REG - Octopus Renewables - Acquisition of Irish Solar Farms

Octopus Renewables Infrastructure TrustAnnouncement

02/02/2024 07:00

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RNS Number : 7755B  Octopus Renewables Infra Trust PLC  02 February 2024

2 February 2024

 

LEI: 213800B81BFJKWM2JV13

 

 

Octopus Renewables Infrastructure Trust plc

 

("ORIT" or the "Company")

 

Acquisition of Irish Solar Farms

 

The Board of ORIT today announces that it has completed the acquisition of
four newly-constructed solar farms located close to Dublin, Ireland.

 

The solar complex totals 199MW and was acquired from Statkraft Ireland
Limited, which developed and constructed the projects under ORIT's oversight.
Following the acquisition, ORIT's total capacity of operational renewable
energy assets reaches 735MW.

 

The sites generate enough green energy to power around 50,000 homes and will
avoid the equivalent of around 60,000 tonnes of carbon dioxide emissions every
year.

 

The solar farms were originally subject to a conditional agreement between
ORIT and Statkraft Ireland Limited, with completion subject to the sites
becoming fully operational. They entered commercial operations in late
December 2023, following which ORIT has now completed the acquisition. The
total acquisition cost of €160m was in part financed using a €80.6m debt
facility provided by Allied Irish Banks and La Banque Postale.

 

As announced in November 2022*, Microsoft has entered into a 15-year Power
Purchase Agreement (PPA) to offtake the electricity produced at the solar
farms, securing future revenue for ORIT from the solar complex.

 

A nearby fifth site totalling 42MW is currently under construction and is
expected to become operational during Q3 2024. Under a similar arrangement to
the first four sites, ORIT will acquire this project once it becomes
operational, expected to be around Q3 2024, and this will be partly funded
through an increase to the debt facility by up to €25.8m, which has been
pre-agreed with the lenders.

 

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust plc,
commented: "We are pleased to have completed this substantial acquisition,
which sees ORIT become the owner of Ireland's largest solar complex which will
deliver a substantial amount of green electricity. Projects like this are
vital to accelerating the journey to net zero. We have been delighted to
partner with Statkraft as a highly experienced developer and Microsoft as the
offtaker."

 

 

 

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/)
.

 

 

Notes to editors

 

About Octopus Renewables Infrastructure Trust

 

Octopus Renewables Infrastructure Trust ("ORIT") is a premium-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 £6.0 billion of assets under
management (AUM) (as of September 2023) across 16 countries and total 3.3GW.
These renewable projects generate enough green energy to power 2.4 million
homes every year, the equivalent of taking over 1.2 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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