Octopus Renewables Infrastructure Trust PLC on Thursday said it expects its 2024 dividend to rise 4% annaully.
For 2024, the London-headquartered closed-ended investment company expects to payout a 6.02 pence dividend.
It added that it is on track to deliver its dividend target for 2023 of 5.79p per ordinary share. The fourth interim dividend for FY 2023 is expected to be declared in late January.
If paid, 2024’s dividend will increase 4.0% on-year.
Octopus Renewables said this marks the third consecutive year that it has increased its dividend target.
It noted that the 2024 dividend target is expected to be fully covered by cashflows generated from its operating portfolios.
Chair Phil Austin commented: ‘We’re pleased to once again announce a dividend target increase in line with CPI, marking our third consecutive increase in line with inflation. This can be attributed to the Investment Manager’s progress in the successful delivery of construction projects, with operational capacity now at 536 megawatts, generated by 29 assets across five countries, equivalent to providing enough electricity to power 242 thousand homes.’
Shares in Octopus Renewables were up 2.0% to 89.90 pence each in London on Thursday morning.
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