facility from a group of five lenders.
The credit line provided by Banco de Sabadell, Intesa Sanpaolo Spa London Branch, National Australia Bank, Natwest and Santander is 2.3% above Libor for three years, and can be reduced by GBP, EUR, AUD and USD. The company added that the facility also has uncommitted accordions, which could add another £100 million.
Octopus Renewables said it plans to use some of the funds to pay for its ongoing construction and acquisition commitments.
Speaking about the new facility, ORIT Investment Director Chris Gaydon said: This RCF marks the next step in ORIT development and provides additional resources that can continue to grow and diversify Orit’s portfolio. ”
This latest funding development follows the full deployment of all funds, Octopus Renewables, raised as part of the December 2019 IPO. Among the capital allocations were five important acquisitions, including the acquisition of 14 Wind Farms, the Lumbiholm Wind Farm and France’s 24MW construction-enabled wind farm.
Despite the seemingly positive update, the company’s stock fell 0.47%, falling to 107.00p each. This goes back just below the year of 108.80p.
