Octopus Renewables Infrastructure Trust PLC, an investment vehicle owned by Octopus Group, said Dec. 6 it raised £350 million through an initial public offering.
The issue exceeded the initial estimated size of £250 million worth of stock, according to a Dec. 6 news release. Net proceeds are expected to be approximately £343 million.
Through Octopus Renewables, its renewable energy investment business, Octopus Group invests in and manages renewable projects at various stages of development across the U.K., continental Europe and Australia.
Octopus Group said it has identified a pipeline of about £2.8 billion of renewables projects that the listed Octopus Renewables Infrastructure Trust vehicle may acquire.
Peel Hunt LLP acted as sole sponsor, placing agent and intermediaries offer adviser to the Octopus Renewables fund and as the company's corporate broker from admission.