Octopus Renewables Infrastructure Trust, the diversified renewables infrastructure company, has completed the sale of its entire interest in HYRO Energy, a UK-based green hydrogen and e-fuels development platform, for a total expected consideration of £4.6 million, in line with the Company's latest holding value of HYRO.
ORIT's 25% stake has been bought by the Octopus Energy Generation-managed Octopus Energy Transition Fund and a related co-investor (together 'OETF'), following a competitive process managed by an external party.
The transaction is expected to generate total proceeds of £4.6m, of which £2.6m will be received immediately, and the remainder contingent on delivery of key construction milestones for HYRO's first project, which has recently received planning consent.
Phil Austin, Chair of Octopus Renewables Infrastructure Trust plc, commented: '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.'
Source: Octopus Renewables Infrastructure Trust
