In line with the Company’s progressive dividend policy, the Board of Octopus Renewables Infrastructure Trust plc (LON:ORIT) has announced an increase in the target dividend to 5.79p* per ordinary share for the financial year from 1 January 2023 to 31 December 2023.
This increase of 10.5% over FY 2022’s dividend target is in line with the increase to the Consumer Price Index (CPI) for the 12 months to 31 December 2022, and marks the second consecutive year the Company has increased its dividend target in line with inflation. For FY 2023, the Company has elected to increase the target in line with CPI, rather than the lower CPIH. The FY 2023 dividend target is expected to be fully covered by cashflows generated from the Company’s operating portfolios.
The Company is on track to deliver its dividend target for FY 2022 of 5.24p per ordinary share* and expects the dividend to be fully covered by cashflows arising from its operating assets. The fourth interim dividend for FY 2022 is expected to be declared in late January 2023.
Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc, commented: “Increasing our annual dividend target by 10.5%* for the new financial year reflects the positive progress made by the Company to date. This has been driven by our diversified portfolio of assets, spanning 7 countries and 4 technologies, from which 53% of forecast revenues over the next 10 years are explicitly inflation linked**. Along with our Investment Manager’s successful delivery of construction projects, the existing operational portfolio has allowed for 546 MW of operational capacity to now contribute to ORIT’s dividend cover.”
