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QuotedData’s morning briefing 3 July 2020

In QuotedData’s morning briefing 3 July 2020:

  • Octopus Renewables (ORIT) has provided an update on its progress in deploying the proceeds of its IPO in December 2019. In summary, it has a pipeline of approximately £1.7bn. This includes 333MW of  operational and construction ready solar PV projects and construction ready onshore wind projects, located in the UK, France and Spain that are under exclusivity to ORIT. ORIT has to date committed approximately 59% of the net proceeds raised at its IPO in December 2019 and the Board and manager are confident that the balance will be committed by early autumn. Despite the reduction in energy demand and drops in short and medium term power prices, the timing of ORIT’s IPO and recent transactions has ensured that the vast majority of the  recent energy price falls have been incorporated into the prices paid for investments. and the board has reconfirmed ORIT’s dividend target for the period from IPO on 10 December 2019 to 31 December 2020 of an initial annualised dividend yield of 3% (3p on the IPO issue price of £1.00 per ordinary share). In line with the guidance provided at IPO, the first interim dividend for the period from IPO to 30 June 2020 is expected to be paid in August 2020, with a quarterly declaration thereafter.
  • ICG-Longbow Senior Secured UK Property Debt Investment has provided an update on portfolio developments. It says that, completed a £2.95 million increase and extension to its Carrara loan facility, whilst receiving a £4.35 million partial repayment on the BMO Partners loan. Following the restructuring, the Carrara loan balance increased to £4.25 million, with additional security taken over the now combined freehold and leasehold interests in the recently refurbished and fully let office property security. The loan carries an LTV ratio of 73.3%.The partial repayment of the BMO Partners facility followed a refinancing of part of the security portfolio by a third-party lender.  As a result of the repayment, the LTV on the remaining £11.4 million loan falls to 48.7% and the Sponsor is continuing to progress a refinancing of the remainder of the portfolio. The company says that, as of 2 July 2020 and following the above transactions, it has cash of approximately £13.7 million and undrawn credit facilities of £25 million. The company has two new investments in solicitors’ hands totalling circa £24 million. It expects to complete on these investments over the next four to six weeks.

Invesco Income Growth has announced its annual results for the year ending 31 March 2020, during which it has beaten its benchmark. The trust has dipped into revenue reserves to grow its dividend in line with its RPI target, thereby providing 23 consecutive years of dividend growth. Alcentra European Floating Rate Income announced its results for the year ended 31 March 2020. The period saw the NAV fall some 20.2% with the majority of the decline occurring in March 2020 reflecting covid-19 related market turmoil. Gresham House Energy Storage Fund (GRID) has acquired a 41MW operational energy storage facility known as Bloxwich from Arenko Cleantech for £20.1m, with the potential for further earnout payments. The acquisition brings the total capacity of operational utility scale battery storage projects in GRID’s portfolio to 215MW. Following completion of the Wickham Market and Thurcroft projects that are currently in its pipeline, and the 10MW Glassenbury extension due to be commissioned in Q3 2020, GRID will have 325MW of operational capacity and will be fully invested.

In real estate, Land Securities and Capital & Regional have updated on their June rental collections. LandSec has received 60% of ‘net rent’ for June (after taking into account concessions and deferrals), while Capital & Regional expects to ‘imminently receive’ 34% of the rent due for June.

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