REG - Octopus Renewables - Conditional Acquisition of Sixth Irish Solar Site

Octopus Renewables Infrastructure TrustAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250620:nRST6669Na&default-theme=true

RNS Number : 6669N  Octopus Renewables Infra Trust PLC  20 June 2025

20(th) June 2025

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

 

Conditional Acquisition of Sixth Irish Solar Site

Octopus Renewables Infrastructure Trust plc, the diversified renewables
infrastructure company, today announces that it has agreed to conditionally
acquire, through a forward purchase agreement, a 32.6MW solar site in Ireland
for approximately €27 million. This is the sixth project at the operational
Ballymacarney complex that ORIT already owns. The additional site, known as
Irishtown, will increase the total complex capacity by 14% to 274MW.

Construction will commence shortly, with ORIT completing the purchase for the
entire cash consideration after the project has completed operational testing.
Completion is expected to take place in the second half of 2026 and no capital
will be required to be paid by the Company until then. This acquisition is in
line with ORIT's stated disciplined capital allocation policy, to make
selected accretive investments as part of its ongoing capital recycling
programme.

Irishtown, like the other five sites at Ballymacarney, has been developed by
Statkraft, a leading renewable energy developer and operator with which ORIT
has worked before. The site will sell its additional electricity generated
through a new long-term power purchase agreement ("PPA") with a US technology
company. Irishtown will share the existing grid infrastructure that is already
in place for the current five-site complex.

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

"We remain acutely focused on disciplined capital allocation, and have been
clear that new acquisitions will only be made where there is a compelling case
to do so. This forward purchase reflects the opportunity to expand our
presence at Ballymacarney in a cost-efficient manner using the site's existing
infrastructure, and provides ORIT with attractive potential for NAV per share
accretion when compared with alternative uses of capital.

"The new PPA sits well with ORIT's well-established strategy of de-risking
portfolio cashflows through securing long-term fixed revenue. We look forward
to working with Statkraft through the construction process and building on the
ongoing relationship that we have with them through the asset management
arrangement at Ballymacarney."

 

 

 Octopus Energy Generation (Investment Manager)                      Via Burson Buchanan or

 Chris Gaydon, David Bird                                            orit@octopusenergygeneration.com (mailto:orit@octopusenergygeneration.com)

 Charlotte Edgar (Investor Relations)

 Peel Hunt (Broker)                                                  020 7418 8900

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

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris

 Burson Buchanan (Financial PR)                                       020 7466 5000

 Charles Ryland, Nick Croysdill, Jude Stokes
                                                                      020 3327 9720

 Apex Listed Companies Services (UK) Limited (Company Secretary)

 

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 14-year track record with approximately £6.8 billion of assets under
management (AUM) (as of 31 December 2024) across 18 countries and total 4.5GW.
These renewable projects generate enough green energy to power 2.6 million
homes every year, the equivalent of taking over 1.4 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/)  

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQZZGMVLLVGKZM