REG - Octopus Renewables - Acquisition of Irish Solar Farm

Octopus Renewables Infrastructure TrustAnnouncement

17/10/2024 07:00

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RNS Number : 5063I  Octopus Renewables Infra Trust PLC  17 October 2024

17 October 2024

 

LEI: 213800B81BFJKWM2JV13

 

 

Octopus Renewables Infrastructure Trust plc

 

("ORIT" or the "Company")

 

Acquisition of Irish Solar Farm

 

The Board of ORIT today announces that the Company has completed the
acquisition of a newly constructed 42MW solar farm located close to Dublin,
Ireland.

 

Together with the four nearby operational solar farms acquired by the Company
earlier this year, the five-site solar complex now totals 241MW and is the
largest solar complex in Ireland and will meet around 2.5% of the Irish
national solar target of 8GW by 2030. The sites were acquired once fully
operational from Statkraft Ireland Limited, which developed and constructed
the projects under ORIT's oversight.

 

The total acquisition cost, including this fifth site of €198m (c. €38m
relating to the incremental site), was in part financed using the €104m (c.
€23m relating to the additional drawdown for the incremental site) 20-year
debt facility provided by Allied Irish Banks and La Banque Postale.

 

As previously announced, the site benefits from a 15-year Power Purchase
Agreement (PPA) with Microsoft* to offtake the electricity produced at the
solar farms, securing future revenue for ORIT from the solar complex.

 

Following the acquisition, ORIT's total capacity of operational renewable
energy assets is 802MW(**). Together the sites generate enough green energy to
power around 50,000 homes and will avoid the equivalent of around 70,000
tonnes of carbon dioxide emissions every year.

 

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc,
commented:

"We are delighted to have completed on the fifth solar site following its
energisation, underscoring our continued commitment to increasing green
electricity generation through renewable infrastructure projects. This solar
complex will play a crucial role in providing sustainable electricity to
Ireland to help it meet its clean energy goals and represents a step forward
in our mission to deliver long-term value for our shareholders and positive
environmental impact."

 

 

For further information please contact:

 

 Octopus Energy Generation (Investment Manager)                                  Via Buchanan

 Chris Gaydon, David Bird

 Peel Hunt (Broker)                                                              020 7418 8900

 Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris, Michael Bateman (Sales)

 Buchanan (Financial PR)                                                         020 7466 5000

 Charles Ryland, George Beale

 Apex Listed Companies Services (UK) Limited (Company Secretary)                 020 3327 9720

* Further information on Microsoft's support for decarbonisation of Ireland's
energy grid can be found here
(https://pulse.microsoft.com/en-ie/sustainable-futures-en-ie/na/fa1-supporting-the-decarbonisation-of-irelands-energy-grid/)
.

** Excludes MW related to the Ljungbyholm onshore wind farm in Sweden for
which the sale was completed during Q3 2024.

 

Notes to editors

 

About Octopus Renewables Infrastructure Trust

 

Octopus Renewables Infrastructure Trust ("ORIT") is a London-listed,
closed-ended investment company incorporated in England and Wales focused
on providing investors with an attractive and sustainable level of income
returns, with an element of capital growth, by investing in a diversified
portfolio of renewable energy assets in Europe and Australia. As an impact
fund, ORIT is helping accelerate the transition to net zero by investing in
green energy, whilst also contributing to a broader set of UN Sustainable
Development Goals through its impact initiatives. ORIT's investment manager is
Octopus Energy Generation.

 

 Further details can be found at www.octopusrenewablesinfrastructure.com
(http://www.octopusrenewablesinfrastructure.com/)

 

About Octopus Energy Generation

 

Octopus Energy Generation is driving the renewable energy agenda by building
green power for the future. Its specialist renewable energy fund management
team invests in renewable energy assets and broader projects helping the
energy transition, across operational, construction and development stages.
The team was set up in 2010 based on the belief that investors can play a
vital role in accelerating the shift to a future powered by renewable energy.
It has a 13-year track record with approximately £6.7 billion of assets under
management (AUM) (as of 31 March 2024) across 20 countries and total 4.0GW.
These renewable projects generate enough green energy to power 2.5 million
homes every year, the equivalent of taking over 1.5 million petrol cars off
the road. Octopus Energy Generation is the trading name of Octopus Renewables
Limited.

 

Further details can be found at www.octopusenergygeneration.com
(http://www.octopusenergygeneration.com/)

 

 

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