Octopus Renewables Infrastructure Trust performs below expectations
Octopus’ infrastructure arm has fallen short of targets for energy production and revenues in the first half of 2021.
The green start up has reported profit of £4.75m for the period, treating investors to a dividend payout of 5 pence per share, but performing below expectations for the period.
Operational portfolio generated 144GWh of electricity in the six months to June 2021, 3.1 per cent below budget while UK revenues were 2.6 below budget at £7.4m while EBITDA was down 4 per cent compared to expectations.
Philip Austin, Chairman of Octopus’s infrastructure trust said, “while the COVID-19 pandemic has continued to cause disruption around the world, the Board is as optimistic as ever about the opportunities ahead for the Company.
“The pandemic, along with recent catastrophic weather events, has deepened awareness of the environment around us and the need to reduce the impacts of climate change,” he added, stressing that the company has registered strong demand.
According to a company statement the majority of the production shortfall was due to downtime at one site, Abbots Ripton, predominantly in Q1 2021, and related to an overheating issue with a brand of inverters used at the site. Nonetheless, the company has completed 90 per cent of improvement works at the site.
French solar production was also four per cent below budget at 84.3GWh, amid unfavourable weather conditions.
Despite the setbacks Octopus is expanding its portfolio of production sites and Austin said “renewed and increased support” for renewables is expected in the wake of the UN’s upcoming COP26 climate summit.
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