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(Sharecast News) - Octopus Renewables Infrastructure Trust announced the sale of its entire 25% stake in Hyro Energy, a UK-based green hydrogen and e-fuels development platform, for a total expected consideration of 4.6m on Monday.
The London-listed firm said the sale price was in line with its most recent holding value for Hyro.
It said the stake was acquired by the Octopus Energy Transition Fund, managed by Octopus Energy Generation, along with a related co-investor, following a competitive process run by an external adviser.
ORIT said it would receive 2.6m of the proceeds immediately, with the remaining 2m contingent on Hyro meeting key construction milestones for its first project, which recently secured planning consent.
"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," said chair Phil Austin.
"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."
At 1014 GMT, shares in Octopus Renewables Infrastructure Trust were up 1.14% at 61.7p.
Reporting by Josh White for Sharecast.com.
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