Octopus Renewables Infrastructure Trust reported net assets worth over £341m (€370m) in its maiden unaudited interim results for the period from incorporation on 11 October 2019 to 30 June 2020.
The Trust said that as of 30 June its portfolio comprised eight solar assets in the UK and one wind farm in Sweden totalling 171MW.
Revenue generated was £7.7m in the period to the end of June.
Its solar portfolio performed well in the period, 7.4% ahead of the forecast for the six months to the end of June.
Construction of the Ljungbyholm wind farm in Sweden is on track, with the project expected to start commercial operations in the second half of next year.
Octopus said that since the close of the period it has acquired a further 14 operating solar assets in France totalling 119.5MW for £53.4m.
It has committed 75% of the net proceeds of its IPO last December, and expects to be fully committed by this autumn.
Octopus Renewables Infrastructure Trust chairman Phil Austin said: “I am delighted to announce our first set of results following the oversubscribed IPO in December 2019.
“I am very pleased to report that solid progress has been made since IPO, deploying 59% of net proceeds as at 30 June 2020 and following the latest acquisition of solar PV assets, the Company has now committed 75% of net IPO proceeds.
“The Board remains confident that despite the uncertainty caused by the Covid crisis there continue to be many opportunities that are attractive to ORIT and consistent with its Investment Policy.
“ORIT is currently pursuing a pipeline of circa £3.8bn and we are confident that the balance of IPO proceeds will be fully committed during the autumn.”